USDC Circulation Declines by 700 Million in a Week

Circle has reported a decrease in the circulation of its USDC stablecoin by approximately 700 million over the past week ending April 23. According to ChainCatcher, Circle issued around 5.1 billion USDC while redeeming about 5.8 billion USDC during this period. The total circulation of USDC now stands at 78 billion. Circle's reserves are approximately 78.2 billion USD, with overnight reverse repurchase agreements in U.S. Treasury securities accounting for about 47.2 billion USD. Additionally, U.S. Treasury securities with maturities of less than three months make up around 19.4 billion USD, deposits in systemically important institutions are about 11 billion USD, and other bank deposits total approximately 600 million USD.