{"id":172490,"date":"2023-03-16T03:26:59","date_gmt":"2023-03-16T03:26:59","guid":{"rendered":"https:\/\/precoinnews.com\/?p=172490"},"modified":"2023-03-16T03:26:59","modified_gmt":"2023-03-16T03:26:59","slug":"circle-clears-substantially-all-minting-and-redemption-backlog-for-usdc","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/circle-clears-substantially-all-minting-and-redemption-backlog-for-usdc\/","title":{"rendered":"Circle clears \u2018substantially all\u2019 minting and redemption backlog for USDC"},"content":{"rendered":"
Stablecoin issuer Circle has announced it has cleared \u201csubstantially all\u201d of the backlog of redemption requests for its stablecoin USD Coin (USDC).<\/p>\n
In a March 15 operational update, Circle said between the morning of March 13 to the close of business on March 15, it had redeemed $3.8 billion USDC and minted $0.8 billion USDC.<\/p>\n
Last week, Circle was hit with a bank run after disclosing it had $3.3 billion worth of stablecoin reserves in the now-collapsed Silicon Valley Bank that saw USDC lose its dollar peg.<\/p>\n
\u201cTheevents of the past week have impacted the liquidity operations for USDC,\u201d Circle wrote, adding it has worked to \u201cre-initiate services with alternative banking partners, particularly payment and USDC redemption services.\u201d<\/p>\n
Related: Recent contagion was \u2018TradFi to crypto\u2019 and not vice versa \u2014 Circle policy director<\/em><\/strong><\/p>\n Circle said it went live with a new banking partner for United States wires on March 14 and used the same partner \u201cfor international wires to and from 19 countries\u201d on March 15.<\/p>\n It added it expected \u201cto bring more capabilities\u201d online by March 16. <\/p>\n This is a developing story, and further information will be added as it becomes available.<\/p>\n