No. It is not. The Federal Deposit Insurance Corporation (FDIC) covers deposit insurance as held in the bank up to US$ 250,000 per account.
Here is what is covered:
FDIC insurance covers all types of deposits received at an insured bank, including deposits in a checking account, negotiable order of withdrawal (NOW) account, savings account, money market deposit account (MMDA), time deposit such as a certificate of deposit (CD), or an official item issued by a bank, such as a cashier’s check or money order.
FDIC insurance covers depositors’ accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the insurance limit. The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank.
Source: FDIC: What’s Covered
To read up on what is not covered: Insured or Not Insured?
Bitcoin and other cryptocurrency tokens are not FDIC insured.