Circle USDC Supply Fluctuates, Stable at 75.9B After Net -600M

Published: 2025-11-01 06:05:34 |

In the two weeks ending October 30, Circle’s USDC supply saw modest fluctuations. From October 10–16, Circle minted $7.6 billion USDC and redeemed $7.2 billion, adding roughly 400 million tokens. In the week to October 30, issuance of $5.1 billion was offset by $5.7 billion redeemed, cutting net 600 million USDC. Overall USDC supply remains stable at 75.9 billion tokens, fully backed by $76.2 billion in reserves—about $9.4 billion cash and $66.8 billion in the Circle Reserve Fund. Traders view these supply swings as indicators of market liquidity shifts, with potential impacts on stablecoin demand and trading strategies.

Neutral

The net redemption of 600 million USDC indicates a slight contraction in stablecoin liquidity and may reflect shifts in trader demand. However, the overall USDC supply remains unchanged at 75.9 billion tokens and fully backed by robust reserves. In the short term, liquidity swings could cause minor market adjustments, but the USD peg is likely to hold. Over the long term, such routine fluctuations in issuance and redemption are expected in stablecoin markets and are unlikely to disrupt USDC’s stability.