USDC circulation contracts by 700 million tokens: Stablecoins are "passively cooling down"



Circle's latest data shows that approximately 5.1 billion USDC were issued in this period, while about 5.8 billion USDC were redeemed, resulting in a net circulation decrease of about 700 million tokens.

The current total USDC circulation is approximately 78 billion tokens, corresponding to a reserve scale of about 78.2 billion USD, with the asset structure mainly including:

About 47.2 billion USD: Overnight reverse repurchase government bonds
About 19.4 billion USD: Short-term US bonds within 3 months
About 11 billion USD: Deposits of systemically important institutions
About 600 million USD: Other bank deposits

Overall, the supply of stablecoins has slightly contracted, but the reserves still maintain a high-quality asset structure.

The changes in stablecoins essentially reflect the market liquidity tightness or looseness.
When funds contract, it is not necessarily a withdrawal; it may also be a preparation for the next expansion. 🚀
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