USDC Supply Falls by 1.1B in Past Week; Total at 63.9B
According to Circle’s official data, USDC supply dropped by approximately 1.1 billion tokens over the seven days ending July 31, as 5.4 billion tokens were minted and 6.4 billion redeemed. The total USDC supply now stands at 63.9 billion, backed by $64.2 billion in reserves, including $8.8 billion in cash and $55.4 billion held in the Circle Reserve Fund. This net outflow of USDC supply represents about 1.7% of the total circulation, reflecting routine market rebalancing without immediate impact on the stablecoin’s peg or broader market liquidity.
Neutral
The 1.1 billion USDC net outflow over the past week reflects routine market rebalancing rather than a major shift in demand for the stablecoin. At 1.7% of total circulation, this redemption is modest relative to USDC’s overall supply and fully backed by $64.2 billion in reserves. Historically, similar USDC supply fluctuations have not disrupted its peg or significantly impacted crypto market stability, suggesting both short-term and long-term effects will remain muted and neutral.