The circulating supply of USD Coin (USDC) has decreased by approximately 700 million coins over the past week. Official data indicates that Circle issued around 8.5 billion USDC and redeemed about 8.2 billion USDC in the seven days ending June 11th. This adjustment brings the total circulating supply of USDC to 74.8 billion.
USDC's reserves are reported to be approximately $75 billion, comprising $44.7 billion from overnight reverse repurchase agreements, $18.6 billion from Treasury bonds with maturities under three months, $11 billion from deposits at systemically important institutions, and $700 million from other bank deposits.
USDC Circulating Supply Drops by 700 Million in a Week
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