How much did USDC circulation drop?

TLDR

USDC circulating supply fell by about $1.3 billion over the seven days ending 18 Dec (UTC), driven by net redemptions per a recent report from PANews. USDC circulation drop

1. Circle issued ~$4.7B and redeemed ~$6.0B USDC in that week. PANews summary
2. Total USDC in circulation now stands near $77.2B after the weekly decline. Circulation figure

Deep Dive

1. Net Redemptions

The drop reflects more USDC being redeemed (exchanged back to dollars) than issued over the period. PANews cites roughly $6.0B redeemed versus $4.7B issued, a net ~$1.3B decline. Weekly issuance vs redemptions

• Redemptions indicate holders converting USDC back to cash, often tied to risk reduction, liquidity needs, or venue flows. Context note

2. Circulation Level

Despite the weekly decline, USDC remains large at around $77.2B in circulation, supported by reserves that include reverse repos, short?term Treasuries, and bank deposits. Circulation and reserves mix

• Reserve composition cited: roughly $53.3B in reverse repos, $14.3B in T?bills (<3 months), $9.2B in deposits, and ~$0.7B in other bank deposits. Reserve breakdown

Conclusion

USDCs circulating supply fell by about $1.3B in the week ending 18 Dec (UTC), driven by net redemptions. The decline suggests a near?term tightening of stablecoin liquidity, though USDCs overall scale (about $77.2B) and reserve backing remain substantial.