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Circle Records USDC Circulation Decline in Recent Week
Circle's USDC is shrinking a bit. Latest numbers show they put out about 4.7 billion USDC but took back around 5.1 billion in the week ending September 25, 2025. Net result? Down by 400 million. Just like that.
Total circulation sits at 78.9 billion now. The reserves seem solid at roughly $79.0 billion. Cash makes up $11.2 billion of that. The rest—$67.8 billion—sits in the Circle Reserve Fund.
This isn't the first dip. USDC has been bouncing around as markets shift. Kind of surprising how these numbers fluctuate week to week. The stablecoin stays backed though. It's not entirely clear what's driving these changes, but the 1:1 peg with the dollar remains intact through cash and those short-term treasuries they hold.