Over the past week, Circle issued $3.4B in new USDC while redeeming $3.1B—netting a +$400M increase in circulation. This isn’t inflationary noise; it’s a deliberate recalibration of stablecoin reserves as institutional demand surges beneath the surface. With $616B total supply and $619B backing—including $86B cash—I see this not as panic, but as quiet reallocation by rational actors navigating volatility without FOMO. The market is whispering, not screaming.