USDC circulation fell by approximately $1.3 billion over the seven days ending November 12, dropping to $67.9 billion total, according to official data from Circle. The stablecoin issuer minted about $10.8 billion in USDC during the period but redeemed roughly $12.1 billion, resulting in a net contraction of supply. Circle's reserves backing the circulating USDC stand at approximately $68.1 billion, composed of about $39.9 billion in overnight reverse Treasury repurchase agreements, $20.1 billion in Treasury securities maturing in less than three months, $7.4 billion in deposits at systemically important institutions, and around $600 million in other bank deposits.