USDC Circulation Rises by $600 Million in One Week, Says Circle
Circle’s rapid $750 million USDC minting follows an $8.5 billion surge in stablecoin issuance by Circle and Tether since October’s market crash.
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USDC
Summary
Circle minted $750 million USDC within the past hour, according to blockchain data from Lookonchain. Since the October 11 market downturn, Circle and Tether have jointly issued $8.5 billion in stablecoins. This activity adds to Circle’s recent weekly net growth of $600 million, bringing USDC’s circulating supply to 76.4 billion backed by $76.7 billion in reserves, including cash and Reserve Fund assets.
Terms & Concepts
- USDC: A U.S. dollar-pegged stablecoin issued by Circle, designed to maintain a 1:1 value with the U.S. dollar through fully backed reserves.
- Reserve Fund: A pool of assets, in this case managed for USDC, mainly consisting of U.S. treasuries and other holdings to ensure the stablecoin’s backing.
- Stablecoin Issuance and Redemption: The process where stablecoins are created (issued) when fiat is deposited and destroyed (redeemed) when holders exchange them back for fiat.