USDC’s circulating supply fell by about 800 million in seven days, as redemptions exceeded issuance.
According to official data from Circle, in the seven days through November 5, Circle issued about 12.7 billion USDC and redeemed about 13.5 billion USDC, resulting in a net decrease of about 800 million in circulating supply. Total circulating supply stood at 69.2 billion. Reserves totaled about $70.5 billion, including about $36.6 billion in overnight reverse repurchase agreements, about $23.3 billion in Treasury securities with maturities of less than three months, about $9.9 billion in deposits at systemically important institutions, and about $800 million in other bank deposits.
· Redemptions exceeded issuance by about 800 million, directly driving the contraction in circulating supply during this period.
· Overnight reverse repurchase agreements made up the largest share of reserves; this structure describes only the distribution at that point in time.
Would you look first at redemption volume or changes in the reserve structure? $USDC
According to official data from Circle, in the seven days through November 5, Circle issued about 12.7 billion USDC and redeemed about 13.5 billion USDC, resulting in a net decrease of about 800 million in circulating supply. Total circulating supply stood at 69.2 billion. Reserves totaled about $70.5 billion, including about $36.6 billion in overnight reverse repurchase agreements, about $23.3 billion in Treasury securities with maturities of less than three months, about $9.9 billion in deposits at systemically important institutions, and about $800 million in other bank deposits.
· Redemptions exceeded issuance by about 800 million, directly driving the contraction in circulating supply during this period.
· Overnight reverse repurchase agreements made up the largest share of reserves; this structure describes only the distribution at that point in time.
Would you look first at redemption volume or changes in the reserve structure? $USDC
