Circle issues billions of USDC, sees significant increase in circulation
On February 25, according to official data, as of February 23, Circle issued a total of US $2.1 billion of USDC and redeemed US $1.5 billion of USDC in the pas…
On February 25, according to official data, as of February 23, Circle issued a total of US $2.1 billion of USDC and redeemed US $1.5 billion of USDC in the past seven days, with an increase of US $600 million in circulation. The total circulation of the USDC is US $42.2 billion, and the reserves are US $42.3 billion, including US $10.8 billion in cash in the Reserve Bank and US $31.6 billion in short-term US treasury bond bonds.
USDC circulation increased by US $600 million in the past week
Interpretation of the news:
Circle, a popular digital currency company, recently shared its latest data on USDC circulation and redemption. According to the official data released on February 25, Circle has issued a total of US $2.1 billion worth of USDC in the past seven days, while also redeeming US $1.5 billion of USDC during the same time period. As a result, there has been a significant increase in the circulation of USDC, with an additional US $600 million now in the market.
For those who may not be familiar with USDC, it is a stable coin that is pegged to the US dollar. As a result, it has become a popular choice for those who want to invest in cryptocurrencies without the volatility often associated with them. Circle is one of the companies that offer this digital asset, and it appears to be gaining popularity.
At the time of the announcement, the total circulation of USDC was reported to be US $42.2 billion, with reserves of US $42.3 billion. This means that the company has almost equal amounts of USDC in circulation and reserves. These reserves include US $10.8 billion held in cash reserves at the Federal Reserve and US $31.6 billion in short-term US Treasury bonds, which are considered to be low-risk investments.
This news is a positive sign for Circle and for the USDC market in general. The fact that the circulation of USDC has increased by US $600 million in just seven days indicates that there is a growing demand for this digital asset. Furthermore, the fact that the company has such a large reserve of US dollars and low-risk investments offers reassurance to those who may be skeptical about the stability of the USDC.
In summary, Circle has issued billions of USDC and has seen a significant increase in the circulation of this digital asset. The company holds almost equal amounts of USDC in circulation and reserves, which includes cash reserves and low-risk investments. This news suggests that USDC is becoming an increasingly popular choice for investors who want to participate in the cryptocurrency market while minimizing risk.
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