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

The USDC depeg brought about vital turmoil out there final week. The stablecoin issuer Circle claimed that it has cleared “considerably all the backlog of minting and redemption requests for USDC.”

In a latest assertion, Circle mentioned 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 accomplice 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 properly with the identical accomplice the next day. The group expects to “convey extra capabilities again on-line” beginning this week.
• Highlighting the occasions of the previous week that affected the liquidity operations for USDC, the corporate mentioned,

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

• Throughout an earlier replace, it was revealed that Cross River Financial institution was taking up as Circle’s industrial banking accomplice.
• 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 supplies custody companies for Circle’s reserves.
• Circle’s USDC is among the market’s main stablecoins. After shedding its 1-to-1 peg to the US greenback, USDC plunged to as little as $0.88