Circle issued about $11 billion of USDC and redeemed approximately $10.4 billion during the seven days through September 3, increasing the token’s circulating supply by about $600 million. Total USDC circulation reached roughly $74.6 billion, backed by reserves of about $74.5 billion. The reserves included approximately $49.6 billion in overnight reverse Treasury repos (short-term collateralized lending), $14.5 billion in Treasuries maturing in less than three months, $9.6 billion in deposits at systemically important institutions and $800 million in other bank deposits.