The sudden collapse of Silicon Valley Bank (SVB) has quickly unfolded over the last week, depegging stablecoins, leading regulators in the United States and the United Kingdom to prepare emergency plans and raising fears among small businesses, venture capitalists and other depositors with funds stuck at the California tech bank.

Cointelegraph's team compiled a roundup of the latest and major developments surrounding the troubled bank, starting with the most recent developments:

Mar. 12: SVB depositors to be protected, says Fed United States federal regulators, including U.S. Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome Powell, and FDIC Chairman Martin Gruenberg on Mar. 12 announced "decisive actions" that would "fully protect depositors" at both Silicon Valley Bank and the now-shuttered Signature Bank. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," according to a joint statement from the regulators.

Mar. 12: Fed creates $25B program to backstop banks The Federal Reserve Board announced on Mar. 12 a $25 billion Bank Term Funding Program (BTFP) that offers loans of up to one year to banks and "other eligible depository institutions aimed at backstopping any liquidity issues they may face. Mar. 12: Regulators spring into action Regulators in the U.S. and the U.K. began to take action to deal with the SVB collapse. U.S. Treasury Secretary Janet Yellen said in an interview that the Treasury was focused on depositors’ needs and would not bail out the bank. U.K Prime Minister Rishi Sunak stated that there were “immediate plans to ensure the short-term operational and cash flow needs of Silicon Valley Bank UK customers.”

The Bank of London has made a formal bid for the U.K. branch of SVB.

Bloomberg reported that the FDIC had been conducting an auction process for SVB on the night of March 11. The Wall Street Journal reported that bidding closed at 2 pm Eastern Time on March 12. Elon Musk said in a tweet that he was “open to the idea” of buying the bank. The administration of U.S. President Joe Biden is also reported to be preparing “material action.”

Mar. 11: Contagion fears spread Reverberations were felt throughout the DeFi community as whales sought to transfer funds away from USDC. DAI issuer MakerDAO issued an emergency proposal to mitigate its $3.1 billion exposure to USDC. Swapping pool Curve Finance saw record-breaking trading of $7 billion on March 11. Fear of contagion mounted rapidly, with regional banks seen as particularly at risk, and dire warnings were sounded. At the same time, venture capitalists and others rallied around SVB to express their willingness to continue to work with the bank should it be purchased and recapitalized.

The sudden collapse of Silicon Valley Bank (SVB) has quickly unfolded over the last week, depegging stablecoins, leading regulators in the United States and the United Kingdom to prepare emergency plans and raising fears among small businesses, venture capitalists and other depositors with funds stuck at the California tech bank.

Cointelegraph's team compiled a roundup of the latest and major developments surrounding the troubled bank, starting with the most recent developments:

Mar. 12: SVB depositors to be protected, says Fed United States federal regulators, including U.S. Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome Powell, and FDIC Chairman Martin Gruenberg on Mar. 12 announced "decisive actions" that would "fully protect depositors" at both Silicon Valley Bank and the now-shuttered Signature Bank. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," according to a joint statement from the regulators.

Mar. 12: Fed creates $25B program to backstop banks The Federal Reserve Board announced on Mar. 12 a $25 billion Bank Term Funding Program (BTFP) that offers loans of up to one year to banks and "other eligible depository institutions aimed at backstopping any liquidity issues they may face. Mar. 12: Regulators spring into action Regulators in the U.S. and the U.K. began to take action to deal with the SVB collapse. U.S. Treasury Secretary Janet Yellen said in an interview that the Treasury was focused on depositors’ needs and would not bail out the bank. U.K Prime Minister Rishi Sunak stated that there were “immediate plans to ensure the short-term operational and cash flow needs of Silicon Valley Bank UK customers.”

The Bank of London has made a formal bid for the U.K. branch of SVB.

Bloomberg reported that the FDIC had been conducting an auction process for SVB on the night of March 11. The Wall Street Journal reported that bidding closed at 2 pm Eastern Time on March 12. Elon Musk said in a tweet that he was “open to the idea” of buying the bank. The administration of U.S. President Joe Biden is also reported to be preparing “material action.”

Mar. 11: Contagion fears spread Reverberations were felt throughout the DeFi community as whales sought to transfer funds away from USDC. DAI issuer MakerDAO issued an emergency proposal to mitigate its $3.1 billion exposure to USDC. Swapping pool Curve Finance saw record-breaking trading of $7 billion on March 11. Fear of contagion mounted rapidly, with regional banks seen as particularly at risk, and dire warnings were sounded. At the same time, venture capitalists and others rallied around SVB to express their willingness to continue to work with the bank should it be purchased and recapitalized.