2026-01-10 06:25:53

In recent days, the circulation of USDC has experienced a significant contraction. According to data, as of January 8th, in the past 7 days, Circle issued a total of 5.4 billion USDC, but redemptions reached 5.7 billion USDC, ultimately resulting in a net decrease of 300 million in circulation.

Currently, the total circulation of USDC remains at 74.9 billion. Supporting this circulation are $75 billion in reserve assets, with a quite diversified reserve allocation—mainly overnight reverse repurchase agreements, accounting for about $50.7 billion; short-term government bonds with maturities under 3 months, totaling $13.7 billion; deposits from systemically important institutions, approximately $9.9 billion; and the remaining $700 million spread across other banks. The overall reserve structure appears to be quite stable, with the main allocations focused on USD assets and government bonds.

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MetaDreamer

· 5h ago

USDC is experiencing a run, but the reserves don't seem to be an issue? Honestly, I'm a bit worried.

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GasFeeNightmare

· 01-11 06:24

USDC is shrinking again... It feels like nobody wants this thing anymore.

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MechanicalMartel

· 01-10 06:45

USDC shrinking? What are you afraid of? The reserves are so solid, with 50.7 billion in government bond repurchases holding it down.

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DaoResearcher

· 01-10 06:40

From the data performance, the essence of this wave of USDC net outflows is a subtle shift in market confidence. 5.4 billion issued vs 5.7 billion redeemed, seemingly only a 300 million difference, but the reserve adequacy formula discussed in the white paper cannot cover the risk expectations of such continuous negative growth. It is worth noting that the 50.7 billion overnight reverse repurchase agreement allocation, although stable, has an overly concentrated liquidity. If the Federal Reserve's policy suddenly changes, the vulnerability of the entire mechanism will be exposed. This is not simply a reserve issue, but an incentive misalignment from the perspective of Token economics.

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AirdropHunterWang

· 01-10 06:32

The redemption amount exceeds the issuance amount, and USDC is shrinking. Is this signaling something?

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