Circle clears 'substantially all' minting and redemption backlog for USDC

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

In a March 15 operational update, Circle said betwixt the greeting of March 13 to the adjacent of concern connected March 15, it had redeemed $3.8 cardinal USDC and minted $0.8 cardinal USDC.

Update: As of adjacent of U.S. banking operations Wednesday, March 15, we person cleared substantially each of the backlog of minting and redemption requests for USDC. Get the details: https://t.co/5WEAgPps0E

Last week, Circle was deed with a slope tally aft disclosing it had $3.3 cardinal worth of stablecoin reserves successful the now-collapsed Silicon Valley Bank that saw USDC suffer its dollar peg.

"The events of the past week person impacted the liquidity operations for USDC," Circle wrote, adding it has worked to "re-initiate services with alternate banking partners, peculiarly outgo and USDC redemption services."

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

Circle said it went unrecorded with a caller banking spouse for United States wires connected March 14 and utilized the aforesaid spouse "for planetary wires to and from 19 countries" connected March 15.

It added it expected "to bring much capabilities" online by March 16.

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