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 replace, Circle stated 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 the entire 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 value of stablecoin reserves within the now-collapsed Silicon Valley Financial institution that noticed USDC lose its greenback 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 cost and USDC redemption providers.”
Associated: Current contagion was ‘TradFi to crypto’ and never vice versa — Circle coverage director
Circle stated it went reside 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 convey extra capabilities” on-line by March 16.
It is a growing story, and additional info might be added because it turns into obtainable.
