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News

USDC Supply Plummets by $200M, Leaving Markets In Awe

September 10, 2023 - Around 2 mins mins to read

Key Points:

  • Circle reduces USDC supply by $200 million in a calculated move.
  • USDC boasts $26 billion in reserves, including $24.3B held by Circle Reserve.
Circle has executed a strategic move that has reduced the circulation of its USDC stablecoin by a substantial $200 million.
USDC Supply Plummets by $200M, Leaving Markets In Awe

This move reflects Circle’s commitment to maintaining the stability and integrity of USDC, a widely-used digital dollar.

In the past seven days alone, Circle issued a total of 900 million USDC tokens and subsequently bought back a staggering 1.1 billion Circle. This repurchase initiative, aimed at reducing the circulating supply, has garnered attention in the cryptocurrency market.

As of September 7th, the total circulation of Circle stands at $25.9 billion. Impressively, Circle maintains substantial reserves totaling $26 billion to back the value of USDC. These reserves consist of $1.7 billion in cash and a substantial $24.3 billion held within the Circle Reserve.

Circle’s strategic buyback not only reduces the supply of Circle but also enhances its backing with significant reserves, reinforcing the stability and trustworthiness of the stablecoin. It’s important to note that the backing of Circle with reserves is a crucial aspect of its appeal, as it ensures that each Circle token is fully redeemable for its face value in US dollars.

This move aligns with Circle’s commitment to transparency and compliance in the digital currency space, reassuring users and market participants that Circle is backed by real-world assets, and its value is safeguarded.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Circle

Stablecoin

USDC

USDC stablecoin

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

USDC Supply Plummets by $200M, Leaving Markets In Awe

Key Points:

  • Circle reduces USDC supply by $200 million in a calculated move.
  • USDC boasts $26 billion in reserves, including $24.3B held by Circle Reserve.
Circle has executed a strategic move that has reduced the circulation of its USDC stablecoin by a substantial $200 million.
USDC Supply Plummets by $200M, Leaving Markets In Awe

This move reflects Circle’s commitment to maintaining the stability and integrity of USDC, a widely-used digital dollar.

In the past seven days alone, Circle issued a total of 900 million USDC tokens and subsequently bought back a staggering 1.1 billion Circle. This repurchase initiative, aimed at reducing the circulating supply, has garnered attention in the cryptocurrency market.

As of September 7th, the total circulation of Circle stands at $25.9 billion. Impressively, Circle maintains substantial reserves totaling $26 billion to back the value of USDC. These reserves consist of $1.7 billion in cash and a substantial $24.3 billion held within the Circle Reserve.

Circle’s strategic buyback not only reduces the supply of Circle but also enhances its backing with significant reserves, reinforcing the stability and trustworthiness of the stablecoin. It’s important to note that the backing of Circle with reserves is a crucial aspect of its appeal, as it ensures that each Circle token is fully redeemable for its face value in US dollars.

This move aligns with Circle’s commitment to transparency and compliance in the digital currency space, reassuring users and market participants that Circle is backed by real-world assets, and its value is safeguarded.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.