USDC circulation shrinks by 300M in a week to $73.8B
- —USDC issued in the week — about $9.1 billion, redeemed — $9.4 billion
- —Net supply contraction — roughly 300 million USDC
- —Total circulation — $73.8 billion, reserves — $74 billion
- —Reserves include $40.7 billion in overnight reverse repo and $25.7 billion in short-term Treasuries
Why it matters: The contraction in USDC issuance points to capital flowing out of the stablecoin and weaker demand for dollar liquidity in crypto.
Source: PANews