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Circle USDC supply shrinks by $800 million as redemptions outpace issuance

Circle redeemed $11.7 billion in USDC against $10.9 billion issued in the week ending Oct. 29, bringing the stablecoin's circulating supply down to $70 billion.

USDC cryptocurrency symbol featuring a white dollar sign inside a circle on a blue background.
Image: @cryptodotnews

Circle redeemed approximately $11.7 billion in USDC and issued $10.9 billion in the week ending Oct. 29, according to reports from crypto.news and Cointelegraph. With redemptions outpacing new issuance, total circulating supply for the stablecoin declined by $800 million to reach $70 billion.[1][2]

The dip in circulation could also exert pressure on the issuer's bottom line. Crypto Briefing noted that the contraction in USDC supply may affect revenue by curtailing interest earned on reserve assets, potentially impacting shareholder confidence.[3]

Key facts

  • Circle redeemed roughly $11.7 billion in USDC during the week ending Oct. 29.
  • Circle issued $10.9 billion in USDC over the same one-week span.
  • USDC circulating supply dropped by $800 million to $70 billion.
  • Crypto Briefing reported the drop in circulation could diminish interest income from reserves and weigh on shareholder confidence.

Sources · 3 sources

  1. CN

    crypto.news@cryptodotnewsPost on X ·

    JUST IN: Circle’s $USDC supply falls by $800M as redemptions outpace issuance Circle redeemed $11.7B in $USDC and issued $10.9B in the week ending Oct. 29, bringing the stablecoin’s total circulating supply down to $70B. https://t.co/gBYg0zVSr4

    Open source
  2. CO

    Cointelegraph@CointelegraphPost on X ·

    🔥 NEW: Circle redeemed $11.7B in $USDC in the week to Oct. 29 against $10.9B issued, shrinking supply by $800M to $70B. https://t.co/o5zwVjj4ZY

    Open source
  3. CB

    Crypto BriefingArticle ·

    Circle redeems roughly $11.7 billion in USDC as supply slips to $70 billion Circle's USDC supply decline may impact its revenue, as reduced circulation limits interest income from reserves, affecting shareholder confidence. The post Circle redeems roughly $11.7 billion in USDC as supply slips to $70 billion appeared first on Crypto Briefing .

    Open source