Circle 'substantially clears' backlog of USDC redemptions

Quick Take

  • Circle claims to have redeemed $3.8 billion USDC and minted $0.8 billion USDC since Monday.
  • The firm also says it went live with a new transaction banking partner for both domestic wires and international wires.

Circle — the embattled operator of stablecoin USDC — claims to have "cleared substantially all of the backlog of minting and redemption requests for USDC."

The statement comes via an update on USDC operations, and claims that "since Monday morning, Circle has redeemed $3.8 billion USDC and minted $0.8 billion USDC."

The update follows Circle CEO Jeremy Allaire's recent sentiment that the crypto ecosystem needs to be protected from the banking system — not the other way around. "Everybody's talking about how we need to save the banks from crypto and right now we're trying to save crypto from the banks," Allaire said in a recent interview with the hosts of the Bankless podcast.

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After finding itself largely bankless in the U.S. after the high-profile collapses of Silvergate, Silicon Valley Bank and Signature Bank, Circle says it went live with a new transaction banking partner for both domestic wires and international wires. "We expect to bring more capabilities back online tomorrow," the team says.


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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