Stablecoins are beginning to lose blood, and a small bear market before Bitcoin’s bull market seems inevitable.

In the past seven days, Circle issued a total of US$700 million USDC and redeemed US$1.1 billion USDC, resulting in a decrease in circulation of US$400 million. As of September 21, the total circulation of USDC was US$25.7 billion, with reserves of US$25.8 billion, including US$1.5 billion in cash and US$24.4 billion held by the Circle Reserve Fund.