Circle Reports Decrease in USDC Circulation Over Seven Days

Circle has reported a significant change in the circulation of its USDC stablecoin over a recent seven-day period. According to PANews, official data indicates that by January 21, Circle issued approximately 4.8 billion USDC while redeeming around 6.2 billion USDC, resulting in a net decrease of about 1.4 billion USDC in circulation. The total circulation of USDC stands at 74.4 billion coins, backed by reserves of approximately 74.5 billion USD. These reserves include about 47.8 billion USD in overnight reverse repurchase agreements, 16 billion USD in U.S. Treasury bills with maturities of less than three months, 9.9 billion USD in deposits with systemically important institutions, and around 800 million USD in other bank deposits.