The One 'Big Question' Mark Cuban Had After US Government Saved SVB, Signature Bank Depositors

Shark Tank's Mark Cuban had one "big question" in March, as news of the contagion following the collapse of Signature Bank and Silicon Valley Bank spread.

What Happened: In a Twitter post, Cuban asked, “Now that the FDIC has protected depositors at Signature and SVB, the big question? Will their website and online systems be able to handle the crush of traffic tomorrow?” The Federal Deposit Insurance Corp, or FDIC, is the U.S. regulator that took control of Silicon Valley Bank after its collapse.

Now that the FDIC has protected depositors at Signature and SVB, the big question ? Will their website and online systems be able to handle the crush of traffic tomorrow ?

— Mark Cuban (@mcuban) March 12, 2023

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Depositors at Silicon Valley Bank had been assured by federal banking and finance regulators that all their funds will be available to them.

“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors,” Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell and FDIC Chairman Martin J. Gruenberg, had said in a joint press release.

Circle Internet Financial, the issuer of Stablecoin USD Coin, had said the full $3.3 billion in reserve deposits held at SVB would be recovered when the banks reopened.

This accounts for 8% of the total USDC reserves, according to the statement. Additionally, the company had noted it had no cash reserves held at Signature Bank, which had been taken over by the FDIC.

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This story was originally published on March 13, 2023