Summary
- USDC's circulating supply increased by $500 million over the past 7 days.
- According to Circle, the total USDC circulating supply is $65 billion, with reserves amounting to $65.2 billion.
- An increase in the issuance and holdings of stablecoins can be seen as a bullish signal in the market.
The circulating supply of the US dollar-based stablecoin USDC has increased by approximately $500 million (about ₩692.2 billion) over the past 7 days.
On the 26th, Circle, the issuer of USDC, announced, "Over the past week, we issued approximately $4.8 billion worth of USDC and redeemed around $4.3 billion worth," adding, "As a result, USDC's circulating supply increased by about $500 million."
As of this day, the total circulating supply of USDC stands at $65 billion (about ₩89.9925 trillion). Circle's total reserves amount to $65.2 billion.
Typically, an increase in the issuance and reserves of stablecoins can translate into buying pressure in the market and is viewed as a bullish signal. Conversely, a decrease may be interpreted as a sign of waning demand for virtual assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
