circulation

Tom Lee, Chairman of the Ethereum vault company Bitmine, stated on Wednesday at TOKEN2049 in Singapore that the company will stop buying once its holdings reach 5% of the circulating supply of ETH, and he emphasized that it should stop now. He mentioned that buying approximately 100,000 more ETH would reach this ratio, which he initially thought would take five years but actually took just over a year, and it was completed during a bear market.Bitmine updated on Monday that it purchased approximately 41 million dollars worth of ETH last week, increasing its holdings to 6,016,414 coins, which accounted for about 4.9% of the then circulating supply of 122.1 million coins. Based on Wednesday's price of about 2,580 dollars, the holdings are valued at approximately 15.5 billion dollars. The company's cash and securities amount to about 643 million dollars, which is more than twice the amount needed to reach the 5% threshold at that time.Since launching its Ethereum vault strategy in June 2025, Bitmine has been buying ETH weekly. At the pace of last week's purchases, it would take about six to seven more weeks to buy approximately 100,000 more coins. CoinDesk cited DropsTab data stating that the unrealized losses on the related holdings are about 4.5 billion dollars. At that time, ETH was approximately 2,571.64 dollars, having dropped about 5% in the past 24 hours, marking the weakest performance since September 20; Bitcoin was around 83,500 dollars, and BMNR closed at about 26.20 dollars.

According to the official announcement from USA₮, Anchorage Digital Bank released a reserve report showing that as of August 31, the circulation of USA₮ reached 175.73 million, an increase of nearly 10 times from 17.5 million at the end of January, with total reserve assets of 176.4 million USD and the value of over-circulated tokens at 660,000 USD.USA₮ is issued by the federally chartered bank Anchorage Digital Bank, supported by Tether, and complies with the requirements of the GENIUS Act.

Recently, there has been a significant price deviation of fiat currency-pegged stablecoins in South Korean virtual asset exchanges. The Japanese yen stablecoin JPYC surged to four times its benchmark price after its listing, the euro stablecoin EURC skyrocketed over 400% in a single day on Bithumb, and the US dollar stablecoin PYUSD also showed a noticeable premium.Analysis suggests that the aforementioned fluctuations are due to insufficient circulation in the early listing phase combined with concentrated buying, unrelated to the issuer's asset preparation. Industry experts point out that relying solely on reserves cannot prevent price distortions in the secondary market, calling for the establishment of initial circulation guarantees, market maker (MM) and liquidity provider (LP) mechanisms during the design phase of the original Korean won stablecoin system, as well as the introduction of measures such as public disclosure of price deviation rates and restrictions on market orders.

According to Bitcoin Magazine, Russian Prime Minister Mikhail Mishustin stated that the circulation of cryptocurrency within Russia has been legalized since September 1, and the relevant laws have been signed into effect by the president.

Cryptocurrency trading and market-making company GSR released a research report stating that it has compiled over 2,300 token listings from major exchanges since 2013, with the dataset including delisted tokens. The report's authors are Chief Legal and Strategy Officer Josh Riezman and Research Analyst Slater Santer.The data shows that the median circulating supply at the time of listing dropped from 38% in 2017 to 13% in 2020, with most years thereafter only partially recovering to the teens to just over twenty. The median circulating supply decreases as the issuance FDV increases: below $10 million is 97%, $10 million to $100 million is 28%, $500 million to $1 billion is 16%, and above $1 billion is 13%.Tokens with an issuance FDV exceeding $1 billion had a median return of -81% after one year. Tokens with a circulating supply below 20% lost about 75% after one year, while those with a circulating supply of 30%-50% lost about 45%. After one year, the median funds for the group with over $1 billion FDV was about $0.19; those with a circulating supply below 20% retained about $0.23-$0.26, and those with a 30%-50% circulating supply retained about $0.55.

Jack McDonald, Senior Vice President of Ripple Stablecoin, stated in an interview with CoinDesk that corporate treasuries represent a significant growth opportunity for the RLUSD stablecoin, with Ripple Treasury clients processing approximately $13 trillion in transactions annually. This business is built on Ripple's acquisition of financial management software provider GTreasury for $1 billion last year, providing Ripple with a vast customer pool of around 1,200 corporate treasurers and CFOs who transfer funds across borders, between subsidiaries, and domestically.McDonald pointed out that the circulating supply of RLUSD has increased by over 50% in the past month, reaching $2.4 billion, with about $1 billion on the XRP Ledger and $1.4 billion on Ethereum. However, he emphasized that he values the token's utility and daily activity more than its market capitalization, noting that RLUSD's daily active volume has more than doubled since the beginning of the year, rising from about $200 million last month to approximately $750 million. Payments and capital markets are currently the two main application areas, and Ripple has collaborated with institutions such as Franklin Templeton and DBS in tokenized money market funds and lending.In the European market, Ripple plans to introduce RLUSD locally through a dual issuance structure compliant with the EU MiCA framework and has already obtained regulatory authorization in Luxembourg.

Gate Europe CEO Dr. Giovanni Cunti stated in a LinkedIn post that financial markets are becoming increasingly interconnected, with digital assets, stablecoins, and tokenized assets merging with traditional finance, reshaping the pathways for cross-border capital flow. The core of liquidity is no longer just depth and trading volume, but also the efficiency of capital circulation and the ability to access it instantly.He emphasized that future liquidity not only means more capital but also aims to make capital flow more easily and be accessed more efficiently, achieving better connections between different markets. Broad market access can break the fragmentation of liquidity and enhance the efficiency of capital operations. As stablecoins accelerate payment settlements and tokenization introduces new assets, the focus is on promoting seamless collaboration across all links.Relying on the compliance foundation of the MiCA and payment institution PI dual licensing system, Gate Europe has established highly regulated operational standards to enhance the confidence of institutions, enterprises, and investors with a clear regulatory framework. He pointed out that Europe is advancing digital asset innovation alongside regulatory compliance. Gate Europe stated that it will continue to empower this transformation and work with industry partners to shape the future together.

The decentralized stablecoin USDD released its monthly transparency report for August 2026. As of August 31, the circulation of USDD is approximately 1.53 billion, with reserve assets totaling 2.26 billion USD and a collateralization rate of 147.96%. The Smart Allocator has achieved a cumulative return of 26.738 million USD, with a monthly new return of 3.015 million USD, a month-on-month increase of 13.6%.In August, the USDD Vault expanded to the Ethereum ecosystem, allowing users to use ETH and WBTC as collateral to mint USDD; the GasFree transfer feature now supports USDD, enabling zero Gas transfers on the TRON network. During the same period, collaborations were also established with platforms such as Binance Wallet, Gate DEX, and Pendle.

On September 2, the Wyoming Stable Token Committee announced the adoption of Chainlink Proof of Reserve as the exclusive on-chain reserve verification layer for the Frontier Stable Token (FRNT), with reserves and supply balances audited by The Network Firm published to on-chain readable feeds. The current scale available for verification is not large: according to CoinGecko data, the total supply of FRNT is 967,900 tokens, with a unit price of approximately $0.99884, which only accounts for about 0.2% of the base scenario estimate (508.7 million tokens) submitted by the committee to the state legislature's budget meeting materials; the 24-hour trading volume is $160, all occurring on Kraken.The announcement separates the two products, with only Proof of Reserve currently online. The Proof of Reserve Secure Mint component, which programmatically prevents minting when reserves cannot cover total supply, is said by the committee to still be in the "adoption process." The committee previously published daily proofs on its official website, and this adjustment changes the method of data delivery rather than the update frequency. Committee Executive Director Anthony Apollo stated that adopting Chainlink's reserve proof provides transparent and verifiable confirmation that FRNT is fully backed by high-quality reserve assets; Chainlink Labs Chief Business Officer Johann Eid remarked that this demonstrates that governments can utilize the Chainlink platform to put trustworthy, fully verifiable on-chain financial infrastructure into production.

According to The Defiant, the meme coin BONER, built around Hims & Hers short positions on the Robinhood Chain, has absorbed over half of the tokenized HIMS stock. As of Monday 17:12 UTC, a total of 58,714 tokenized HIMS have been issued on-chain, of which 31,198 (53%) are locked in the BONER/HIMS liquidity pool, while another 1,424 are spread across eight other meme coin pools, leaving only 20,303 in the HIMS/stablecoin and HIMS/ETH pools for price discovery.Due to the NYSE being closed over the weekend and the lack of real-time stock prices for arbitrage, the weak liquidity pool experienced significant volatility driven by small orders: the token surged to $132.64 during the Sunday 22:00 time slot, while the stock's closing price last Friday was only $28.84. After the NYSE reopened on Monday, BBVI minted about 4,000 new tokens in less than an hour to inject a premium, and the price quickly fell back to around $29. In contrast, Ondo Finance issued approximately 10.4 million similar HIMS wrapped tokens, with a market cap of $30.8 million, which is 18 times the circulation of Robinhood Chain, closely tracking the underlying stock throughout.Robinhood Chain is an Ethereum Layer 2 built by Robinhood based on Arbitrum technology, launched on July 1, with a TVL of $727.4 million on Monday.

According to official news, as of August 27, 2026, the circulation of USDC is $73.7 billion, with total reserves of $74 billion, still maintaining a 1:1 dollar redemption mechanism.In the past 7 days, USDC issued $11.2 billion and redeemed $10.2 billion, resulting in a net increase of $1 billion in circulation; in the past 30 days, it issued $33.4 billion and redeemed $31.9 billion, resulting in a net increase of $1.5 billion in circulation. Circle stated that USDC reserves are supported by highly liquid cash and cash equivalents, mainly including bank deposits, overnight U.S. Treasury reverse repos, and U.S. Treasury bills with maturities of less than three months, and are kept separate from the company's operating funds.

According to official data, in the 7 days ending August 20, Circle issued approximately 7.5 billion USDC, redeemed about 6.7 billion USDC, and the circulating supply increased by approximately 800 million.The total circulating supply of USDC is 72.7 billion, with reserves of approximately 72.9 billion USD, including overnight reverse repos of about 48.1 billion USD; Treasury bonds with maturities of less than 3 months of about 12.7 billion USD; deposits from systemically important institutions of about 11.4 billion USD; and other bank deposits of about 700 million USD.

Circle officially announced that its euro stablecoin EURC has surpassed a circulation of 400 million euros, becoming an important growth node in the on-chain financial ecosystem of the Eurozone. Circle stated that the supply of EURC has increased by over 100% in the past year, as the demand for compliant stablecoins has risen from trading platforms, payment networks, and institutional businesses, moving EURC from the experimental phase to practical application. EURC was first launched on Ethereum in June 2022 and has since expanded to multiple blockchains including Avalanche, Stellar, Solana, and Base.As of the end of 2024, EURC has covered five chains, with a circulation scale of approximately 80 million euros, and continues to grow. Currently, EURC has been launched on several mainstream trading platforms such as Bitpanda, Bitstamp, Bybit, Coinbase, and Kraken, supporting EURC/EUR and EURC/USD trading pairs, further enhancing on-chain liquidity for euros. Circle stated that the application scenarios for EURC are expanding from trading to payments, settlements, and institutional fund management. Currently, fiat withdrawal and recharge service providers such as Mercuryo, MoonPay, Ramp, and Transak have supported users to directly access digital assets using euros, and institutional custody and settlement platforms such as Cobo, Copper, and Fireblocks have also integrated EURC.In addition, both Visa and Mastercard have previously expanded their support for EURC's settlement capabilities, making it available for cross-border payments, card payment settlements, and enterprise-level fund circulation scenarios. With the full implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), EURC operates under the electronic money token (EMT) standard, issued by Circle's French electronic money institution and regulated by the French Prudential Supervision and Resolution Authority (ACPR). The reserve assets of EURC are completely isolated from Circle's corporate funds and are regularly audited and confirmed by independent third parties.As of January 2026, the total supply of global stablecoins is approximately 300 billion dollars. Although dollar stablecoins still dominate, euro stablecoins have become the second largest category. The market size of euro stablecoins has grown from about 400 million euros in June 2025 to about 650 million euros in June 2026, with EURC maintaining a leading position. Circle stated that despite the growth of EURC, euro stablecoins are still in the early stages compared to the M2 money supply of over 16 trillion euros in the Eurozone, and there is still significant room for growth in real-time settlements, cross-border payments, and enterprise financial infrastructure in the future.

According to official data, in the 7 days ending August 13, Circle issued approximately 5.4 billion USDC, redeemed about 5.3 billion USDC, and the circulation increased by approximately 100 million. The total circulation of USDC is 71.9 billion, with reserves of about 72.6 billion USD, including overnight reverse repurchase agreements of approximately 47.7 billion USD; Treasury bonds with maturities of less than 3 months of about 13.5 billion USD; deposits from systemically important institutions of about 10.2 billion USD; and other bank deposits of about 1.2 billion USD.

Tether's latest data shows that the total issuance of USDT on the TRON network has risen to approximately 91.2 billion, surpassing Ethereum's approximately 90.3 billion, making it the blockchain network with the largest issuance of USDT globally.This means that in the nearly 200 billion USD global issuance landscape of USDT, TRON has taken the largest single-chain share. As the demand for stablecoin payments, transfers, and transactions continues to grow, the on-chain issuance focus of USDT is further concentrating on TRON.

According to The Defiant, Circle's wrapped Bitcoin product cirBTC has been live on Ethereum since June 8, but its circulation is currently only about 40 coins. According to Etherscan, its maximum supply is approximately 40.02 cirBTC, with only 11 holding addresses. Circle's reserve dashboard (data as of August 11) shows that there are about 40.02 cirBTC in circulation, corresponding to reserves of approximately 42.51 BTC.cirBTC is issued by Circle International Bermuda Limited, backed by a 1:1 BTC collateral, with the underlying assets held in trust by Circle National Trust and isolated from company assets, supporting Chainlink reserve proofs for on-chain real-time verification. Qualified institutions can mint and redeem through Circle Mint. Currently, it is only deployed on Ethereum, with Arc as the next target chain, and plans to expand to multi-chain.In comparison, WBTC has a circulation of over 116,000 coins, and cbBTC has about 97,000 coins. CoinGecko currently marks cirBTC as "preview" status, and it has not yet been listed for trading on mainstream centralized and decentralized exchanges.