USDC circulation falls by about 800 million in seven days to 69.2 billion

The net redemption is modest against a $69 billion base, but the composition of reserves is the more telling detail: nearly $60 billion sits in overnight repos and short-dated Treasuries, keeping the backing highly liquid and rate-sensitive. A week of redemptions in a stablecoin this size speaks more to where holders are parking cash than to any stress in the peg, since reserves still exceed circulation. Whether the contraction extends into a second week, or reverses as issuance resumes, is the open question worth tracking.