USDC supply shrinks by $700M over seven days as redemptions outpace issuance

PANews, June 14 — Circle's latest official figures show that in the seven days through June 11, the company issued about $8.5 billion of USDC while redeeming roughly $8.2 billion, cutting net circulation by around $700 million. Total USDC in circulation stands at $74.8 billion, backed by approximately $75 billion in reserves. The reserve mix includes about $44.7 billion in overnight reverse repurchase agreements backed by U.S. Treasuries, around $18.6 billion in U.S. Treasuries maturing in under three months, roughly $11 billion in deposits at systemically important institutions, and about $700 million in other bank deposits.