Circle issued approximately $9.1 billion in USDC while redeeming $9.4 billion during the seven-day period ending September 17, resulting in a net circulation decrease of roughly $300 million. Total USDC supply now stands at $73.8 billion. Reserves backing the stablecoin total approximately $74 billion. The reserve composition includes $40.7 billion in overnight reverse repurchase agreements, $25.7 billion in U.S. Treasuries with maturities under three months, $6.3 billion in deposits at systemically important institutions, and $1.3 billion in other bank deposits.