Circle Clears USDC Backlog After $3.8B Redemption Surge

Circle, the stablecoin issuer, has cleared a backlog of USDC minting and redemption requests as of March 15. The company reported that since Monday, it has redeemed $3.8 billion USDC and minted $0.8 billion USDC.

The liquidity operations for USDC were impacted by recent events, but Circle worked to reinitiate services with alternative banking partners, particularly payment and USDC redemption services. The company thanked customers for their patience during these unprecedented times.

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

On March 14, the company went live with a new transaction banking partner for domestic U.S. wires in and out, and on March 15, it went live with that same partner for international wires to and from 19 countries.

Circle also went live with an existing transaction banking partner for international wires. The company expects to bring more capabilities back online soon and extended its thanks to all teams who worked tirelessly around the clock with incredible professionalism to stand up these new services at unprecedented speed.