On-chain supply data pulled directly from Dune Analytics. This is the same source pipeline that feeds the monthly CPA attestation package. Every figure here is traceable to a documented, reproducible on-chain query. Click "What does this mean?" on any chart to read the explanation.
The blue line is closing circulation — the total number of USDC dollars in existence at the end of each month. This is the figure the CPA attests to. It has to match the reserve balance within the compliance threshold.
The green and red bars show monthly net flow — the difference between new USDC minted and old USDC burned that month. Green means more was minted than burned (circulation grew). Red means more was burned than minted (circulation shrank).
Why it matters: A large green bar means a lot of new USDC entered circulation that month. The reserve account has to absorb that growth before the month closes. A large red bar means redemptions outpaced issuance — the issuer returned dollars to holders burning their USDC. Both directions require the reserve to reconcile exactly at month end.
What you see in 2024: USDC nearly doubled from $24.6B to $45.1B. The biggest growth months were October (+$5.1B) and November (+$5.4B), driven by post-election market activity. Three months — May, June, and October — saw net burns, meaning more USDC was redeemed than issued.
Mints (blue, positive bars) are new USDC created. When an institution deposits dollars with Circle, Circle mints the equivalent USDC on-chain. The reserve grows by the same amount.
Burns (dark blue, negative bars) are USDC destroyed. When a holder redeems USDC for dollars, Circle burns the tokens and returns the fiat. The reserve shrinks.
Other chains net (green) shows the combined net position of Polygon, Arbitrum, and Base — smaller volumes than Ethereum but growing through 2024.
Why it matters for attestation: The CPA needs to verify that the net of all mints and burns across all chains equals the change in closing supply from one period to the next. If the math doesn't close, the attestation cannot be issued.
This shows where USDC was minted in 2024 — not where it sits, but where the on-chain mint events occurred. Ethereum is the primary chain. Institutional issuance and large redemptions almost exclusively flow through the Ethereum mainnet contract, which is why it accounts for nearly three quarters of total mint volume.
The three additional Phase I chains are Polygon, Arbitrum, and Base. These are the chains TCB tracks under the Standard tier engagement alongside Ethereum. Together, all four constitute the Phase I scope — the full set of chains included in the On-Chain Supply figure delivered to the CPA each cycle.
Base's share is growing. Coinbase's L2 chain saw rapid USDC adoption through 2024, driven by lower transaction costs and Coinbase's direct integration. Its share of mint volume will continue to increase.
For attestation purposes: Each Phase I chain is queried independently. The closing supply figures are summed across all four to produce the Phase I On-Chain Supply total. Any USDC supply on Phase II deferred chains — Solana, Tron, Avalanche, and others — is excluded from this figure. The variance between Phase I totals and Circle's published all-chain circulation is classified as Tier 2 — expected and explainable under Phase I scope — and documented in Section B.1 of the L2 Reconciliation Exhibit.
The chain distribution chart above reflects Phase I scope only — Ethereum, Polygon, Arbitrum, and Base. It does not represent total USDC supply across all chains.
Circle issues USDC on more than 15 chains. The Phase II deferred chains — Solana, Tron, Avalanche, Optimism, Noble, Stellar, Hedera, Algorand, Sui, and Aptos — are excluded from the current engagement scope. Any variance between the Phase I figures shown here and Circle's published all-chain circulation total is attributable to on-chain activity on those deferred chains.
This variance is classified as Tier 2 — expected and explainable under Phase I scope. It is documented in Section B.1 of the L2 Reconciliation Exhibit delivered to the CPA each cycle. It is not an error. It is a defined scope boundary.