USD Coin (USDC) Circulation Fell by About 1.3 Billion Tokens in Seven Days

Circle issued about 10.8 billion USDC and redeemed about 12.1 billion in the seven days through Nov. 12, leaving circulation at about 67.9 billion. The net decline was about 1.3 billion tokens, larger than the roughly 800 million-token decrease in the seven days through Oct. 29.

Circle’s reserves totaled about $68.1 billion. About $39.9 billion was held in overnight reverse Treasury repurchase agreements, and about $20.1 billion was in Treasury securities with maturities under three months.

Deposits at systemically important institutions accounted for about $7.4 billion of reserves. Other bank deposits totaled about $600 million.