USDC supply falls $700M over past week; circulation at $78B

ChainCatcher cited official data showing that in the seven days through April 23, Circle issued about $5.1 billion in USDC and redeemed roughly $5.8 billion, bringing net circulation down by around $700 million. Total USDC in circulation stands at $78 billion. Reserves total approximately $78.2 billion, including about $47.2 billion in overnight reverse repurchase agreements backed by U.S. Treasuries, around $19.4 billion in U.S. Treasuries maturing in under three months, roughly $11 billion in deposits at systemically important institutions, and about $600 million in other bank deposits.