TREE NEWS reports: Circle issued about $10.1 billion of USDC and redeemed about $9.8 billion in the seven days to Sept. 21, lifting the stablecoin’s circulating supply by roughly 300 million tokens. Total USDC in circulation now stands at 74.6 billion, backed by about $74.8 billion in reserves, including $41.2 billion in overnight reverse Treasury repo, $26.5 billion in Treasuries maturing within three months, $5.9 billion in systemically important institution deposits and $1.2 billion in other bank deposits.
USDC Circulating Supply Rises ~300M in Week to Sept 21
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AI take
The composition of reserves is the more telling detail: the bulk sits in overnight repo and sub-three-month Treasuries, so the backing stays short-dated and liquid rather than reaching for yield. A modest net weekly expansion against gross issuance and redemption in the billions points to steady churn rather than a directional shift in demand. Whether that net figure keeps drifting higher is the open question worth tracking.
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