Circle’s dollar-backed stablecoin USDC recorded $32 trillion in transfer volume through August this year, CryptoSlate reported, citing Coin Metrics, while its latest monthly reserve attestation showed $34.5 billion in reserves exceeding circulating supply. Annualized against circulating supply, the volume implied that each USDC token changed hands an average of 741 times, although repeated transactions involving the same tokens materially increased the tally. Deloitte reviewed the attestation, which said reserves were primarily short-term U.S. Treasury bills and overnight repurchase agreements. Circle’s second-quarter revenue and reserve income remained heavily dependent on reserve-asset interest, which accounted for 95.2%, while attention turns to fee revenue from USDC activity on Arc, whose public mainnet is scheduled to launch on Sept. 16.