The Circle stablecoin issuer claims to have settled “virtually all” redemption and mint requests for its stablecoin, USD Coin (USDC).
In an operational update on March 15, Circle stated that between the morning of March 13 and the close of business in the United States on March 15, it had redeemed 3.8 billion USDC and minted 800 million USDC.
Update: As of close of US banking operations Wednesday, March 15, we have cleared substantially all of the backlog of minting and redemption requests for USDC. Get the details: https://t.co/5WEAgPps0E
—Circle (@circle) March 16, 2023
Update: As of the close of business in the US on Wednesday, March 15, we have settled virtually all outstanding USDC mint and redemption requests. More information: https://t.co/5WEAgPps0E
Last week, Circle suffered a bank run after revealing that it held $3.3 billion worth of stablecoin reserves at the now-collapsed Silicon Valley Bank.causing USDC to lose its peg to the dollar.
“The events of the past week have affected USDC liquidity operations,” Circle wrote. in your update. He added that he worked to “restart services with alternative banking partners, particularly USDC payment and redemption services.”
Circle explained that on March 14 it launched a new banking partner for transfers from the US. and that on March 15 he used the same partner “for international transfers to and from 19 countries.” By March 16, he hopes to “bring more features online.”
Cross River Bank, which also services Circle’s counterpart Coinbase, was revealed as the company’s new commercial banking partner to produce and redeem USDC on March 13.. Circle has also expanded its ties with its current custodian, Bank of New York Mellon (BNY Mellon).
The announcement comes after a turbulent period for USDC that saw many lose funds in the midst of a run. towards the perceived safety of what was, at the time, a rapidly declining asset.
One unfortunate cryptocurrency user paid over $2 million to receive $0.05 of USDT in his apparent panic to cash out of the crash. An analysis revealed that you possibly forgot to set the slippage on your transaction, allowing a bot to make a significant profit.
Update (March 16, 3:30 AM UTC): This article has been updated to include more information on recent USDC-related developments.
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