USDC net redemptions of $700 million this week, are stablecoins also starting to shrink their balance sheets?

Crypto World News reports that in the past 7 days, the circulating supply of USDC has decreased by approximately 700 million coins, with a total circulation of 74.8 billion coins. As of June 11, Circle issued about 8.5 billion USDC and redeemed approximately 8.2 billion USDC. The USDC reserve amount is approximately $75 billion, including about $44.7 billion in overnight reverse repurchase agreements, about $18.6 billion in Treasury bonds with maturities of less than 3 months, about $11 billion in deposits from systemically important institutions, and about $700 million in other bank deposits.