USDC’s circulating supply increased by about 1 billion tokens in the seven days ending August 27, as Circle issued roughly 11.2 billion USDC and redeemed about 10.2 billion, according to official data. Total USDC circulation stood at 73.7 billion tokens, backed by approximately $74 billion in reserves. Those reserves included about $49.6 billion in overnight reverse repurchase agreements on Treasuries, $13.2 billion in Treasury securities with maturities of less than three months, $10.5 billion in deposits at systemically important institutions, and about $700 million in other bank deposits.