Circle Clears USDC Minting and Redemption Backlog
17.3.2023 | 12:16
• Circle, a stablecoin issuer, has cleared all its backlog of USDC minting and redemption requests.
• The company has also gone live with a new transaction banking partner for domestic US wires in and out on March 14.
• Circle has also expanded relationships with other banking partners to help with USDC redemption.
Circle Clears All USDC Minting and Redemption Backlog
Circle, the stablecoin issuer, has announced that it has cleared „substantially all of the backlog of minting and redemption requests for USDC“. According to the company’s statement, $3.8 billion worth of USDC tokens were redeemed during this period and $800 million was minted.
New Transaction Banking Partner
Circle has gone live with a new transaction banking partner for domestic U.S. wires in and out on March 14th. This partnership will allow international wires to 19 countries as well the following day. Furthermore, Circle is expected to bring more capabilities back online starting this week.
Cross River Bank Taking Over
As per an earlier update, Cross River Bank is taking over as Circle’s commercial banking partner. Additionally, Circle is expanding relationships with other banking partners to help with USDC redemption such as Bank of New York Mellon (BNY Mellon).
USDC Depeg Caused Turmoil in Market
The unexpected depeg of USDC caused significant turmoil in the market last week which prompted Circle to work on adding more transaction banking partners for better liquidity operations for USDC holders. The company thanked customers for their patience during these unprecedented times while they worked on resolving the issue quickly and efficiently.
With clearing substantially all the backlogs concerning minting and redeeming requests for USDC tokens along with going live with a new transaction banking partner, Circle is taking steps towards restoring normalcy in its services pertaining to USDCS trading activities among users around the world..
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