TREE NEWS reports: Circle issued about $10.9 billion and redeemed about $11.7 billion of USDC in the seven days to Oct. 29, reducing circulation by roughly 800 million tokens to a total of 70 billion. Reserves stood at about $71.4 billion, including $32.9 billion in overnight reverse Treasury repo, $27.5 billion in Treasuries maturing within three months, $10.4 billion in deposits at systemically important institutions and $600 million in other bank deposits.
USDC Circulation Falls ~800M in 7 Days to 70B, Reserves at $71.4B
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AI take
The contraction is modest against a $70 billion base and reads more like routine redemption flow than a run, so the headline number overstates the signal. What carries more weight is the reserve mix: the bulk sits in overnight repo and short-dated Treasuries, keeping the backing liquid and closely matched to a token that can be redeemed at par at any moment. The open question is whether this weekly decline marks the start of a sustained shrink in USDC supply or just a one-off swing in issuance and redemption activity.
Generated by AI for reference only.
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