Circle redeems roughly $11.7 billion in USDC as supply slips to $70 billion

Redemptions outpaced new issuance for a second straight week, cutting USDC circulation by $800 million Circle’s USDC stablecoin shrank again. In the week ending October 29, Circle cut USDC’s circulating supply by $800 million, bringing the total down to $70 billion. During the week, Circle issued about $10.9 billion in new USDC. It also redeemed roughly $11.7 billion over the same stretch. More dollars went out the exit than came through the entrance, and the gap was enough to trim $800 million off the total. The latest decline follows a drop of about $500 million in the week ending October 22. Two straight weeks of net outflows make this more than a one-off. Circle’s reserves stood at roughly $71.4 billion as of October 29.

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