TREE NEWS reports: Circle issued about $10.9 billion in USDC and redeemed about $11.4 billion in the seven days through Oct. 15, shrinking circulating supply by roughly 500 million tokens. Total USDC in circulation stood at 72.5 billion, backed by about $72.7 billion in reserves, including $35.6 billion in overnight reverse Treasury repo, $25.8 billion in Treasuries maturing in under three months, $10.6 billion in deposits at systemically important institutions and $600 million in other bank deposits.
USDC Circulation Falls About 500M in 7 Days to 72.5B
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AI take
A roughly half-billion-token net contraction in a single week is a modest but telling signal: redemptions narrowly outpaced issuance, suggesting demand for the stablecoin cooled rather than collapsed. The reserve mix matters more than the headline — with the bulk parked in overnight repo and sub-three-month Treasuries, Circle's backing stays highly liquid, which is the structural point of differentiation for a regulated stablecoin. Whether this net outflow is a one-week blip tied to broader market positioning or the start of a sustained drawdown is the open question worth tracking in the next few weekly attestations.
Generated by AI for reference only.
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