Circle Mint Processes Nearly Two Times USDC Supply Each Quarter
This chart divides quarterly USDC minted plus redeemed by Circle Mint customers by average USDC in circulation. It measures issuer on/off-ramp intensity—not onchain transaction velocity—and excludes secondary-market trading, wallet transfers, payments, and unique users.
This is primary issuance and redemption through Circle Mint—not onchain transaction velocity. It excludes secondary-market trading, wallet transfers, payments and unique users.
What does it show?
Primary mint-and-redeem flow peaked at 2.2× average circulating supply in 2025-Q4; it remained 1.9× in 2026-Q1. This is issuer on/off-ramp intensity—not onchain transaction velocity.
Methodology
For each reconciled quarter, add Circle's disclosed USDC minted and redeemed by Circle Mint customers, then divide by the average of beginning and ending USDC in circulation. Reconstructed Q1 and Q4 flows retain the same annual-minus-interim rollforward checks as the underlying USDC prototypes. This ratio covers primary issuance and redemption through Circle Mint only; it excludes secondary-market trading, wallet-to-wallet transfers, payments, and unique users. Quarter-end circulation from Circle disclosures is retained as a context series; it is the same issuer data, not an independent source.