March 15, 2023 | Update on USDC operations

Company Updates Company


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.

Since Monday morning, Circle has redeemed $3.8 billion USDC and minted $0.8 billion USDC.

The events of the past week have impacted the liquidity operations for USDC. Circle has worked tirelessly to re-initiate services with alternative banking partners, particularly payment and USDC redemption services. We would like to thank our customers for their patience during these unprecedented times. 

On Tuesday, March 14, we went live with a new transaction banking partner for domestic U.S. wires in and out. Today, we went live with that same partner for international wires to and from 19 countries. We also went live today with an existing transaction banking partner for international wires. We expect to bring more capabilities back on line tomorrow. 

We would like to extend our thanks to all the teams that have worked tirelessly around the clock with incredible professionalism to stand up these new services at unprecedented speed. We will continue efforts to add additional transaction banking partners.

Back to top