Stablecoin issuer Circle has cleared “substantially all” of the backlog of minting and redemption requests for its stablecoin USD Coin (USDC) according to 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
Recently, USDC faced a de-peg after disclosing a $3.3B deposit in the collapsed Silicon Valley Bank (SVB). The disclosure caused a panic sale of USDC as investors began liquidating their funds with other assets such as USDT.
USDC price dipped to almost $0.88 on March 11, currently trading around $0.99 at the time of writing.
In an Update Circle wrote that “The events of the past week have impacted the liquidity operations for USDC. Circle has worked tirelessly to re-initiate services with alternative banking partners, particularly payment and USDC redemption services”.
Circle partnered with a new bank for U.S. wire transfers on March 14, and extended the partnership to cover international wire transfers with 19 countries on March 15. They expect “to bring more capabilities” online by tomorrow.
Circle thanks to all customers for their patience during these unprecedented times.