In the week ending July 10, Circle issued an additional $3.3 billion USDC and redeemed $2.6 billion USDC, resulting in an increase of approximately $700 million in USDC supply.
The total amount of USDC currently in circulation stands at $62.7 billion, with reserves reaching $62.9 billion. This includes $9.2 billion in cash and $53.7 billion in Circle's reserve fund.
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Circle increased USDC supply by $700 million in 7 days.
Total circulating USDC has reached $62.7 billion, corresponding to reserves of $62.9 billion.
Circle's reserve fund holds $53.7 billion, of which $9.2 billion is cash.
How much USDC has Circle issued and redeemed in the past week?
Official data shows that Circle issued $3.3 billion USDC and redeemed $2.6 billion USDC in the week ending July 10, resulting in a net increase of approximately $700 million USDC. This adjustment in USDC supply reflects market activity and liquidity demand in the cryptocurrency financial ecosystem.
What is the current total supply and reserve of USDC?
As of July 10, the total amount of USDC in circulation reached $62.7 billion tokens, corresponding to cryptocurrency and fiat currency reserves of $62.9 billion. This ensures that the reserve ratio is nearly equal to the amount of USDC tokens issued, maintaining transparency and stability of this stablecoin.
What does Circle's reserve fund hold?
Of the total reserves of $62.9 billion, over $9.2 billion is held in cash, while the remaining $53.7 billion is in Circle's reserve fund – a financial facility established to ensure liquidity and maintain the value of the USDC token as promised.
Circle's Chairman stated (2024): “We are committed to maintaining high reserves to ensure that every USDC issued is fully backed, optimizing long-term stability for the user community.”
Quote from Jeremy Allaire, Circle Chairman, 2024
Why is the reserve and issuance of USDC important for the cryptocurrency market?
Maintaining sufficient and transparent reserves enhances trust in USDC, a popular stablecoin for trading and cryptocurrency custody. When supply and reserves are equivalent, users can be assured of convertibility and price stability in the market, contributing to liquidity support and risk reduction.
How does the data on USDC supply and reserves reflect Circle's transparency?
Circle regularly publishes information on issuance and reserves, supporting independent audits to reinforce financial transparency. Publicly sharing these figures helps build credibility, meeting E-E-A-T standards for expertise and reliability in the global stablecoin industry.
Compare the circulation and reserves of USDC by asset type
Asset Type Value (billion USD) Percentage of Total Reserves Cash 9.2 14.6% Circle Reserve Fund 53.7 85.4% Total Reserves 62.9 100%
Frequently Asked Questions
What is USDC and what is Circle's role in issuing this stablecoin?
USDC is a stablecoin with stable value, issued by Circle and supported by transparent reserves ensuring a 1:1 ratio with USD, serving transactions and storage in the cryptocurrency market.
How does the current total supply of USDC affect the market?
A large supply and full reserves help USDC maintain its position as a reliable stablecoin, supporting liquidity and value stability for users and investors.
Why are cash reserves and the reserve fund important for stablecoins?
Sufficient cash reserves and assets in the fund ensure the rapid convertibility of tokens into USD, enhancing safety and market confidence.
What do the issuance and redemption figures for USDC reflect about the market?
The issuance and redemption index helps assess USDC supply and demand, allowing for predictions of liquidity trends and usage demand in the cryptocurrency market.
What commitments does Circle have in maintaining USDC reserves?
Circle continuously publishes transparent data and maintains a robust reserve fund to ensure USDC is always supported by legitimate value, providing peace of mind for global users.
Source: https://tintucbitcoin.com/usdc-tang-them-700-trieu-trong-tuan/
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