USDC Circulation Rises ~1B in 7 Days; Circle Issues 11.2B, Redeems 10.2B

The near doubling of issuance activity relative to the net increase underscores heavy churn in USDC's secondary market, likely reflecting institutional treasury operations or arbitrage flows rather than organic demand growth. With reserves heavily weighted toward overnight reverse repo and short-dated T-bills, the stablecoin's liquidity profile remains highly conservative, which may strengthen its credibility among risk-averse holders. The sustained weekly net expansion, albeit modest, signals continued, if not accelerating, adoption in on-chain settlement. Whether this pace persists or was a one-off spike in activity is the key metric to monitor in coming weeks.