Second-largest stablecoin recovered peg to USD after weekend slump. Crypto’s stablecoin segment has seen dramatic shifts in 2023. The stablecoin issuer said it cashed out $3.8 billion in USDC and minted $800 million in USDC. Stablecoin Issuers Circle has announced that it has cleared “virtually all” of its backlog of stablecoin USD Coin (USDC) redemption requests.

In an operational update on March 15, Circle Internet Financial Ltd said it redeemed $3.8 billion and minted $800 million between the morning of March 13 and the close of business hours on March 15. Last week, Circle suffered from a bank run after it revealed that it had $3.3 billion worth of stablecoin reserves at the now-defunct Silicon Valley bank, causing USDC to lose its peg to the U.S. dollar.

“The events of the past week have impacted USDC liquidity operations,” Circle wrote, adding that they are working “with other banking partners to restart services, particularly payments and USDC redemption services.” Circle said it went live with a new banking partner for United States wires on March 14 and used the same partner “for international wires to and from 19 countries” on March 15.