Circle, the company behind the US dollar-backed stablecoin USDC, has announced that it has cleared substantially all of the backlog of minting and redemption requests for USDC as of March 15.
Update: As of close of U.S. banking operations Wednesday, March 15, we have cleared substantially all of the backlog of minting and redemption requests for USDC. Get the details: https://t.co/5WEAgPps0E
— Circle (@circle) March 16, 2023
The company has redeemed $3.8 billion worth of USDC and minted $0.8 billion since Monday. The past week's events had affected USDC liquidity operations, prompting Circle to work on restoring services with alternative banking partners. On March 14, the company launched a new transaction banking partner for domestic U.S. wires, and today, it went live with the same partner for international wires to and from 19 countries.
Circle expects to restore more capabilities tomorrow.
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