According to a March 15 operational update, stablecoin issuer Circle has cleared “virtually all” of the backlog of minting and redemption requests for their stablecoin USD Coin (USDC).
Circle said that between March 13’s morning and March 15’s business closing, it had redeemed $3.8 billion USDC and issued $0.8 billion USDC.
After declaring a $3.3 billion investment in the defunct Silicon Valley Bank, USDC recently experienced a de-peg (SVB). Investors started to liquidate their holdings with other assets, such USDT, as a result of the announcement, which led to a panic sell of USDC.
On March 11, the price of USDC dropped to roughly $0.88; at the time of writing, it is now trading at $0.99.
Circle said in an update that “The events of the last week have had an influence on the USDC liquidity operations. To restart services with alternative financial partners, especially payment and USDC redemption services, Circle has put forth a lot of effort.
On March 14, Circle joined with a new bank for U.S. wire transfers, and on March 15, the agreement was expanded to provide international wire transactions with 19 nations. By tomorrow, they want “to bring additional capabilities” online.
Thank you to everyone for your patience through these trying times.
Compiled by Coinbold
