Circle issued an update on USDC operations, saying that since the collapse of Signature Bank and Silvergate Bank, the team has been working to restore USDC’s liquidity operations, including the introduction of new transaction banking partners. Circle began processing minting and redemption requests on the morning of March 13, local time, when the U.S. banking system reopened and is currently working through a backlog of requests. On March 13, local time, Circle redeemed $2.9 billion in USDC and minted $700 million in USDC. The article also stated that as part of an ongoing initiative to strengthen USDC reserves, Circle now holds the cash portion of the reserves at BNY Mellon, in addition to limited funds held by transaction banking partners to support USDC minting and redemption. Most of the reserves are invested in the Circle Reserve Fund, managed by BlackRock and custodianed by BNYM, and consist primarily of short-term U.S. Treasury bills.