- The company also said that it redeemed almost 3 billion USDC on March 13.
- Now Circle is looking for additional banking partners to ensure the operation of the payment system
Last Saturday, March 11, the USDC stablecoin lost its peg to the dollar. This came amid a statement from Circle that $3.3 billion of the company’s funds were “stuck” in Silicon Valley Bank.
Earlier this week, the organization reached an agreement with a new partner, Cross River Bank. At the same time, the company returned access to blocked assets.
Yesterday, March 14, Circle published new statement regarding the situation. In it, the company provided data on the repurchase and mint of USDC, and also announced the transfer of most of the stablecoin reserves.
Only on Monday, March 13, the company bought back 2.9 billion USDC, issued 0.7 billion USDC. Circle emphasized that the company remains stable and solvent, all withdrawals will be repaid on time.
The organization transferred the monetary part of the USDC reserve (fiat) to BNY Mellon. In this case, the lion’s share of the security will be invested in the Circle fund managed by BlackRock.
The balance of funds, which is mostly USDC issuance and maintenance fees, remains unchanged.
“We still have a lot to do. In particular, this is the search for new partners in banking operations that can work around the clock. We will keep our community updated on progress.” noted in Circle.