USDC circulation declined by approximately $800 million over the seven days ending October 29, according to Circle's official data. The stablecoin issuer minted roughly $10.9 billion in USDC during the period while redeeming about $11.7 billion, resulting in a net contraction of circulating supply. Total USDC in circulation now stands at $70 billion, backed by reserves of approximately $71.4 billion. The reserve breakdown includes $32.9 billion in overnight reverse Treasury repurchase agreements, $27.5 billion in Treasury securities maturing within three months, $10.4 billion in deposits at systemically important institutions, and $600 million in deposits at other banks.