It is tremendous circulation of USDC being the digital currency and it is used to send funds across borders.

According to PANews, official data reveals that Circle issued approximately 3.2 billion USDC and redeemed around 2.2 billion USDC in the week ending April 17, resulting in a net increase of about 1 billion USDC in circulation. The total circulation of USDC now stands at 60.8 billion, supported by reserves of approximately 61 billion USD. This reserve includes around 7.7 billion USD in cash and about 53.3 billion USD held in the Circle Reserve Fund.