March 15, 2023 | Update on USDC operations

March 15, 2023 | Update on USDC operations

Company Updates

svb-response4

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.

Related blogs

View all
Avalanche EUROC Blog
Company Updates

Avalanche EUROC: Expanding Access to the Euro

Team Circle | May 25, 2023

Avalanche EUROC is here! We’re excited to announce that Euro Coin has gone multi-chain. Now natively on Avalanche for developers and their users. Learn more.

Read story about Avalanche EUROC: Expanding Access to the Euro
defending dollar competitiveness currency in the crossfire Circle Foreign Policy
Company Updates

Defending Dollar Competitiveness

Team Circle | May 16, 2023

Discussion about the opportunity for policymakers to reinvigorate the U.S. dollar and keep its global competitiveness at the “Currency in the Crossfire” event.

Read story about Defending Dollar Competitiveness
From the Cloud to the Blockchain
Company Updates

New Operating System for Money: Circle's Role in Digital Transformation

Li Fan | April 20, 2023

Blockchain is the next level of digital transformation. Learn how the combination of web3 and stablecoins on the corporate cloud is attracting enterprises.

Read story about New Operating System for Money: Circle's Role in Digital Transformation