All minting and #redemption of agEUR is currently paused, but #borrowers can still repay their debts to the protocol as normal, the team said.

Allaire added that following the #implosion of crypto-friendly Signature Bank on Mar. 12, Circle is no longer able to process USDC minting and #redemption through SigNet, and that the firm will be temporarily “relying on settlements through BNY Mellon.

Despite the #relatively small loss, a crisis of confidence ensued, leading to tens of billions of dollars of #redemption demands in a couple of days

On Feb. 13, it officially #announced it would no longer be minting the stablecoins while giving them a #redemption time period until February 2024

"I guess it comes down to a simple choice, really. Get busy living or get busy dying." — #Shawshank #Redemption