$USDC Supply Drops by $1.1 Billion in Just One Week
Circle, the company behind $USDC , saw a big change last week. Between July 24 and July 31, they issued $54 billion worth of USDC but redeemed (or took back) $64 billion. That means the total amount of USDC in circulation dropped by about $1.1 billion.
Now, the total USDC in circulation is around $63.9 billion. To back this up, Circle holds roughly $64.2 billion in reserves — including $8.8 billion in cash and $55.4 billion invested in the Circle Reserve Fund.