Circle's USD Coin (USDC) Supply Falls by 500 Million in Seven Days Through Oct. 22

USDC had 72 billion tokens in circulation on Oct. 22, down about 500 million over the week as redemptions exceeded new issuance.

Circle issued about 12.8 billion USDC during the period and redeemed about 13.3 billion. The gap between the two flows was about 500 million tokens, in line with the decline in circulation. The result marks a second consecutive seven-day period with a decline of about 500 million USDC.

A week earlier, circulation stood at 72.5 billion USDC after a similar drop. TokenPost previously covered that week's decline.

Circle's reserves totaled about $72.2 billion at the end of the latest period. Holdings included about $36.1 billion in overnight Treasury reverse repurchase agreements and $25.9 billion in Treasury securities maturing in less than three months. The listed deposits were about $9 billion at systemically important institutions and $700 million at other banks.