USD Coin (USDC) Circulation Falls by About 500 Million in One Week

Circle's USD Coin (USDC) circulation fell by about 500 million tokens in the seven days through Oct. 15 as redemptions outpaced issuance, a decline of roughly 0.7%.

Redemptions totaled about $11.4 billion, compared with about $10.9 billion in new issuance. Circulation stood at 72.5 billion USDC on Oct. 15.

That drop was smaller than the roughly 800 million USDC decline in the prior seven-day period through Oct. 8, when circulation was about 73 billion. Reserves in that period totaled about $73.2 billion, compared with $72.7 billion on Oct. 15.

Oct. 15 reserves included about $35.6 billion in overnight reverse Treasury repurchase agreements, $25.8 billion in Treasury securities maturing in less than three months, and $10.6 billion in deposits at systemically important institutions. Other bank deposits totaled about $600 million. The rounded reserve figure was about $200 million above circulation.