Circle Claims to Have Cleared ‘Considerably’ All USDC Minting and Redemption Backlog

The USDC depeg prompted important turmoil available in the market final week. The stablecoin issuer Circle claimed that it has cleared “considerably the entire backlog of minting and redemption requests for USDC.”

In a latest assertion, Circle stated it had redeemed $3.8 billion of USDC tokens over the interval and minted $800 million.

• The Boston-headquartered firm additionally went stay with a brand new transaction banking associate for home US wires out and in on March 14.
• Circle additional revealed going stay for worldwide wires to and from 19 international locations as effectively with the identical associate the next day. The staff expects to “carry extra capabilities again on-line” beginning this week.
• Highlighting the occasions of the previous week that affected the liquidity operations for USDC, the corporate stated,

“Circle has labored tirelessly to re-initiate companies with different banking companions, notably cost and USDC redemption companies. We want to thank our clients for his or her persistence throughout these unprecedented instances.”

• Throughout an earlier replace, it was revealed that Cross River Financial institution was taking on as Circle’s business banking associate.
• Moreover, the corporate has additionally “expanded relationships” with different banking companions to assist with USDC redemption. This included the Financial institution of New York Mellon (BNY Mellon), which already offers custody companies for Circle’s reserves.
• Circle’s USDC is without doubt one of the market’s main stablecoins. After shedding its 1-to-1 peg to the US greenback, USDC plunged to as little as $0.88