Circle, a stablecoin issuer, revealed that it has mostly fulfilled all of the outstanding redemption requests for its stablecoin Dollar Coin (USDC).

Circle said that it has redeemed $3.8 billion USDC and issued $800 million USDC between the morning of March 13 and the close of business on March 15 in an operational update.

Update: 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. Get the details:
— Circle (@circle) March 16, 2023

After reporting last week that it held stablecoin reserves worth $3.3 billion in the now-defunct Silicon Valley Bank, which caused USDC to lose its dollar peg, Circle experienced a bank run.

In a blog post, Circle stated that the recent events had an effect on USDC's liquidity operations. It also stated that it has been working to restart services with alternative banking partners, notably payment and USDC redemption services.

A new banking partner was employed by Circle on March 14 for wire transfers inside the United States, and on March 15 for transfers outside to and from 19 other countries.

It stated that by March 16, further capabilities were anticipated to be online.

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