- Circle has approved a backlog of mining and trade requests for its USDC stablecoin.
- The delay had built up following the turmoil induced by the closure of several crypto banks.
Circle Internet Financial appears to have successfully overcome the challenges posed by the chaos in the banking system. The stablecoin giant was caught up in the turmoil caused by the liquidation of Silvergate Bank. It eventually took over Silicon Valley Bank and then closed Signature Bank.
Circle has mined $800 million USDC this week
according to a March 15 update The implications of the closure of three crypto banks have been handled on behalf of Circle. Prior to the close of US banking business on the earlier date, the stablecoin firm had settled a “substantial amount” of the backlog of draw and swap requests.
Since March 13, the stablecoin giant has mined $800 million worth of coins and paid out $3.8 billion. In its blog post, Circle acknowledged the impact that recent events in the traditional financial sector have had on its stablecoin liquidity operations. USDC The issuer disclosed that it was working to find alternative banking partners to resume services, including USDC payments and redemption services.
Circle said in their blog post:
“We would like to extend our thanks to all the teams that have worked tirelessly around the clock with incredible professionalism to roll out these new services at an unprecedented rate. We will continue our efforts to add additional transactional banking partners.”
Furthermore, Circle also revealed its new banking partner. On March 14, the company went live with Cross River Bank for domestic electronic payments within the United States. The USDC issuer said a single banking partner allowed international transactions from nineteen countries as of March 15. The addition of an existing transactional banking partner, BNY Mellon, has complemented the international transfer operations.