- 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 induced by the liquidation of Silvergate Bank. This eventually led to the seizure of Silicon Valley Bank and the subsequent shutting down of Signature Bank.
Circle has minted $800 million USDC this week
According to a 15 March update from Circle, the implications of the closure of the three crypto-friendly banks have been managed. Before the close of United States banking operations on the aforementioned date, the stablecoin firm had cleared “substantially all” of the backlog of minting and redemption requests.
Since 13 March, the stablecoin giant has minted $800 million worth of USD Coins and redeemed a whopping $3.8 billion. In its blog post, Circle acknowledged the impact that the recent events in the traditional finance space had on the liquidity operations of its stablecoin. The USDC issuer revealed that it had been working on finding alternate banking partners in order to restart services, including payment and USDC redemption services.
In its blog post, Circle said:
“We would like to extend our thanks to all the teams that have worked tirelessly around the clock with incredible professionalism to stand up these new services at unprecedented speed. We will continue efforts to add additional transaction banking partners.”
Moreover, Circle revealed its new banking partner as well. On 14 March, the firm went live with Cross River Bank for domestic wire payments within the United States. The USDC issuer added that the same banking partner enabled international transactions to and from nineteen countries starting 15 March. The addition of an existing transaction banking partner, BNY Mellon, has supplemented the international wire operations.