50% of uninsured deposits, according to insiders, will be reimbursed by next week.

Less than 72 hours after the failure of renowned American tech bank Silicon Valley Bank (SVB), relief efforts may already be under way, according to a post on March 11 by Bob Elliot, chief investment officer of Unlimited Funds. Elliot stated among other things that “big banks actively working on buying svb business,” “50pct of uninsured paid out next wk,” and “U.S. Federal Deposit Insurance Corporation (FDIC) is planning to cover 95% of uninsured depositors to the acquirer.”

The USD Coin (USDC) stablecoin’s issuer, Circle, had over $3.3 billion in reserves stuck in the troubled bank out of a total of over $40 billion, according to a Godleak report earlier today. A16z, Pantera Capital, and Paradigm are a few well-known blockchain venture capital firms that reportedly trusted SVB with $5 billion in funds. Prior to gradually re-pegging to trade at $0.95 at the time of publication, USDC depegged earlier today from its one-to-one U.S. dollar peg to trade as low as $0.87 per unit.

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Multiple sources confirm that a variety of resolution paths are being pursued, even though the reports are currently unconfirmed, and that depositors will receive “at least 50% of their deposits” back by next week. Hal Press, the founder of the investment company North Rock LP, said that over the long term, it is likely that they will recover 90% or more of their investment and it is very possible that no depositors will lose any money.

Similar remarks were also made on the same day by Mike Mose, Associate DirectorAssociate Director of business advisory firm CrossCountry Consulting, who cited secondary sources:

“SVB’s customers will have $250k unfrozen on Monday, and ~50% of the remaining balance dividended to depositers within 1-2 days of Monday (money market accounts likely to get 100%). The remainder will be dependent upon future recoveries; most recovery will be within 3-6 months.”

The net value of USDC was previously estimated by DeFi analyst Loki Zeng to be “$0.885 at extreme situation and $0.985 at normal situation,” with the analyst adding that “even if there is an issue, it won’t be as severe as FTX.” The Circle and USDC “can make it,” according to Alex Svanevik, CEO of blockchain analytics company Nansen, provided that “top-class execution” is carried out over the next few days. Similar to USDC, the DAI stablecoin has recovered most of its losses and is currently trading at $0.97 per coin, which is itself collateralized by more than 3.1 billion USDC. In response to the USDC depegging event, Maker DAO, the issuer of DAI, earlier today filed an emergency proposal amending protocol risk parameters.