Circle redeemed roughly $11.7 billion in USDC and issued about $10.9 billion during the week ending October 29. Redemptions exceeded issuance by $800 million, bringing USDC’s circulating supply down to $70 billion after a decline of about $500 million the previous week. Circle’s reserves stood at $71.4 billion, including overnight reverse Treasury repurchase agreements, short-dated Treasury securities and bank deposits. The shrinking supply could reduce Circle’s interest income, while upcoming weekly data will provide insight into demand, net flows and reserve composition.
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