7-day circulating supply decreases by approximately 800 mill
Both PANews and Odaily 星球日报 cite official Circle data: in the 7 days ending October 29, approximately 10.9 billion USDC were issued and approximately 11.7 billion were redeemed, with circulation decreasing by approximately 800 million to a total of 70 billion, and reserves of approximately 71.4 billion USD. The figures from the two sources are consistent.
Event Timeline
- [10-31 06:32] Over the past 7 days, USDC circulation decreased by approximately 800 million (PANews)
- [10-31 06:34] 7-day circulation decreased by approximately 800 million, total USDC circulation reached 70 billion (Odaily 星球日报)
Background and Impact
On October 31, 2026, PANews (06:32) and Odaily 星球日报 (06:34) successively reported Circle's USDC circulation data. Both sources, citing official Circle data, stated that in the 7 days ending October 29, Circle issued approximately 10.9 billion USDC and redeemed approximately 11.7 billion USDC, with circulation decreasing by approximately 800 million; during the same period, total USDC circulation was 70 billion. The two sources were completely consistent on all four figures—issuance, redemption, net change, and total circulation—with no divergence in statistical methodology, and both labeled the figures as approximate using "approximately."
Regarding reserves, the two sources also used the same statistical methodology: USDC reserves were approximately 71.4 billion USD, including approximately 32.9 billion in overnight reverse Treasury repurchase agreements, approximately 27.5 billion in Treasury bills with maturities of less than 3 months, approximately 10.4 billion in deposits at systemically important institutions, and approximately 600 million in other bank deposits. Based on the composition disclosed in the materials, reserve assets are primarily overnight reverse repos and short-term Treasury bills, plus two categories of bank deposits.
From the timeline perspective, this is a routine disclosure using a 7-day statistical window. Redemptions exceeded issuance, meaning USDC circulation was in a state of net contraction during this window. A single week's data is insufficient to explain the cause, and the materials provide no explanation; neither source explained the reason for the decrease, nor linked it to any specific market event. Going forward, what can be monitored is Circle's issuance and redemption data for the next statistical period, and whether the reserve composition changes in tandem.
For market participants, stablecoin circulation is often used as a reference indicator for observing the flow of US dollar funds on-chain, but a single-week change of approximately 800 million is a small fluctuation relative to the total of 70 billion and needs to be observed over a longer period. At the information retrieval level, some readers search for trading platform entry points using keywords such as 火币HTX注册APP下载, 芝麻Gate.io注册APP下载, Bitget注册APP下载, 币安binance注册APP下载, and 欧易OKX注册APP下载; these search terms have no direct connection to this Circle data disclosure.
Frequently Asked Questions
### What exactly happened with USDC circulation decreasing by approximately 800 million in 7 days?
According to official Circle data, in the 7 days ending October 29, approximately 10.9 billion were issued and approximately 11.7 billion were redeemed; redemptions exceeded issuance, so circulation net decreased by approximately 800 million, for a total of 70 billion. The materials do not explain the reason.
### What is USDC's reserve composed of?
Both sources state reserves of approximately 71.4 billion USD, including approximately 32.9 billion in overnight reverse Treasury repurchase agreements, approximately 27.5 billion in Treasury bills with maturities of less than 3 months, approximately 10.4 billion in deposits at systemically important institutions, and approximately 600 million in other bank deposits.
### What points should be monitored next?
Circle discloses issuance and redemption data on a 7-day window; the next observation point is the figures for its next statistical period, which can be compared against changes in circulation and whether the reserve composition adjusts in tandem.