Stablecoin issuer Circle has introduced it has cleared “substantially all” of the backlog of redemption requests for its stablecoin USD Coin (USDC).
In a March 15 operational replace, Circle mentioned between the morning of March 13 to the shut of enterprise on March 15, it had redeemed $3.8 billion USDC and minted $0.8 billion USDC.
Update: As of shut of U.S. banking operations Wednesday, March 15, we’ve cleared considerably the entire backlog of minting and redemption requests for USDC. Get the small print: https://t.co/5WEAgPps0E
— Circle (@circle) March 16, 2023
Last week, Circle was hit with a financial institution run after disclosing it had $3.3 billion price of stablecoin reserves within the now-collapsed Silicon Valley Bank that noticed USDC lose its greenback peg.
“The events of the past week have impacted the liquidity operations for USDC,” Circle wrote, including it has labored to “re-initiate services with alternative banking partners, particularly payment and USDC redemption services.”
Related: Recent contagion was ‘TradFi to crypto’ and never vice versa — Circle coverage director
Circle mentioned it went reside with a brand new banking companion for United States wires on March 14 and used the identical companion “for international wires to and from 19 countries” on March 15.
It added it anticipated “to bring more capabilities” on-line by March 16.
This is a creating story, and additional data will likely be added because it turns into out there.
