USDC Circulation Drops Below 30 Billion, Hits New Low Since October 2021

According to Circle's official website, between May 11 and May 18, Circle issued about 1 billion USDCs and redeemed about 1.4 billion USDCs, reducing liquidity by about 400 million USDCs. As of May 18, USDCs totaled 29.6 billion in circulation, with $29.7 billion in capital reserves. According to The Block, USDC liquidity has fallen below that round number for the first time since October 2021, when it surpassed 30 billion.