Circulating Supply
The total number of tokens currently in circulation and available on the market.
For USDC, circulating supply is the total amount of USDC that has been minted and not yet redeemed. As of early 2026, USDC's circulating supply is over $75 billion.
Circulating supply changes constantly. When institutions deposit dollars and mint new USDC, supply goes up. When they redeem USDC for dollars, supply goes down. Large changes in supply can signal market trends. A growing supply usually means increasing demand for USDC, while a shrinking supply might mean people are cashing out.
For USDC specifically, the circulating supply must always be matched or exceeded by reserves. That's what the monthly attestation reports verify.
Related Terms
Market Cap (Market Capitalization)
The total value of a cryptocurrency, calculated by multiplying the price per token by the circulating supply.
Mint
The process of creating new stablecoin tokens by depositing an equivalent amount of fiat currency.
Redeem
The process of exchanging stablecoin tokens for their underlying fiat currency value, effectively burning the tokens.
Reserves
The pool of real-world assets (U.S. Treasuries, cash) held to back each USDC token at a 1:1 ratio.
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This definition is provided for educational purposes. USDC.org is an independent resource and is not affiliated with Circle Internet Financial.