Summary
- The circulating supply of USDC has increased by about $2.1 billion over the past 7 days.
- Circle said it recorded about $5.9 billion in USDC issuance and $3.8 billion in redemptions.
- An increase in stablecoin issuance can act as buying pressure in the market and be interpreted as a bullish signal.
The dollar-denominated stablecoin USDC's circulating supply increased by about $2.1 billion (about 2.9189 trillion won) over the past 7 days.
On the 6th, USDC issuer Circle said that over the past week it issued about $5.9 billion worth of USDC and redeemed about $3.8 billion. Accordingly, the net increase was about $2.1 billion. As of that day, the total circulating supply of USDC stood at $72.5 billion.
Typically, increases in stablecoin issuance and holdings can act as buying pressure in the market and are regarded as bullish signals. The opposite can be interpreted as a decrease in demand for crypto assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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