Circle clears ‘substantially all’ minting and redemption backlog for USDC

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Stablecoin issuer Circle has announced it has cleared “substantially all” of the backlog of redemption requests for its stablecoin USD Coin (USDC).

In a March 15 operational update, Circle said between the morning of March 13 to the close of business on March 15, it had redeemed $3.8 billion USDC and minted $0.8 billion USDC.

Last week, Circle was hit with a bank run after disclosing it had $3.3 billion worth of stablecoin reserves in the now-collapsed Silicon Valley Bank that saw USDC lose its dollar peg.

“The events of the past week have impacted the liquidity operations for USDC,” Circle wrote, adding it has worked to “re-initiate services with alternative banking partners, particularly payment and USDC redemption services.”

Related: Recent contagion was ‘TradFi to crypto’ and not vice versa — Circle policy director

Circle said it went live with a new banking partner for United States wires on March 14 and used the same partner “for international wires to and from 19 countries” on March 15.

It added it expected “to bring more capabilities” online by March 16.

This is a developing story, and further information will be added as it becomes available.