Mar 16, 2023

Circle Clears USDC Redemptions, Minting Requests

The recent events in the crypto space have caused significant disruption to the operations of USD Coin (USDC), a stablecoin issued by Circle. Following the news of $3.3 billion worth of USDC reserves in the now-collapsed Silicon Valley Bank, the company has been working to re-initiate services with alternative banking partners and clear the backlog of minting and redemption requests for USDC.

Circle announced on March 15 that between the morning of March 13 and the close of banking business in the United States on March 15, it had redeemed $3.8 billion USDC and minted $0.8 billion USDC. This announcement comes as a relief to many investors who had been worried about the stability of the currency.

To address the liquidity operations for USDC, Circle has taken steps to expand its ties with its existing custodian, the Bank of New York Mellon (BNY Mellon), as well as to go live with a new banking partner for U.S. wires, Cross River Bank, which also services Circle’s peer firm Coinbase. The company was also able to initiate international wires to and from 19 countries on March 15.

The events of the past week have also caused some to lose funds in the panic to cash out of the crash. One crypto user paid over $2 million to receive $0.05 of USDT, which was likely due to the user forgetting to set slippage on their transaction and allowing a bot to net a significant profit.

The news of Circle clearing the backlog of minting and redemption requests for USDC comes as a welcome sign of stability in the crypto market. With the help of its new banking partners, Circle is looking to provide a secure and reliable platform for its users. The company is also looking to expand its services in the web3 space, including NFT promotion, NFT marketing, and selling NFTs.

Circle is positioning itself as a web3 agency, offering services such as Twitter NFT marketing and NFT marketing agency services for those looking to promote their NFTs. With its new banking partners, Circle is looking to provide a secure and reliable platform for its users and to help promote the use of crypto and NFTs in the web3 space.

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