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

Stablecoin issuer Circle has announced that it has cleared “substantially all” of its backlog of redemption requests for its USD Coin (USDC) stablecoin.

Operation March 15th updatethe Circle said it had liquidated $3.8 billion USDC and issued $800 million USDC between the morning of March 13 and the close of business on March 15.

Update: As of the close of US banking on Wednesday, March 15, the backlog of USDC issuance and redemption requests has been nearly entirely cleared. Get details. https://t.co/5WEAgPps0E

— Circle (@circle) March 16, 2023

Last week, the Circle was hit by a bank run after revealing that the now-collapsed Silicon Valley Bank has $3.3 billion worth of stablecoin reserves and the USDC has lost its dollar peg.

“The events of the past week impacted USDC’s liquidity operations,” the Circle wrote, adding that it was working to “restart services with alternative banking partners, particularly payment and USDC redemption services.”

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Circle said it partnered with a new banking partner for US wire transfers on March 14 and used the same partner for “international wires to and from 19 countries” on March 15.

It added that it hopes to “provide more features” online by March 16.

This is a work in progress and more information will be added as it becomes available.