USDC’s Hidden Churn
USDC minted and redeemed through Circle Mint · $ billions per quarter. Circle processed $892 billion of minting and redemptions from 2024 through Q1 2026 to produce $52.6 billion of net circulation growth—gross flows equal to 16.9× the net change. It reveals the scale of primary-market activity hidden behind a much smaller change in circulating supply.
What does it show?
Circle processed $892 billion of minting and redemptions from 2024 through Q1 2026 to produce $52.6 billion of net circulation growth—gross flows equal to 16.9× the net change.
Methodology
Use Circle's disclosed USDC minted and redeemed by Circle Mint customers. Q1 and Q4 values are derived from the same reported six-month/annual less quarterly/nine-month rollforwards used in the circulation chart, and every quarter reconciles beginning circulation plus minting less redemptions to ending circulation. These are fiat on/off-ramp flows initiated through Circle Mint—not onchain transfer volume, payments, trading volume, or unique-user activity.