Circle Cleared Substantially All of the Backlog of Minting and Redemption Requests for USDC
Circle said it has cleared substantially all of the backlog of minting and redemption requests for USDC as of March 15. Circle expects to restore more capabilities tomorrow.
Circle Cleared All Backlog of Minting and Redemption Requests for USDC
The company has redeemed $3.8 billion worth of USDC and minted $0.8 billion since Monday.
Stablecoin Issuer CNHC Raises $10 Million in Funding Led by KuCoin Ventures
CNHC Group, the issuer of the CNHC stablecoin that is pegged 1:1 to the offshore Chinese yuan, raised $10 million in funding.
Circle Reports $2.9B USDC Redemption and $0.7B USDC Minting
As of March 13, Circle has redeemed $2.9B USDC and minted $0.7B USDC.
Circle Redeemed $2.9B USDC and Minted $0.7B USDC As of March 13
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.
Circle CEO: US Government Took Right Path to Protect Financial System
Circle had parked its USD Coin stablecoin, which was supported by $3.3 billion in cash, with SVB.
Circle CEO ‘Able to Access’ $3.3B of USDC’s Reserves at Silicon Valley Bank
Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank (SVB).
CFTC’s New Tech Advisory Group Includes Execs From Circle, Paradigm
The Technology Advisory Committee will be joined by executives from IBM, Amazon, CME Group, and Cboe Global Markets. Professors from university law schools, including Cornell, Washington College of Law, and the University of Michigan, have also been named in the list.
Biggest USDC Burn on Record Just Occurred, Net Redemptions Since Friday Reach $4.5B
Circle's stablecoin continues to struggle to win back confidence, and the biggest redemption on record just occurred as $723.5 million was sent to a null address and burnt, according to data via Arkham.
CFTC Adds Execs from Circle, Ava Labs and Fireblocks to Tech Advisory Group
The Commodity Futures Trading Commission (CFTC) has signalled receptiveness to the crypto and blockchain sector after including several executives from the space as part of its new Technology Advisory Committee (TAC). CFTC commissioner and TAC sponsor Christy Goldsmith Romero announced the updated membership via a public statement on March 13, with the inaugural meeting of the new committee set to take place on March 22. The TAC itself was formed in 1999 and aims to assist the CFTC in “identifying and understanding the impacts and implications of technological innovation in financial services and markets.” (Cointelegraph)
