Following the recent changes, USDC's circulation has rebounded by an impressive $800 million, returning to $26 billion.
In Brief
As of October 9th, USDC's circulation experienced a notable gain, moving from 25.2 billion on October 5th to $26 billion, recovering from a previous decline of $300 million in the last week.
Recent data from Circle’s official website Details from Circle’s records show volatility in USDC’s circulation over the last week. From late September to early October, Circle created about 1.4 billion USDC but redeemed nearly 1.7 billion, leading to a total decrease of around $300 million.
By October 5th, USDC's circulating supply was pegged at 25.2 billion, perfectly aligning with its reserves. But now, the figure has recovered to $26 billion.
The recent fluctuations in USDC's available supply underscore the dynamic nature of stablecoin markets and underscore the ongoing interest in such financial instruments. Notably, USDC is a stable currency, its value grounded in reserve backing, which is meant to provide stability even amid market movements.
⚠ IPOR USDC has dropped by 52 bps to 5.69%
— IPOR Rates (@ipor_rates) October 9, 2023
AAVE USDC utilization: 90%
Compound USDC utilization: 81%
📈 Stay informed with the latest and historical rates available at https://t.co/q6qtDNEoGC
Previous USDC Developments
Recently, Circle has expanded the scope of its highly regarded stablecoin, USDC, by natively implementing it on Layer 2 blockchains, promoting quicker and more efficient transactions. This initiative further cements USDC's role in facilitating seamless global monetary exchanges. OP Mainnet and Base In response to the US banking situation in March 2023, Circle acted swiftly by transferring its funds from SVB
to the Bank of New York Mellon, thereby reducing potential risks. This prompt action showcased both the resilience of USDC and Circle's proactive methodology during turbulent times. Be aware that the information presented here is not designed to serve as legal, tax, investment, or financial advisory. It is crucial to only invest funds that you can afford to lose and to seek independent advice if you're uncertain. For additional guidance, we recommend checking the terms and conditions alongside the help and support resources from the issuer or advertiser. Metaverse Post strives for accuracy and impartiality in reporting, but please note that market conditions can change rapidly without advance notice. Nik, a skilled analyst and writer for Metaverse Post, specializes in delivering cutting-edge insights within the swiftly evolving technology landscape, with a focus on AI, machine learning, extended reality, on-chain analytics, and blockchain technology. His engaging articles inform an array of readers, aiding them in staying ahead in technological advancements. With a Master's degree in Economics and Management, Nik possesses a nuanced understanding of the business realm and its intersection with emerging technologies.
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