# Circle's Silver Lining: Unpacking USDC's Supply Drop in an Era of Rising Rates

<https://coinmetrics.substack.com/p/state-of-the-network-issue-228>

- Host: [coinmetrics.substack.com](https://links.thingelstad.xyz/hosts/coinmetrics.substack.com/)
- Saved: October 10, 2023 (2023-10-11T02:13:34Z)
- Record: https://links.thingelstad.xyz/links/55167f6c3bbb/
- JSON: https://links.thingelstad.xyz/links/55167f6c3bbb.json

## What Jamie wrote

Deep dive into USDC, backed by Circle, and the stablecoin I prefer to use when needed. I didn’t realize the drop in supply, but did know there were concerns over exposure to Silicon Valley Bank. Interesting read to understand how this works as a business.

## Facts

- Kind: [Newsletter](https://links.thingelstad.xyz/kinds/newsletter/)

## Appears in

- [WT265: Weekly Thing 265 / Magic, Copilot, Shortery](https://weekly.thingelstad.com/archive/265/), Briefly

## Same host

- [Coin Metrics’ State of the Network: Issue 204](https://links.thingelstad.xyz/links/2d36f018826e/) (coinmetrics.substack.com, April 26, 2023)
- [Coin Metrics’ State of the Network: Issue 205](https://links.thingelstad.xyz/links/e4d4c4f510da/) (coinmetrics.substack.com, May 4, 2023)
- [A Claim in the Ether: Tracking the Soaring Demand for Ethereum Staking](https://links.thingelstad.xyz/links/66afb00dc0f0/) (coinmetrics.substack.com, May 25, 2023)
- [Conducting the ETH Census - by Kyle Waters](https://links.thingelstad.xyz/links/a69a4b2e14ff/) (coinmetrics.substack.com, February 1, 2024)
- [Bitcoin's Halving Aftermath](https://links.thingelstad.xyz/links/50c53c2d20d7/) (coinmetrics.substack.com, May 16, 2024)

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- [Does Your Hybrid Strategy Need to Change?](https://links.thingelstad.xyz/links/7f4c1c633918/) (hbr.org, October 10, 2023)

## Elsewhere

- Wayback Machine: https://web.archive.org/web/*/https://coinmetrics.substack.com/p/state-of-the-network-issue-228