TREE NEWS reports: USDC’s circulating supply fell by roughly 500 million tokens in the seven days to Oct. 22, as Circle issued about 12.8 billion USDC and redeemed about 13.3 billion. Total circulation stands at 72 billion USDC, backed by reserves of about $72.2 billion, including $36.1 billion in overnight reverse Treasury repo, $25.9 billion in Treasuries maturing in under three months, $9 billion in systemically important institution deposits and $700 million in other bank deposits.
USDC Circulation Falls by About 500 Million in Seven Days
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AI take
The meaningful detail here is not the headline decline but the composition of Circle's reserves: nearly all of the backing sits in overnight repo and short-dated Treasuries, with only a small slice in bank deposits. That structure is a deliberate response to the deposit-flight lesson of 2023, and it means USDC's redemption capacity depends more on repo-market plumbing than on any single bank's balance sheet. The net contraction itself is modest against a 72 billion base and could reflect routine flows rather than a shift in sentiment. Whether the weekly redemption pace persists is the open question.
Generated by AI for reference only.
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