The circulating supply of USDC, the second-largest stablecoin by market cap, dropped by approximately 1.3 billion over the past seven days, ending with 67.9 billion tokens in circulation as of November 12.
According to data from Odaily, Circle, the issuer of USDC, released about 10.8 billion USDC during this period while redeeming roughly 12.1 billion, resulting in a net reduction of 1.3 billion tokens.
USDC’s reserves stood at around $68.1 billion, with the majority allocated to overnight reverse Treasury repurchase agreements ($39.9 billion) and short-term Treasury securities ($20.1 billion). The remaining reserves were split between deposits at systemically important institutions ($7.4 billion) and other banks ($600 million).