Circle's USDC stablecoin saw a significant decrease in circulation, dropping by approximately $3.4 billion between January 22 and January 29. During this period, Circle issued around $5.2 billion USDC while redeeming about $8.6 billion USDC. The current total circulating supply of USDC stands at $70.2 billion, backed by reserves of approximately $70.3 billion. The reserves include overnight reverse repurchase agreements worth $41.2 billion, U.S. Treasury securities with terms under three months totaling $18.8 billion, deposits with systemically important financial institutions amounting to $9.4 billion, and other bank deposits of about $1 billion.