Stablecoin issuer Circle is unveiling a full breakdown of its USD Coin (USDC) reserves as part of its commitment to increase transparency.
According to a new company blog post, Circle is issuing its first ever monthly breakdown of USDC reserve assets to demonstrate the stablecoin’s full backing and peg to the US Dollar.
“Today we are keeping [our] commitment and issuing our first monthly full breakdown of the USDC reserve assets, as of June 30, 2022, as well as a complete list of USDC reserve custodians.
We are working toward providing daily disclosure as well as securing permissions from our custodians to disclose the amount they each hold.”
The data reveals that there are currently over 55.5 billion USDC tokens in circulation while Circle has $55.7 billion in reserve assets to back the stablecoin. About $42 billion of those reserve assets are comprised of U.S. Treasury securities while the rest are in cash held at protected US financial institutions.
“The USDC reserve is held solely in cash and three-month U.S. Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations.
The USDC reserve is subject to all the same protections under U.S. state and federal law as afforded to other large scale payments innovators entrusted by millions of customers with tens of billions of dollars of customer assets.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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