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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