USDC's circulating supply decreased by $1.4 billion between January 14 and January 21, as Circle issued $4.8 billion and redeemed $6.2 billion of the stablecoin. The current total circulating supply stands at $74.4 billion, supported by reserves of approximately $74.5 billion. These reserves include $47.8 billion in overnight reverse repurchase agreements, $16 billion in U.S. Treasury securities with terms under three months, $9.9 billion in deposits with systemically important financial institutions, and $800 million in other bank deposits.