Circle issued about 12.7 billion USDC and redeemed roughly 13.5 billion during the seven days through November 5, reducing its circulating amount by about 800 million to 69.2 billion. Reserves stood at approximately $70.5 billion, comprising $36.6 billion in overnight reverse Treasury repos, $23.3 billion in Treasuries maturing within three months, $9.9 billion in deposits at systemically important institutions and $800 million in other bank deposits.