Circle says substantially all USDC minting, redemption backlogs are resolved after wild week
16 Mar 2023 8:01 PM
“Trust, safety, and 1:1 redeemability of all USDC in circulation is of paramount importance to Circle," CEO Jeremey Allaire said....
- Circle has resolved the backlogs of USDC withdrawal requests after the stablecoin's depegging over the weekend.
- The company has redeemed $3.8 billion USDC and minted $0.8 billion USDC since Monday.
- Circle has shifted its banking partner due to the collapse of Silicon Valley Bank (SVB).
- USDC has lost ground to its rival stablecoin USDT following last week's turmoil.
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The article provides a factual account of Circle's recent developments, without expressing any positive or negative sentiment.
What caused the backlogs of USDC withdrawal requests?
How much USDC has Circle redeemed and minted since Monday?
Why did Circle shift its banking partner?
How has USDC performed compared to USDT following last week's turmoil?
Will Circle's USDC activities be impacted by the shutdown of Silicon Valley Bank and Signature Bank?