Circle completes stress test! Over the past three days, $3 billion USDC has been burned, reducing the circulation by approximately 8%.
According to the latest official announcement from Circle, a significant amount of accumulated USDC redemption and minting demand has been cleared after the close of banking hours on Wednesday. Since early Monday morning, Circle has redeemed a total of $3.8 billion USDC and minted $800 million USDC. Additionally, they have launched wire transfer services in 19 countries/regions in collaboration with a new undisclosed institutional banking partner.
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According to the latest announcement from Circle, after the close of banking hours on Wednesday, a significant amount of accumulated USDC redemption and minting demands have been cleared. Since Monday morning, Circle has redeemed a total of $3.8 billion in USDC and minted $800 million in USDC. At the same time, they have also launched wire transfer services in 19 countries/regions with a new undisclosed institutional banking partner.
As reported earlier, Circle's previous banking partner, Signature Bank, was taken over last Sunday night, rendering Circle unable to mint or redeem USDC through its SigNet system. However, they quickly announced the addition of another partner, Cross River Bank, on Monday to take over the USDC minting and redemption operations previously handled by Signature Bank.
However, according to on-chain data from USDC, the volume of USDC destruction and redemption continues to increase and has not returned to its original levels despite the stabilization of USDC prices.
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