Circle’s Circulating Stablecoins Hit $52.9B in Latest Weekly Report

Circle’s Circulating Stablecoins

The CEO of Circle Jeremy Allaire has announced that the USDC currently in circulation has increased to $52.9 billion from $50.6 billion in the past week. 

The company has also announced that its USDC reserves have surged to $53 billion from $50.6 billion. The company will start providing the public with weekly stablecoin reserve reports.

The executive has also shared a USD assurance report adding that the platform issued about 8.6 billion USD in the past week, with 6.3 billion being redeemed.

The announcement shows that the cash component in the reserves rose to $12.8 billion from $11.6 billion, while the short-term US Treasuries moved from $39 billion to $40.2 billion.

USDC was unveiled in 2018 to serve businesses and applications in the cryptocurrency space and use cases in various blockchain platforms.

The news follows the recent collapse of Terra’s UST blockchain after depegging. USD Coin has remained comparatively resilient despite the event causing instability in the space.

Source: Twitter 

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