Circle records more USDC redemptions than issuance in the week
BROBROK News · Based on reporting by DiarioBitcoin ·
Circle’s USDC supply fell by $800 million in the week ended October 29 after redemptions outpaced new issuance. Circulating supply stood at $71.1 billion, while reported reserves totaled $71.4 billion.
Key points
- Circle issued $10.9 billion in USDC and redeemed $11.7 billion during the week.
- Circulating supply fell by $800 million, the second straight weekly decline.
- Reported reserves remained above supply at $71.4 billion.
- Reserve holdings were mainly overnight Treasury repo, short-term U.S. Treasuries, and bank deposits.
- Lower circulation can weigh on Circle’s reserve-linked revenue.
Why it matters
USDC is one of the largest stablecoins, so weekly supply changes can signal shifts in demand and usage. The move also matters for Circle because reserve yields are an important source of company revenue.
Original headline: “Circle registra USD $11.700 millones en reembolsos de USDC y la oferta cae a USD $71.100 millones”
Read the original on DiarioBitcoin
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.