Circle begins weekly reporting on USDC reserves

Circle, the operator of the second-largest stablecoin USD Coin (USDC), has published reserve data. The firm intends to disclose the information weekly, its chief executive Jeremy Allaire said.

1/ As promised a week ago, we are now providing weekly reports on USDC reserves and liquidity operations. Here’s a link to the new section on our website, and a brief thread below that helps provide context. https://t.co/ECKu4cLWQS pic.twitter.com/ZZcYgC2tFD

— Jeremy Allaire (@jerallaire) May 20, 2022

To this end, Circle opened a dedicated section on its website. According to the posted information, as of May 20 the total supply of the asset stood at 52.9 billion USDC — up 2.3 billion coins over the past seven days.

2/ Over the past week, we saw 8.6 billion USDC issued, and 6.3 billion USDC redeemed, with a net weekly increase in circulation of 2.3 billion USDC.

— Jeremy Allaire (@jerallaire) May 20, 2022

As of that date the stablecoin was backed by reserves totaling $53 billion. They consisted of short-term Treasury securities ($40.2 billion) and cash ($12.8 billion).

To convert the reserves fully into these assets, the company and its Centre consortium partner Coinbase promised in August 2021.

In April Circle selected the financial holding company BNY Mellon as the primary custodian of the stablecoin’s reserves.

Since September 2020, USDC has been rapidly catching up with the market leader — USDT.

In January 2022, the Centre-issued stablecoin on the Ethereum blockchain first surpassed Tether’s stablecoin in market capitalization.

USDC is also available on Algorand, Solana, Stellar, Tron, Hedera Hashgraph, Avalanche and Flow networks.