USDC circulation decreased by $6.5 billion in the past week

According to the official data of Circle, from March 10 to March 17, Circle issued a total of 2.2 billion USD of USDCs and redeemed 8.7 billion USD of USDCs, resulting in a decrease in circulation of approximately 6.5 billion USD. As of March 17, the total circulation of USDC was US $36.9 billion, and the reserve was US $37.1 billion, including US $8.1 billion in cash and US $29 billion in short-term US treasury bond bonds.

Interpretation of this information:

This message from Circle, a company that issues USDCs (USD Coin), provides official data on the circulation and redemption of the cryptocurrency between March 10 and March 17. During this period, Circle issued 2.2 billion USD worth of USDCs and redeemed 8.7 billion USD worth, leading to a decrease in circulation of about 6.5 billion USD.

As of March 17, the total circulation of USDC was 36.9 billion USD, while the reserve was 37.1 billion USD. This reserve consists of 8.1 billion USD in cash and 29 billion USD in short-term US treasury bond bonds.

In simpler terms, this message is stating that Circle issued and redeemed a significant amount of USDCs during the aforementioned period, resulting in a decrease in the cryptocurrency’s circulation. Additionally, it provides details on the current circulation and reserve of USDC, highlighting that the reserve is well-stocked with both cash and treasury bond bonds.

The three keywords that summarize this content are USDC, circulation, and reserve. USDCs are the cryptocurrency in question, while the message provides information on its circulation and redemption during a specific period. Finally, the reserve is mentioned, outlining the amount of cash and bonds available to support the USDC.