USDC's circulating supply decreased by $300 million from January 1 to January 8, according to official data. Circle issued approximately $5.4 billion USDC while redeeming $5.7 billion during this period. The current total circulating supply stands at $7.49 billion, backed by reserves of about $75 billion. These reserves include $50.7 billion in overnight reverse repurchase agreements, $13.7 billion in U.S. Treasury securities with terms under three months, $9.9 billion in deposits at systemically important financial institutions, and $700 million in other bank deposits.