Protocols & Policy · Stablecoins
Circle's own figures show more USDC was cashed in than created over the seven days in its latest update, the third straight measure, after 30 and 365 days, where redemptions ran ahead.
More USDC was cashed in than created over the latest seven-day period on Circle's transparency page. The company reports $10.9 billion of the dollar token issued and $11.7 billion redeemed over the seven days in its latest update, for a net drop of about $800 million [1]. USDC in circulation stood at $70.0 billion, against $71.4 billion in reserves, according to the page's reserves panel, which is dated as of Oct. 29 [1].
That is a small move for a token of this size, a little over 1% of what is outstanding, by Le Coin's calculation. But it is not a one-week blip on Circle's own numbers. Over 30 days the page shows $47.9 billion issued and $51.0 billion redeemed, a net fall of $3.1 billion. Over 365 days, $362.1 billion went out and $367.2 billion came back, a net fall of $5.0 billion [1].
USDC is meant to be worth one dollar, and the supply changes in only one way: Circle issues new tokens when a customer sends it dollars, and redeems them, destroying the tokens and paying the dollars back, when a customer hands them in. Trading between holders on an exchange does not change the total. So when redemptions beat issuance, as they did here, the number of tokens in existence falls.
That makes the two gross numbers more telling than the net. A $0.8 billion fall can come from a quiet week with little traffic in either direction, or from a busy one where both sides are large and one edges ahead. The latest seven-day card shows the second kind. Nearly $11 billion was created in seven days, and slightly more was handed back.
Redemption is the part that touches the reserves. When a customer hands USDC back, Circle burns the tokens and pays out dollars from the reserves that back them; issuance brings dollars in and mints new tokens.
| Period | Issued ($B) | Redeemed ($B) | Net change ($B) |
|---|---|---|---|
| 7 days | 10.9 | 11.7 | −0.8 |
| 30 days | 47.9 | 51.0 | −3.1 |
| 365 days | 362.1 | 367.2 | −5.0 |
Source: Circle transparency page, read about 9:10 p.m. ET Oct. 31, 2026. Circle labels these cards "7 Day Change," "30 Day Change" and "365 Day Change" and does not show the exact dates they cover. Net change is as Circle shows it; because of rounding, it can differ by $0.1 billion from issued minus redeemed.
The reserves panel lists four kinds of holdings: other bank deposits, deposits at systemically important institutions, overnight reverse repurchase agreements backed by U.S. Treasuries, and Treasury bills maturing in under three months [1]. The page as read did not give a readable dollar figure for each category, so Le Coin does not give one here. What the panel does show is the headline cover: $71.4 billion held against $70.0 billion of tokens, or about $1.02 of reserves for each USDC as of Oct. 29, by Le Coin's calculation [1].
The token's price held where it is meant to. CoinGecko showed USDC at $1.00 at 9:09 p.m. ET Saturday, with a 24-hour range of $0.9996 to $1.001 [2].
| Measure | Value |
|---|---|
| Price | $1.00 |
| Market value | $71.71 billion |
| 24-hour trading volume | $5.88 billion |
| Tokens in circulation | 71.71 billion |
Source: CoinGecko API, 9:09 p.m. ET Oct. 31, 2026. Powered by CoinGecko API.
There is a fair argument that a week like this says almost nothing. Stablecoin supply moves in lumps. A handful of large customers, such as trading firms and payment companies, can account for billions of issuance or redemption in a few days, and a single big redemption can flip a week from growth to decline. Seven days of data, with the dates not shown on the page, is a thin base for any broad reading.
It is also worth being clear about what the numbers do not say. Circle's page reports flows; it does not say who redeemed or why, and Le Coin has found no Circle statement that does. Nothing here suggests the token lost its dollar value: the reserves panel shows more held than issued, and the market price sat at a dollar [1][2].
The two sources also count differently. CoinGecko puts circulating USDC at about 71.7 billion tokens on Saturday night, higher than the $70.0 billion on Circle's panel dated Oct. 29 [1][2]. The figures come from different methods and different moments, and readers comparing them should keep the dates and sources attached. This story uses Circle's numbers for supply, since Circle is the issuer.
The useful signal is the direction across all three windows, not the size of any one. Redemptions ran ahead of issuance over seven days, 30 days and 365 days on Circle's page [1]. By Le Coin's arithmetic, the 30-day fall of $3.1 billion is more than half of the full-year fall of $5.0 billion, which in Le Coin's view means the past month has carried a large share of the year's net shrinkage.
The longer windows also show how much traffic sits under a small net number. Over 365 days, $362.1 billion was issued and $367.2 billion redeemed, a net fall of $5.0 billion [1]. In both longer windows the gross flows dwarf the net, so a week's direction can turn quickly.
Whether that continues will show up in the same place. The page updates on Circle's schedule, and the next reading of the seven-day card will say whether issuance has caught up or whether redemptions are still ahead.
On Circle's latest figures, USDC supply fell about $800 million over the seven-day card. Circle's reserves panel showed $71.4 billion in reserves as of Oct. 29, and CoinGecko showed USDC at $1.00 at 9:09 p.m. ET Saturday. The page does not explain the change, and this story does not either. Le Coin will report Circle's next update.
Holding the Corner.
Not financial advice.