Circle: Is restoring USDC liquidity and strengthening USDC reserves, considering introducing new banking partners

ChainCatcher news, Circle's official blog states: "Since the collapse of Signature Bank and Silvergate Bank, our team has been working around the clock to restore the liquidity operations of USDC, including bringing in new trading bank partners. We began processing minting and redemption requests on the morning of March 13, local time, when the U.S. banking system reopened, and we are currently addressing the backlog of requests. We have more work to do, including adding new trading bank partners with 24/7/365 capabilities. On March 13, local time, Circle redeemed $2.9 billion USDC and minted $7 billion USDC."

The article also states: "As part of our ongoing efforts to strengthen USDC reserves, we now hold a cash portion of reserves at Bank of New York Mellon, in addition to limited funds held at trading bank partners to support USDC minting and redemption. The majority of reserves are invested in the Circle Reserve Fund, managed by BlackRock and custodied by BNYM, primarily consisting of short-term U.S. Treasury securities." (source link)