USDC Circulation Increases by 400 Million in a Week

Circle has issued approximately 8.1 billion USDC and redeemed around 7.7 billion USDC in the week ending May 21, resulting in a net increase of 400 million USDC in circulation. According to ChainCatcher, the total circulation of USDC now stands at 76.9 billion. The reserves backing USDC amount to approximately 77.1 billion USD, comprising about 45.7 billion USD in overnight reverse repurchase agreements, 18.6 billion USD in Treasury bills with maturities under three months, 12.2 billion USD in deposits at systemically important institutions, and 600 million USD in other bank deposits.