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Just noticed something interesting about USDC flows over the past week. Circle was pretty active with around 5.1 billion USDC issued, but redemptions hit 6 billion, so net we're seeing about 900 million coins leave circulation. The total supply is now sitting at around 77.4 billion USDC.
What caught my eye is the reserve breakdown though. They're holding roughly $77.4 billion in backing, which is solid. Most of it is split between overnight reverse repos (about $47 billion) and short-term Treasury bonds under 3 months (around $18.6 billion). The rest is spread across deposits at major institutions and other banks.
So USDC supply is actually tightening a bit, and the reserves look well-structured. Interesting to see the redemption pressure outpacing issuance right now.