USDC Circulation Falls by About 800 Million Tokens in Seven Days

USDC circulation fell by about 800 million tokens over the seven days through Oct. 29 as Circle’s redemptions outpaced issuance, leaving circulation at 70 billion USDC.

Circle issued about 10.9 billion USDC and redeemed about 11.7 billion USDC during the period.

USDC reserves totaled about $71.4 billion on Oct. 29. They included about $32.9 billion in overnight reverse Treasury repurchase agreements, $27.5 billion in Treasury securities maturing in less than three months, $10.4 billion in deposits at systemically important institutions and $600 million in other bank deposits.