Circle redeems roughly $11.7 billion in USDC as supply slips to $70 billion

Redemptions outpaced new issuance for a second straight week, cutting USDC circulation by $800 million Circle’s USDC stablecoin shrank again. In the week ending October 29, Circle cut USDC’s circulating supply by $800 million, bringing the total down to $70 billion. That is the second weekly drop in a row. More money walking out than coming in During the week, Circle issued about $10.9 billion in new USDC. It also redeemed roughly $11.7 billion over the same stretch. More dollars went out the exit than came through the entrance, and the gap was enough to trim $800 million off the total. The latest decline follows a drop of about $500 million in the week ending October 22. Two straight weeks of net outflows make this more than a one-off. What’s sitting in the vault Circle’s reserves stood at roughly $71.4 billion as of October 29. That is more than the $70 billion of USDC in circulation, so each token is still fully backed. The reserves break down into three main buckets: $32.9 billion in overnight reverse Treasury repurchase agreements $27.5 billion in US Treasuries maturing in less than three months $10.4 billion in deposits at major institutions, including systemically important ...