Circle issued about $9.1 billion of USDC and redeemed roughly $9.4 billion during the seven days through Sept. 17, reducing circulating supply by approximately $300 million. Total USDC circulation stood at about $73.8 billion, backed by approximately $74 billion in reserves. The holdings included $40.7 billion in overnight reverse Treasury repos, $25.7 billion in Treasurys with maturities under three months, $6.3 billion in deposits at systemically important institutions and $1.3 billion in other bank deposits.