Circle issued about $10.9 billion USDC and redeemed roughly $11.7 billion during the seven days ending Oct. 29, reducing circulating supply by approximately $800 million. Total USDC circulation stood at $70 billion, backed by reserves of roughly $71.4 billion. The reserves included $32.9 billion in overnight reverse Treasury repurchase agreements, $27.5 billion in Treasury securities maturing within three months, $10.4 billion in deposits at systemically important institutions and $600 million in deposits at other banks.