It's in circulation and can be said to be read (5)
I believe the answer is:
blood
'it's in circulation' is the definition.
(I've seen this in another clue)
'can be said to be read' is the wordplay.
I cannot quite understand how this works, but
'can' could be 'loo' (both can informally mean toilet) and 'loo' is located in the answer.
This may be the basis of the clue (or it may be nonsense).
'and' acts as a link.
Can you help me to learn more?
(Other definitions for blood that I've seen before include "It contains plasma and platelets" , "Red fluid" , "Sanguineous fluid" , "Oxygenating fluid" , "Recorded and respected ancestry" .)