USDC Circulating Tokens Fall Below 25 Billion Mark as Circle Restricts Minting for Retail Customers

Crypto News- The circulating supply of USD Coin, the second-largest stablecoin, has recently dipped below 25 billion. This decline marks the first time it has fallen to such levels since 2021. The reduction in supply is a result of Circle, the issuer of USD Coin, limiting the minting services available to retail users.

USDC Circulating Tokens Fall Below 25 Billion Mark as Circle Restricts Minting for Retail Customers

In an official statement shared on X (formerly known as Twitter) on October 31, Circle mentioned, “In September 2021, we sunset a customer app and are now offboarding that legacy, individual consumer accounts. Account holders may continue to redeem USDC via Circle through November 30.”

Jeremy Allaire, the CEO of Circle, clarified that this change does not impact business or institutional accounts associated with the issuer.

USDC falling supply

The recent news has hurt the supply of USDC, causing it to decrease to less than 25 billion, which is the lowest level seen since 2021. According to data from CryptoSlate, the supply of USDC has decreased by over 300 million over the last three days, currently standing at 24.7 billion at the time of writing. Just on October 30, the supply was at 25.04 billion.