In the seven days ending June 11th, Circle issued approximately 8.5 billion USDC and repurchased approximately 8.2 billion USDC, causing the circulating supply of USDC to decrease by about 700 million Token.
Official data shows that the circulating supply of USDC is currently at 74.8 billion. Reserves of this stablecoin are approximately $75 billion.
Within the reserve structure, approximately $44.7 billion is held in overnight repurchase agreements, and about $18.6 billion is Treasury bonds with maturities of less than three months. In addition, there are approximately $11 billion in deposits at key system institutions and about $700 million in other bank deposits.
The data above shows that the volume of USDC issuance and redemption remained very large over the week, while the circulating supply decreased slightly relative to total reserves. Further details on the cause of this fluctuation are not yet available.
