USDC down about 1.9% over 7 days... circulating supply 67.9 billion

USDC's circulating supply fell to 67.9 billion tokens as of November 12, down roughly 1.3 billion over the prior seven days as redemptions outpaced new issuance, according to Circle's transparency disclosures. The issuer recorded about $10.8 billion in minting against approximately $12.1 billion in redemptions during the period, a net contraction in supply. Reserves backing the stablecoin stood at about $68.1 billion on the same date. The decline matters because shrinking supply signals net dollar exits from the token rather than trading activity, distinguishing it from exchange volume or price moves. Watch whether the redemption-heavy trend persists in the next weekly disclosure and whether reserves track the supply decline proportionally.