The market dynamics of USDC over the past week (December 19 to 24) are quite interesting. According to official data from Circle, approximately 4.4 billion USDC were newly issued during this period, but at the same time, 5.9 billion were redeemed, resulting in a net decrease of 1.5 billion in circulation.

In terms of overall scale, as of December 24, the total circulating supply of USDC is about 76.5 billion, with corresponding USD reserves of approximately $76.7 billion. The reserve size and circulation are basically in balance, indicating that Circle's capital adequacy ratio remains quite robust.

The redemption volume exceeding issuance signals that recent market demand for stablecoins may have declined, or users are making some asset adjustments. However, from the perspective of reserve adequacy, USDC, as a mainstream stablecoin, still has a solid credit foundation.