Recent data from PANews highlights a significant increase in USDC (USD Coin) circulation over the past week. Here’s the breakdown:
USDC Issued: $3.4 billion
USDC Redeemed: $2.3 billion
Net Increase: Approximately $1.1 billion
Current Circulation: 42.4 billion USDC
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Reserve Composition:
Total Reserves: $43.7 billion
Cash: $6.1 billion
Circle Reserve Fund: $37.6 billion
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Key Takeaways:
The surge reflects growing demand for USDC as a stablecoin in global crypto markets.
Strong reserve backing underscores Circle’s commitment to transparency and trust.
With reserves exceeding circulation, Circle continues to solidify its position as a leading stablecoin issuer.
USDC’s increased circulation could signal rising market activity and institutional adoption heading into 2024.