Circle has increased the supply of USDC by approximately 800 million in the week ending August 7, with the total circulating amount now reaching 64.6 billion USDC.
In the past 7 days, Circle issued nearly 4.9 billion USDC and redeemed approximately 4.2 billion USDC, ensuring cash reserves and Circle's reserve fund reached 64.7 billion USD, reinforcing the stable position of USDC in the cryptocurrency market.
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Circle issued 4.9 billion USDC and redeemed 4.2 billion USDC in 7 days.
The total amount of USDC in circulation is currently 64.6 billion.
Circle's reserves consist of 9 billion USD in cash and 55.8 billion USD in the reserve fund.
How much USDC has Circle issued and redeemed in the past week?
According to official data, Circle issued approximately 4.9 billion USDC and redeemed 4.2 billion USDC in the week ending August 7, increasing the circulating supply by about 800 million USDC.
This shows the flexibility in adjusting the supply of USDC, in line with market demand and mechanisms ensuring the stability of the stablecoin.
What is the current total amount of USDC in circulation on the market?
The current total amount of USDC in circulation is approximately 64.6 billion, reflecting the popular position of USDC in the global cryptocurrency ecosystem.
This supply is continuously managed closely by Circle to maintain stability while continuing to support liquidity and transactions for DeFi and centralized platforms.
What does Circle's reserve consist of to ensure USDC and to what extent?
Circle maintains total reserves of approximately 64.7 billion USD, including 9 billion USD in cash and 55.8 billion USD held in Circle's Reserve Fund.
In this way, Circle commits to ensuring USDC is always backed 1:1 with USD, increasing user and investor confidence in this stablecoin.
Circle’s rigorous reserve management underpins USDC’s stability and trust in the digital asset ecosystem.
Jeremy Allaire, CEO Circle, 2024
Frequently Asked Questions
What is USDC and who issues it?
USDC is a stablecoin issued and managed by Circle, pegged to the USD, commonly used for cryptocurrency transactions.
What is the current total supply of USDC?
The total amount of USDC in circulation is approximately 64.6 billion as of the beginning of August 2024.
What does Circle reserve to back USDC?
Circle holds 9 billion USD in cash and nearly 56 billion USD in the Reserve Fund to ensure stability and a 1:1 backing with USD for USDC.
Why does the circulating amount of USDC change?
The amount of change due to Circle issuing or redeeming USDC depends on market demand and the mechanism for maintaining the value of the stablecoin.
How does Circle ensure that USDC always has a stable value?
Circle is committed to 100% reserves in USD or equivalent assets, rigorously audited, helping maintain the stability of USDC's value.
Source: https://tintucbitcoin.com/usdc-tang-luu-hanh-800-trieu/
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