USDC Circulation Declines Slightly Amid Issuance and Redemption

Recent data from PANews indicates that Circle’s issuance and redemption of USDC resulted in a net decrease of approximately 200 million in circulation. Over the seven days preceding May 29th, Circle issued roughly 3 billion USDC and redeemed around 3.2 billion USDC. This activity brought the total circulating USDC down to 61 billion with reserves totaling approximately 61.3 billion USD. Notably, 8 billion USD is held in cash and the Circle Reserve Fund holds approximately 53.3 billion USD.