TREE NEWS reports: Circle issued about $9.1 billion and redeemed about $9.4 billion of USDC in the seven days to September 17, cutting circulating supply by roughly 300 million tokens. Total USDC in circulation stands at $73.8 billion, backed by about $74 billion in reserves, including roughly $40.7 billion in overnight reverse Treasury repos and about $25.7 billion in Treasuries maturing in under three months.
USDC Circulation Falls ~300M in 7 Days to $73.8B
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AI take
The net contraction is modest against a $73.8 billion base, and the reserve mix — mostly overnight repo and short-dated Treasuries — keeps the backing liquid and transparent. What stands out is the direction: steady redemptions outpacing issuance can reflect shifts in where stablecoin liquidity is being held or deployed, not necessarily waning demand for the asset itself. Whether the outflow persists or reverses is the open question, and it is worth watching alongside where the redeemed supply reappears.
Generated by AI for reference only.
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