USDC circulation decreased by $100 million in the past week
According to official data, as of June 1, Circle issued a total of 700 million USDC in the past 7 days, redeemed 800 million USDC, and the circulation decreased by about 100 million USD. USDC has a total circulation of US$29 billion and reserves of US$29.1 billion, including US$4.2 billion in cash and US$24.9 billion in overnight U.S. bond repurchase agreements.
As previously reported, Circle Internet Financial has sold all U.S. Treasury bonds from its USDC reserve assets to protect USDC from the U.S. debt ceiling problem. As of May 30, the Circle Reserve Fund's $24 billion in assets under management were all held in overnight repurchase agreements, according to the Circle Reserve Fund's website.
As previously reported, Circle Internet Financial has sold all U.S. Treasury bonds from its USDC reserve assets to protect USDC from the U.S. debt ceiling problem. As of May 30, the Circle Reserve Fund's $24 billion in assets under management were all held in overnight repurchase agreements, according to the Circle Reserve Fund's website.