- Circle team guarantees the removal of backlogs at USDC operations.
- Post the collapse of SVB, $3.8 billion USDC is redeemed so far.
A recent update from the Circle team regarding USDC operations guarantees the removal of backlogs. Additionally, a request for redemption of USDC has also been made, at the EOD of the U.S. banking sector on March 15th.
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
In the blog after the collapse of the two significant banks, Signature, and Silicon Valley Banks, Circle declared the portions of the reserve with different entities. Which is significant, “77% ($32.4B) with US Treasury Bills and 23% ($9.7B) with cash”. Post the collapse, the team worked out different strategies to cash out the asset switch SVB.
As per the recent brief from the Circle, they have “redeemed $3.8 billion USDC and minted $0.8 billion USDC”. Along with this, the USDC operations in the U.S. and across the countries are also back in action. With newer banking support systems in the U.S. and prior partners outside the country.
The Circle team is confident to bring the bank more of the old services in the following days. The depeg of the USDC stablecoin fell down below $0.877 marking an All Time Low (ATL). But now the coin is back to the $1 peg as earlier in the last weekends.
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