Circle discloses details of USDC reserves

The majority of USD Coin (USDC) issued to the market is backed by U.S. dollars. The remaining coins are backed by bonds and other highly liquid assets.

As I shared just over a week ago, we are expanding our transparency on USDC Reserves. You can find the expanded table of reserves assets in our May attestation report: https://t.co/dYCFnnxG82

— Jeremy Allaire (@jerallaire) July 20, 2021

According to Circle’s attestation report, the backing structure of the second-largest stablecoin comprises:

• cash and cash equivalents — 61% ($13.4 billion);

• deposit certificates (Yankee CDs) — 13% ($2.9 billion);

• U.S. Treasury securities — 12% ($2.7 billion);

• commercial paper — 9% ($2.0 billion);

• corporate bonds — 5% ($1.1 billion);

• municipal and other bonds — 0.2% ($0.1 billion).

The report states that Circle has issued USDC into the market with a total value of $22.2 billion.

Earlier, the Centre consortium launched USD Coin on the Tron blockchain, and also announced plans to issue its stablecoin on nine more blockchains: Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks and Tezos.

In May Circle raised $440 million from FTX, Digital Currency Group, Fidelity and other investors.

By the end of May the total market capitalization of stablecoins exceeded $100 billion.

Grant-Thorton Circle Usdc Reserves 07162021 by ForkLog on Scribd

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