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Circle, the issuer of USDC, announced that they had cleared all the backlog of minting and redemption. The stablecoin got depegged over the weekend.

Circle, the issuer of dollar-based stablecoin USDC, was hammered when it was announced that the Fintech held $3.3 billion at Silicon Valley Bank (NASDAQ:SIVB). For a long minute, things looked a bit dire.

Circle Internet Financial seems to have successfully navigated the challenges posed by the chaos in the banking system. The stablecoin giant was caught in the turmoil induced by the liquidation of Silvergate Bank.

Circle CEO Jeremy Allaire believes that the risks to the banking system haven't completely disappeared days after the US federal government stepped in to protect depositors of the now-collapsed Silicon Valley Bank. While praising the actions of the federal government, Allaire says in a new CNBC interview that contagion risks still remain.

The issuer of the USDC stablecoin, Circle, has stated that it has cleared “substantially all” of the redemption and minting requests for USDC.  The announcement comes after the issuer revealed that it had around $3.3 billion worth of stablecoin reserves with SVB, prompting a bank run.

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

Circle faced its toughest week so far this year after USD Coin [USDC] lost its dollar peg. It has since recovered, but the stablecoin issuer just released a new update regarding its USDC operations.

The stablecoin issuer said as at U.S. banking close on Wednesday, it redeemed $3.8 billion USDC and minted $0.8 billion USDC.

Decentralized exchanges are making a killing amidst the banking turmoil. 

Following the closure of Silicon Valley Bank (SVB), the value of the world's fifth-largest cryptocurrency, USD Coin (USDC), plummeted to an all-time low on Saturday. The U.S.-based company behind the coin, Circle, revealed that $3.3 billion of the $40 billion in USDC reserves backing it was held at the financial institution.

At the height of USD Coin (USDC) panic — when news broke that much of its backing was stuck in recently-collapsed Silicon Valley Bank — Tron (TRX) founder Justin Sun traded millions of USDC.

Rep. Maxine Waters said in a recent interview that she would prioritize the passage of a stablecoin bill after the depegging of USDC last week.

Definition The total amount of coins held on exchange addresses.

Circle, the issuer of USDC stablecoin, has announced that it has successfully redeemed $2.9 billion in USDC and minted $0.7 billion in new USDC.

Cryptocurrencies seem to have resisted exceptionally well the closure of Silicon Valley Bank, with the exception of the USD Coin (USDC) stablecoin, which since the bank's collapse has suffered an outflow on the offering of $3.9 billion.

As unveiled by Circle, it has started processing its redemption through a new banking partner after it was able to access the funds worth $3.3 billion locked up in Silicon Valley Bank.

A wallet linked to the liquidators of the Alameda Research estate sent $100 million in stablecoins to crypto trading firms Cumberland and GSR Markets over the weekend.

Once the USDC was depegged, a recognized wallet address belonging to Justin Sun made a profit of more over $3 million, according to the figures provided by Lookonchain.

The options market is still valuing options that settle in the underlying rather than in USDC at a relative premium due to a continued concern of a further depeg, one observer said.

Jeremy Allaire, CEO and co-founder of Circle, stated that the stablecoin issuer has been “able to access” its $3.3 billion in funds that were stored at the defunct bank Silicon Valley Bank as of March 13th (SVB).

Profits made from MEV were more than twice as high as the last peak during the FTX implosion.

The previous high of $24.3 billion occurred in May 2021, when bitcoin was worth roughly $65,000 and ether $4,400.

In a new emergency executive proposal, leading DeFi platform MakerDAO [MKR] has sought community approval to introduce a debt ceiling breaker for collateral assets used to mint its DAI stablecoin.

On-chain investigator Lookonchain reported that a wallet “possibly” connected to Tron founder Justin Sun made $3.3 million from USD Coin (USDC) March 11 depeg.