Circle's USDC, a stablecoin (crypto token pegged to fiat), recorded a net circulation decline of about 100 million tokens in the seven days through Aug. 6 after the company issued about 6.3 billion USDC and redeemed about 6.4 billion. Total USDC in circulation stood at 71.8 billion, with reserves of about $72 billion. Those reserves included about $51.8 billion in overnight reverse Treasury repo (short-term cash-for-collateral trades), about $9 billion in Treasury securities with maturities of less than three months, about $10 billion in deposits at systemically important institutions, and about $1.2 billion in other bank deposits. The reserve mix shows Circle continuing to rely heavily on short-dated government-linked assets and bank cash to support redemptions.