Circle Clears USDC Backlog, Mints $800M Following Banking Turmoil

• Circle Internet Financial has successfully cleared the backlog of redemption and minting requests for its USDC stablecoin.
• The backlog had accumulated following the closure of several crypto-friendly banks, including Silvergate Bank, Silicon Valley Bank, and Signature Bank.
• Circle has minted approximately $800 million USDC this week and has added Cross River Bank and BNY Mellon as banking partners to facilitate international transactions.

Circle Clears Backlog of Redemption and Minting Requests

Circle Internet Financial has successfully cleared the backlog of redemption and minting requests for its USDC stablecoin following the turmoil caused by the closure of several crypto-friendly banks. The stablecoin giant was caught up in the chaos induced by the liquidation of Silvergate Bank, which eventually led to the seizure of Silicon Valley Bank and subsequent shutting down of Signature Bank.

Circle Mints Approximately $800 Million USD Coin

Since 13 March, Circle has minted approximately $800 million worth of USD Coins and redeemed a whopping $3.8 billion according to a 15 March update from Circle. In order to restart services such as payment and USDC redemption services, Circle worked on finding alternate banking partners. On 14 March, Cross River Bank was added as a domestic wire payments partner within the United States while an existing transaction banking partner BNY Mellon supplemented international wire operations starting 15 March.

Signature Bank Closure Causes Turmoil

The closure of Signature Bank caused considerable turmoil in the traditional finance space due to its impact on liquidity operations related to Circle’s stablecoin. This meant that customers were unable to redeem or mint their coins until recently when these issues were resolved by Circle.

Cross River & BNY Mellon Added as Banking Partners

The addition of Cross River Bank as a domestic wire payments partner within the United States enabled international transactions with nineteen different countries starting on 15 March. In addition, an existing transaction banking partner BNY Mellon was added in order to supplement international wire operations from 15 March onwards too..

Circle Successfully Navigates Challenges Posed By Banking System Chaos

Circle appears have successfully navigated through all challenges posed by chaos in traditional finance space due to closure of three crypto-friendly banks mentioned earlier which led it clearing substantially all backlogs related to USDC stablecoin’s redemption/minting requests before close United States banking operations on aforementioned date