According to TechFlow, Circle’s latest disclosure on June 14 showed changes in USDC supply during the seven-day period ended June 11. Over that period, Circle issued approximately 8.5 billion USDC and redeemed approximately 8.2 billion USDC. Under the disclosure’s stated figures, USDC circulation recorded a net decrease of around 700 million tokens during the same period. USDC is a dollar-denominated stablecoin, and issuance and redemption data are commonly used to describe changes in its circulating supply on-chain.
Total USDC circulation stands near 74.8 billion
At the time of the disclosure, total USDC circulation was approximately 74.8 billion tokens. The corresponding reserve asset size was about $75 billion. For a stablecoin issuer, circulation and reserve data are central parts of transparency reporting, as they show the scale of tokens outstanding and the asset base backing those tokens.
Reserves remain concentrated in short-term Treasuries and reverse repos
Circle’s reserve breakdown showed that overnight U.S. Treasury reverse repurchase agreement assets accounted for roughly $44.7 billion. U.S. Treasuries with remaining maturities of less than three months accounted for about $18.6 billion. Deposits held at systemically important banking institutions totaled roughly $11 billion, while other bank deposits were about $700 million.
Based on this composition, short-term U.S. Treasuries and reverse repurchase agreement instruments remain the main allocation categories within USDC reserves. Together, the two categories account for more than 80% of total reserves. This structure continues the approach Circle has emphasized in recent years: maintaining reserve assets with high liquidity and low-risk characteristics, with a focus on shorter-dated and highly liquid instruments.
Within the stablecoin market, USDC remains the second-largest U.S. dollar stablecoin globally, behind USDT issued by Tether. As institutional capital continues to enter on-chain financial markets, changes in stablecoin issuance and reserve composition are used as indicators for observing fund flows and on-chain liquidity.