Circle USDC Continues Circulation Fall After March Crisis

  • Circle’s USDC is still showing less attractiveness after being affected by the collapse of SVB.
  • The circulation of the stablecoin continues to drop $400 million in the past week.
  • Its rival, USDT, is still dominating the market.

According to official data, in the past 7 days, Circle issued a total of $600 million in USDC and redeemed $1 billion in USDC, and the circulation decreased by about $400 million. As of May 4, the total circulation of USDC was $30.1 billion, and the reserve was $30.2 billion, including $4.8 billion in cash and $25.4 billion in short-term US treasury bonds.

USDC’s substantial reserves, which include a large amount in short-term US Treasury bonds, may help reassure consumers that their holdings are backed by dependable and safe assets.

Circle generated 140 million USDC yesterday and transferred it to Coinbase on behalf of a significant buyer, according to blockchain intelligence firm Arkham.

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