Look at excess reserves at the Fed. https://fred.stlouisfed.org/series/EXCSRESNS https://fred.stlouisfed.org/series/EXCSRESNS 2.8T dollars being held at the F

Look at excess reserves at the Fed. https://fred.stlouisfed.org/series/EXCSRESNS https://fred.stlouisfed.org/series/EXCSRESNS 2.8T dollars being held at the Fed. It never entered circulation.