Circle Just Shrank the USDC Supply by $800M in a Single Week
Nov 1, 2026
Circle redeemed $11.7 billion in USDC against $10.9 billion issued in the week to October 29, trimming total supply to roughly $70 billion.
USDC Supply Just Got a Lot Smaller
Circle redeemed $11.7 billion worth of USDC in the week leading up to October 29, while only issuing $10.9 billion in new tokens. The net result: total USDC supply shrank by about $800 million, landing at roughly $70 billion.
That might sound like a red flag at first glance, but big swings in stablecoin supply happen all the time and usually just reflect traders moving cash in and out of crypto markets rather than some deeper issue with Circle itself. When redemptions outpace new issuance, it often means money is temporarily rotating out of exchanges and into other assets, or simply sitting on the sidelines.
Why It Matters
Stablecoin supply is one of those numbers worth watching closely, since USDC and USDT act like the plumbing of the crypto market. A shrinking supply can hint at lower overall liquidity, which is something traders keep an eye on when gauging how much buying power is actually sitting ready to deploy.