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Circle Says Substantially All USDC Minting, Redemption Backlogs Are Resolved After Wild Week

After the weekend’s depegging of the stablecoin, Circle, which issues USDC, has declared that substantially all the minting and redemption backlogs have been resolved.

The company reported that they redeemed $3.8 billion USDC and minted $0.8 billion USDC since Monday, and they have also shifted their banking partner due to the Silicon Valley Bank (SVB) collapse.

Following the events of last weekend, Circle had accumulated backlogs of USDC withdrawal requests. However, they have resolved the issue by switching their banking partners to prevent any operational disruptions.

According to the stablecoin issuer, “On March 14th, Tuesday, we implemented a new transaction banking partner for domestic US wire transfers. Today, we launched the same partner for international wire transfers to and from 19 countries. Additionally, we have started using an existing transaction banking partner for international wire transfers.”

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