USDC Circulation Drops by 300 Million Over Seven Days; Reserves at $74 Billion

As of July 17, the circulating supply of USDC (USD Coin) has decreased by approximately 300 million units over the previous seven days to a total of 7.38 billion tokens. The reduction occurred because redemptions exceeded new issuances during that period. Circle, the issuer of USDC, reported on its official transparency page that the circulating supply stood at 7.38 billion as of July 17. During the same timeframe, approximately 9.1 billion units were issued while about 9.4 billion were redeemed, resulting in a net decrease of roughly 300 million tokens.

Total reserves amounted to approximately $74 billion (about 102.638 trillion won). Breakdowns showed that short-term U.S. Treasury repurchase agreements accounted for the largest share at around $40.7 billion (56.4509 trillion won), followed by U.S. Treasuries with maturities under three months at approximately $25.7 billion (35.6459 trillion won). Systemically important financial institution deposits totaled about $6.3 billion (8.7381 trillion won), and other bank deposits amounted to roughly $1.3 billion (1.8031 trillion won).

USDC is designed as a stablecoin pegged to the U.S. dollar value. When users redeem USDC for dollars, those tokens are removed from circulation, and new tokens are issued when equivalent amounts of dollars are deposited into Circle's account. The total reserve size was approximately $200 million (277.4 billion won) higher than the market value of the circulating supply.

Circle disclosed that it publishes its reserves weekly, provides issuance and redemption flows on a regular basis, and undergoes monthly audits by external accounting firms. These figures reflect USDC's issuance and redemption trends over a seven-day period. However, short-term fluctuations in circulation should not be used to definitively assess stablecoin demand or broader market trends.