Summary
- It was reported that USDC circulation increased by about $1.8 billion in the past 7 days.
- The total USDC in circulation is $64.5 billion, and Circle's total reserves amount to $64.7 billion.
- An increase in stablecoin circulation is interpreted as buying pressure in the market, considered a bullish signal.
The circulation of the US dollar-based stablecoin USDC increased by approximately $1.8 billion (about ₩2,586.3 billion) over the past 7 days.
On the 22nd, the cryptocurrency-focused media outlet Odaily, citing official data from Circle, the issuer of USDC, reported: "Circle issued approximately $7.5 billion worth of USDC and redeemed about $5.7 billion worth of USDC over the past week. As a result, USDC's circulation increased by approximately $1.8 billion."
As of this day, the total USDC in circulation stands at $64.5 billion (about ₩92,655.2 billion). The total reserves held by Circle amount to $64.7 billion, of which about $10.1 billion is in cash and the remaining $54.7 billion is managed through the Circle Reserve Fund.
Typically, an increase in stablecoin issuance and reserves is considered a sign of buying pressure in the market, often interpreted as a bullish signal. Conversely, a decrease can be read as a sign of reduced demand for cryptocurrencies.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.!["Will AI take our jobs?" Fear spreads…market rattled by a plunge in shares [New York Market Briefing]](https://media.bloomingbit.io/PROD/news/874408f1-9479-48bb-a255-59db87b321bd.webp?w=250)
