Net issuance
Net issuance is the amount of a stablecoin minted minus the amount burned over a stated period, i.e. the change in its supply over that period. Circle's transparency page reports USDC 'Issued', 'Redeemed' and 'change in circulation' over 7, 30 and 365 days. In the USDC and USDT contracts, mint or issue adds to total supply and burn or redeem subtracts from it. In USDT's Ethereum contract, supply also falls when a blacklisted address's funds are destroyed.
What the sources say
| Source | Quote | Link |
|---|---|---|
| Circle transparency page: issuance and redemption blocks | "Issuance & redemption 7 Day Change Issued Redeemed change in circulation 30 Day Change Issued Redeemed change in circulation 365 Day Change" | circle.com |
| Circle FiatTokenV1.sol: mint adds to supply | "totalSupply_ = totalSupply_.add(_amount);" | GitHub |
| Circle FiatTokenV1.sol: burn subtracts from supply | "totalSupply_ = totalSupply_.sub(_amount);" | GitHub |
| TetherToken source: issue adds to supply | "_totalSupply += amount;" | Etherscan |
| TetherToken source: destroyBlackFunds lowers supply | "uint dirtyFunds = balanceOf(_blackListedUser); balances[_blackListedUser] = 0; _totalSupply -= dirtyFunds;" | Etherscan |
Note on sources
No regulator definition of "net issuance" was found. The definition above is based on the token contracts and Circle's reporting of the change in circulation.
Related terms
See also
- Data: Stablecoin mint and burn: net issuance
- Explainer: The dashboard
- Review: revain.org/coins/usdc/
- Review: revain.org/coins/usdt/
Checked against the sources on 2026-11-01.