Million

USDC

Coin

<h2 id="quick-take">Quick Take</h2>
As per recent data analysis, USD Coin (USDC) is witnessing a significant contraction in its circulating supply. The second-largest stablecoin has dipped below the <a href="https://cryptoslate.com/usdcs-circulating-supply-falls-below-25-billion-after-circle-curbs-minting-services-for-retail-customers/" rel="noopener noreferrer nofollow">25 billion mark</a>, a low not seen since 2021, due to the decision by its issuer, Circle, to halt minting services for retail consumers.
While this development doesn’t impact the business or institutional accounts, it has indeed left a mark on the overall USDC supply, falling from 25.04 billion on Oct. 30 to 24.4 billion by Nov. 3.
This decrease follows an earlier setback where USDC was implicated to have exposure to the U.S. banking crisis back in March 2023.
<figure id="attachment_370845" aria-describedby="caption-attachment-370845" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-370845" class="wp-caption-text">
 USDC Circulating Supply: (Source: Glassnode)
 </figcaption>
</figure>
In the meantime, Tether’s USDT has been reaping the benefits of USDC’s predicament, as it races towards an unprecedented market capitalization high of $85 billion.
<figure id="attachment_370846" aria-describedby="caption-attachment-370846" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-370846 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/cir.png" alt="USDT Circulating Supply: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/cir.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/cir-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/cir-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/cir-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/cir-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-370846" class="wp-caption-text">
 USDT Circulating Supply: (Source: Glassnode)
 </figcaption>
</figure>
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/usdc-circulation-decreases-by-a-further-300-million-in-24-hours/">USDC circulation decreases by a further 300 Million in 24 hours</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

USDC circulation decreases by a further 300 Million in 24 hours

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