As of March 13, Circle has redeemed $2.9B USDC and minted $0.7B USDC, according to a recent update on USDC operations.

"Since the failures of Signature Bank and Silvergate Bank, our core transaction banking partners, our teams have been working around the clock to restore USDC liquidity operations, including bringing on new transaction banking partners. " the firm wrote in the statement.

Additionally, Circle announced the cash portion of the USDC reserve will be held at BNY Mellon, with only limited funds held at transaction banking partners in support of USDC minting and redemption. This move is part of Circle's ongoing efforts to strengthen the USDC reserve and ensure it remains a trusted stablecoin in the industry.

The majority of the reserve will be invested in the Circle Reserve Fund, which is managed by BlackRock and custodied at BNY Mellon. This fund is primarily comprised of short-dated U.S. Treasuries, providing a secure and reliable investment option for the reserve.