Circle clears “substantially all” USDC minting and redemption requests
16 Mar 2023 9:00 AM
Circle has cleared the backlog of redemption and minting requests for its USDC stablecoin. The backlog had accumulated following the turmoil induced by the closure of several crypto-friendly banks. Circle Internet Financial seems to have successfully navigated the challenges posed by the chaos in the banking system. The stablecoin giant was caught in the turmoil […]...
- Circle has cleared the backlog of redemption and minting requests for its USDC stablecoin.
- The backlog was caused by the closure of several crypto-friendly banks.
- Circle has managed to navigate the challenges posed by the chaos in the banking system.
- The stablecoin giant has minted $800 million USDC this week and redeemed $3.8 billion.
- Circle has found alternate banking partners to restart services, including payment and USDC redemption services.
- Circle's new banking partner is Cross River Bank for domestic wire payments within the United States.
- BNY Mellon has supplemented the international wire operations.
The article reports positive news for Circle and its USDC stablecoin. Despite the challenges posed by the closure of several crypto-friendly banks, Circle has managed to clear the backlog of redemption and minting requests and find alternate banking partners to restart services. The article acknowledges the impact of recent events in the traditional finance space on the liquidity operations of Circle's stablecoin, but overall, the sentiment is positive.