Circle clears ‘considerably all’ minting and redemption backlog for USDC

Stablecoin issuer Circle has introduced it has cleared “considerably all” of the backlog of redemption requests for its stablecoin USD Coin (USDC).

In a March 15 operational update, 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.

Replace: As of shut of U.S. banking operations Wednesday, March 15, we now have cleared considerably all the backlog of minting and redemption requests for USDC. Get the small print: https://t.co/5WEAgPps0E

— Circle (@circle) March 16, 2023

Final week, Circle was hit with a financial institution run after disclosing it had $3.3 billion worth of stablecoin reserves within the now-collapsed Silicon Valley Bank that noticed USDC lose its dollar peg.

“The occasions of the previous week have impacted the liquidity operations for USDC,” Circle wrote, including it has labored to “re-initiate providers with various banking companions, significantly fee and USDC redemption providers.”

Associated: Recent contagion was ‘TradFi to crypto’ and not vice versa — Circle policy director

Circle mentioned it went dwell with a brand new banking companion for United States wires on March 14 and used the identical companion “for worldwide wires to and from 19 nations” on March 15.

It added it anticipated “to carry extra capabilities” on-line by March 16.

It is a creating story, and additional info will probably be added because it turns into out there.