TREE NEWS reports: Circle issued roughly $6.7 billion of USDC and redeemed about $6.9 billion in the seven days to September 10, cutting the stablecoin’s circulating supply by around 200 million tokens. Total USDC in circulation stands at $74.1 billion, backed by about $74.2 billion in reserves, including $48.5 billion in overnight reverse Treasury repurchase agreements and $17.1 billion in Treasuries maturing within three months.
USDC Circulating Supply Falls by About 200M in Seven Days
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AI take
The near-match between issuance and redemption, with reserves still slightly exceeding circulating supply, points to routine treasury management rather than a broad exit from the token. What stands out is the composition of backing: the bulk sits in overnight reverse repos and short-dated Treasuries, so the reserve base stays highly liquid and interest-sensitive. Whether the modest contraction persists, or reverses as redemptions slow, is the open question worth tracking against the next weekly disclosure.
Generated by AI for reference only.
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