USDC's circulation decreased by $1.3 billion from December 11 to 18, 2025, as Circle issued 4.7 billion USDC and redeemed 6 billion USDC. This reduction leaves the total USDC circulation at 77.2 billion, supported by reserves of approximately 77.5 billion USD. These reserves are composed of 53.3 billion USD in overnight reverse repurchase agreements, 14.3 billion USD in short-term Treasury securities, 9.2 billion USD in deposits with systemically important institutions, and 700 million USD in other bank deposits. The decrease in circulation is attributed to compliance with the EU Markets in Crypto-Assets Regulation and efforts to counter the financing of terrorism.