{"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

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoin issuer Circle has announced it has<\/p>\n","protected":false},"author":3,"featured_media":172489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nCircle clears \u2018substantially all\u2019 minting and redemption backlog for USDC - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/circle-clears-substantially-all-minting-and-redemption-backlog-for-usdc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Circle clears \u2018substantially all\u2019 minting and redemption backlog for USDC - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Stablecoin issuer Circle has announced it has\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/circle-clears-substantially-all-minting-and-redemption-backlog-for-usdc\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-16T03:26:59+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/03\/Circle-clears-\u2018substantially-all-minting-and-redemption-backlog-for-USDC.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/circle-clears-substantially-all-minting-and-redemption-backlog-for-usdc\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/circle-clears-substantially-all-minting-and-redemption-backlog-for-usdc\/\",\"name\":\"Circle clears \u2018substantially all\u2019 minting and redemption backlog for USDC - 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