According to the latest data released by Circle, the circulation of USDC (USD Coin) saw a notable rise during the first week of December. Circle issued approximately 8.2 billion USDC while redeeming 6.2 billion USDC in the same period, resulting in a net increase of around 2 billion USDC in circulation. The total USDC circulation now stands close to 78 billion, backed by roughly 78.1 billion dollars in secure assets. USDC is a stablecoin pegged to the US dollar and used on blockchain platforms. Its importance has grown as it provides stability in the crypto market and enables users to conduct transactions with crypto assets in a safe and convenient manner. Circle supports this stablecoin with various financial assets, including overnight reverse repurchase agreements, US Treasury bills, and deposits with systemically important financial institutions. The current reserves include about 46 billion dollars in overnight reverse repo agreements, 21.6 billion dollars in US Treasury bills with maturities under three months, 9.9 billion dollars in deposits at systemically important financial institutions, and nearly 600 million dollars in other bank deposits. This balanced and secure financial structure further strengthens market confidence in USDC. The increase in USDC circulation reflects growing demand for stablecoins in the crypto market, highlighting investors’ and users’ preference for a secure and reliable digital currency. USDC is expected to continue playing a key role in providing stability to the crypto market, especially amid rising market uncertainty.
Source: binance
