USDC issuer Circle has released a full breakdown of its USD Coin (USDC) holdings for the first time in an effort to offer transparency and instill greater trust in the company. USDC Reserves Consist of Cash, Short-Term Treasuries In a blog post released on Thursday, Circle revealed that as of June 30th, the USDC reserve is worth $55.7 billion, comprising $42.12 billion in three-month Treasury securities and $13.58 billion in cash. The $13.6 billion in cash is held at US-based regulated financial institutions, namely the Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, US Bancorp, Silvergate Bank, according to the document. “The USDC reserve is held solely in cash and 3-month U.S. Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations,” the company’s chief financial officer Jeremy Fox-Geen wrote in the blog post. Circle continues enhancing our transparency and today we shared a detailed look at the assets backing the USDC reserve. https://t.co/1tuaFWZhIO — Circle (@circlepay) July 14, 2022 Detailed Overview Into USDC Meanwhile, the $55.7 billion in assets Circle claims is slightly higher than the 55.4 billion USDC tokens in circulation. USDC is supposed to hold a 1:1 peg to the U.S. dollar. While the report was not audited, per the document, it offered a more detailed glimpse into the re...
