Circle issued about $10.1 billion of USDC and redeemed approximately $9.8 billion during the seven days through Sept. 21, increasing outstanding supply by around 300 million tokens. USDC, a dollar-pegged stablecoin, had total circulation of 74.6 billion tokens, while reserves stood at about $74.8 billion. The reserves included approximately $41.2 billion in overnight reverse Treasury repos, $26.5 billion in Treasuries with maturities of less than three months, $5.9 billion in deposits at systemically important institutions and $1.2 billion in other bank deposits.