According to Foresight News, official data reveals that Circle, a leading digital currency company, issued and redeemed 2 billion USDC within the week ending May 9, resulting in a decrease in circulation by 100 million. The total circulation of USDC stands at 33 billion dollars, with a reserve of 33.1 billion dollars. Of this reserve, 3.3 billion dollars is in cash, while the Circle Reserve Fund holds 29.8 billion dollars.
The data provides insight into the operations of Circle and the movement of USDC, a stablecoin pegged to the US dollar. The issuance and redemption of such a large amount of USDC within a week is noteworthy. The reduction in circulation indicates a decrease in the amount of USDC available in the market.
The reserve figures also provide a snapshot of the company's financial health. The cash reserve and the amount held in the Circle Reserve Fund are significant, demonstrating the company's ability to back the USDC in circulation. The figures also underscore the stability of USDC, a key factor in its use as a medium of exchange in the digital currency market.
