USDC Circulation Surges by $100 Million, Hits $33.7 Billion

IconCryptoNewsTerminal Staff26 Jul, 2024

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USDC Circulation Surges by $100 Million, Hits $33.7 Billion

The circulation of the US dollar-pegged stablecoin USDC has significantly increased over the past week. According to Circle, the issuer of USDC, the circulating supply rose by approximately $100 million between July 18th and 25th, 2023. This surge reflects a net issuance of $2.7 billion worth of USDC, offset by redemptions amounting to $2.6 billion. As of July 25th, the total circulating supply of USDC has reached $33.7 billion. This growth is backed by $33.9 billion in reserves, including $4.2 billion in cash. The increase in USDC circulation suggests growing demand for stablecoins, which offer a balance of price stability and accessibility in the world of digital crypto assets.

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