Circle Cuts USDC Supply by $400 Million in One Week
Between September 26 and October 2, Circle recorded a net USDC issuance of 400 million, reflecting increased market demand and maintaining a fully backed reserve structure.
USDC
Summary
Circle issued approximately $6.8 billion USDC and redeemed about $6.4 billion between September 26 and October 2, resulting in a net circulation increase of 400 million USDC. The total supply of USDC reached 74.2 billion, supported by reserves of roughly $74.3 billion. These reserves comprise $9.9 billion in cash and $64.5 billion held in the Circle Reserve Fund, ensuring full collateralization of the stablecoin.
Terms & Concepts
- USDC: A U.S. dollar-pegged stablecoin issued by Circle, maintaining a 1:1 ratio with the U.S. dollar through equivalent reserves.
- Circle Reserve Fund: A fund managed by Circle that holds high-quality assets such as cash and short-term U.S. Treasuries to back USDC’s value.