Markets News Report
October 09, 2023

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

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.

More articles
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.

Hot Stories
Join Our Newsletter.
Latest News

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release
Business News Report
Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release
February 23, 2024
Kinetex Network Partners with Succinct to Develop BTCX, a Bitcoin ZK Light Client for DeFi Evolution
News Report Technology
Kinetex Network Partners with Succinct to Develop BTCX, a Bitcoin ZK Light Client for DeFi Evolution
February 23, 2024
Flare Blockchain Raises $35M Funding from Kenetic Capital, Aves Lair and Others
Business News Report
Flare Blockchain Raises $35M Funding from Kenetic Capital, Aves Lair and Others
February 23, 2024
Binance Web3 Wallet Unveils Inscriptions Marketplace, Adds Support for ERC-404 Tokens
Markets News Report
Binance Web3 Wallet Unveils Inscriptions Marketplace, Adds Support for ERC-404 Tokens
February 23, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.