USDC's circulating supply increased by $400 million over the week ending May 21, according to official data. Circle issued approximately $8.1 billion in USDC while redeeming $7.7 billion, leading to the net increase. The total USDC supply now stands at $76.9 billion, backed by reserves of $77.1 billion. These reserves include $45.7 billion in overnight reverse repurchase agreements on U.S. Treasuries, $18.6 billion in U.S. Treasuries with maturities under three months, $12.2 billion in deposits at systemically important institutions, and $600 million in other bank deposits.