$42.12 billion of the USD Coin (USDC) collateral was held in U.S. Treasuries, $13.58 billion in cash at regulated banks. Such data are contained in Circle’s unaudited co-emitter report as of the end of June.
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
As of that date, tokens in circulation stood at $55.57 billion, with collateral totaling $55.7 billion.
Circle opened deposits at Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bancorp, Signature Bank, Silicon Valley Bank, Silvergate Bank and US Bancorp.
The weighted-average duration of the Treasuries was 43.9 days. The maturities of the securities from the 19 issues range from July 5 to September 29.
The company said in a blog post that the collateral is held in segregated accounts and fully segregated from Circle’s operations. All protections under applicable law apply to it.
The reserve report continued a series of publications started by Circle’s CEO Jeremy Allaire, aimed at bolstering trust amid industry difficulties in the wake of the Terra collapse.
“We presented the first structure of the USDC reserve assets across all Treasury bills and the list of cash reserve holders”, — explained a senior executive.
Allaire pledged that such reports would, in the future, be published on a daily basis. The level of detail could increase with the amount of cash transferred to each financial institution. This would occur if Circle’s corresponding request is approved.
2/ We are not done, we are continuing to do more to provide even greater transparency, including seeking permission from our banking partners to disclose how much cash at each institution, as well as moving towards daily public reporting on reserve assets. We will get there.
— Jeremy Allaire (@jerallaire) July 14, 2022
On July 8, Paxos, the issuer of Pax Dollar (USDP) and Binance USD (BUSD), also signaled its intention to switch to a monthly reserve-reporting format.
We’re bringing unprecedented transparency to #stablecoins by issuing reports disclosing the financial instruments backing $USDP & $BUSD. These provide CUSIPs showing we back with cash, secure overnight loans & US Treasuries w/ a less than 90 day maturity. https://t.co/JrtWj2lMVX
— Paxos (@PaxosGlobal) July 8, 2022
Earlier, Allaire promised to disclose details of Circle Yield.
раскрыть детали работы Circle Yield.
In June 2022, Circle unveiled the euro-backed stablecoin Euro Coin (EUROC).
In April, Allaire said that the company was preparing to submit an application for cryptocurrency banking license in the United States. He said it should happen “in the near future”.
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