Circle's reserve structure is quite stable, with overnight reverse repurchase agreements and short-term bonds accounting for over 80%, but the shrinking circulation volume is worth noting.

ME News: Within 7 days up to May 14, Circle issued approximately 5.4 billion USDC and redeemed about 7.1 billion USDC, resulting in a net decrease of approximately 1.7 billion USDC in circulation. The total circulation of USDC is 76.5 billion tokens, with reserves of about $76.7 billion, including $48.3 billion in overnight reverse repurchase agreements, $16.1 billion in Treasury bonds with less than 3 months maturity, $11.9 billion in deposits from systemically important institutions, and $500 million in other bank deposits. Source: PANews.