Markets News Report
October 09, 2023

USDC’s Circulation Surges by $800 Million, Rebounds to $26 Billion After Recent Dip

In Brief

USDC circulation surged from 25.2 billion on October 5th to $26 billion on October 9th, after a net decrease of 300 million in the preceding week.

USDC Circulation Sees a $800 Million Boost in Just a Day, Hitting $26 Billion

Recent data from Circle’s official website revealed a fluctuation in USDC’s circulation over the past week. From September 29 to October 5, Circle minted about 1.4 billion USDC and redeemed roughly 1.7 billion USDC, resulting in a net decrease of close to 300 million $USDC.

However, by October 5 the circulating supply of USDC stood at 25.2 billion, matching reserve funds of $25.2 billion. Fast forward to today, the circulation has bounced back to $26 billion.

The recent shifts in USDC’s circulation highlight the dynamics of stablecoin markets. They also show the demand for such assets. Importantly, $USDC is a pegged currency. Its value is backed by a reserve. This backing ensures stability, even with market fluctuations.

Previous USDC Developments

Recently, Circle expanded the deployment of its renowned stablecoin, $USDC, by integrating it natively on Layer 2 blockchains OP Mainnet and Base, ensuring faster and more efficient transactions. The move reaffirms USDC’s commitment to providing a seamless method for global money transfers.

In March 2023, as the US banking crisis unfolded, Circle promptly responded by transferring its SVB funds to the Bank of New York Mellon, effectively mitigating potential risks. This move highlighted USDC’s resilience and Circle’s proactive approach during challenging times.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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