ME News reports that, as of April 2, over the previous seven days (UTC+8), Circle issued approximately $5.9 billion in USDC and redeemed approximately $6.7 billion in USDC, resulting in a net reduction of about $800 million in circulation. The total circulating supply of USDC stands at $77.1 billion, with reserves totaling approximately $77.2 billion, comprising approximately $43.9 billion in overnight reverse repurchase agreements on U.S. Treasuries, approximately $20.3 billion in U.S. Treasuries with maturities under three months, approximately $12.4 billion in deposits at systemically important institutions, and approximately $600 million in other bank deposits. (Source: PANews)
USDC circulation drops by $800M in 7 days as redemptions outpace issuance
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Summary
Discussions on MiCA (EU Markets in Crypto-Assets Regulation) continue as USDC circulation declines by $800 million over seven days. As of April 2 (UTC+8), Circle issued $5.9 billion in USDC but faced $6.7 billion in redemptions. Total supply now stands at $77.1 billion, backed by $77.2 billion in USD reserves. BTC as a hedge against inflation remains relevant as investors monitor stablecoin activity and regulatory developments.
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