USDC's circulating supply increased by $400 million over the past week, reaching a total of $7.86 billion. Circle, the issuer of USDC, reported issuing approximately $5.9 billion and redeeming $5.5 billion in USDC during the seven-day period ending April 16. The total reserves backing USDC amount to approximately $78.8 billion. These reserves include $46.3 billion in overnight repurchase agreements, $20.9 billion in U.S. Treasury securities with maturities under three months, $11 billion in deposits at systemically important institutions, and $600 million in other bank deposits.