Circle’s Transparency & Stability dashboard showed redemptions of USD Coin (USDC), a dollar-linked stablecoin, outpaced issuance by about 1.3 billion tokens through Nov. 12, a steeper weekly decline than in late October.
For the seven days through Nov. 12, Circle recorded issuance of about 10.8 billion USDC and redemptions of about 12.1 billion. Its Nov. 12 snapshot put circulation at about 67.9 billion USDC.
The decrease exceeded the roughly 800 million decline through Oct. 29, when circulation stood at about $70 billion, according to EconoTimes’ earlier circulation snapshot.
Circle’s Nov. 12 reserve breakdown listed $20.1 billion in Treasury securities maturing within three months and $39.9 billion in overnight reverse Treasury repurchase agreements. It also showed $7.4 billion at systemically important institutions and $600 million in other bank deposits, for total reserves of about $68.1 billion. Circle reports reserves and circulation as separate balances.
