Circle's USDC stablecoin saw a net decrease of $1.7 billion in circulation over the week ending May 14. Official data reveals that Circle issued $5.4 billion in USDC while redeeming $7.1 billion, leading to the reduction. The current circulating supply of USDC stands at $76.5 billion, backed by reserves of approximately $76.7 billion. These reserves include $48.3 billion in overnight reverse repurchase agreements on U.S. Treasuries, $16.1 billion in U.S. Treasuries with maturities under three months, $11.9 billion in deposits at systemically important institutions, and $500 million in other bank deposits.
USDC Circulation Drops by $1.7 Billion in One Week
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