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

15.07.2022 - 11:40

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2 min

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 report

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.

Circle’s blog

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.

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