Circle publishes detailed report on the USDC supply
In June, 75,6% of reserves were in US Treasury bonds, and 24,4% were in cash at regulated financial institutions
![Circle publishes detailed report on the USDC supply](https://storage.getblock.net/source/1/nYLM2QjF_A_8DczQJTioxvcRSzSL0waK.webp)
15.07.2022 - 11:40
364
2 min
0
What’s new? Circle has published a detailed report on the reserves backing the USDC stablecoin. As of June 30, the stablecoin had a capitalization of $55,57 billion and $55,7 billion in collateral. Of this amount, $13,58 billion in fiat is held at regulated banks: Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, Silvergate Bank, and US Bancorp. Another 42,12 billion is placed in US Treasury short-term bonds, which have an average maturity of 44 days.
Circle’s comments. This is the company’s first report with a detailed breakdown of the asset classes that make up the stablecoin collateral. Basically, Circle began publishing information on USDC reserves on a weekly basis back in late May to increase the asset’s transparency operation amid the collapse of the UST stablecoin of the Terra project.
Circle CEO Jeremy Allaire reported that reports on USDC reserves will be released on a daily basis in the future. He stressed that the collateral is held in separate accounts and is completely separate from Circle’s operations, adding that the reserve is subject to all protections under US law.
In May, a US court rejected Tether’s petition asking for permission to block access to documents explaining the composition of the USDT stablecoin reserves over the past few years. Tether CTO Paolo Ardoino later reported that the company would conduct an audit of the asset’s reserves, without specifying whether the results would be made publicly available.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024