Circle: USDC fully backed by dollars and US Treasuries

Circle has published information on its reserves and the issuance dynamics of the centralized stablecoin USDC.

Circle remains committed to the transparency and trust of USDC. Our CFO, Jeremy Fox-Geen explains in detail how we accomplish this. https://t.co/Fi6ShqDVgl

— Circle (@circlepay) May 13, 2022

According to the publication, 8.4 billion USDC were issued in the last seven days, 6.7 billion USDC redeemed. Total in circulation: 50.6 billion coins.

The collateral structure of the centralized stablecoin as of May 13:

• 22.9% or $11.6 billion — cash dollars;
• 77.1% or $39 billion — US Treasuries with maturities of up to three months.

“USDC reserves are held at leading US financial institutions, including BlackRock and Bank of New York Mellon,” the blog says.

Circle undergoes annual audits, during which the collateral backing the stablecoin is also reviewed. The company provides SEC reports and is preparing for a listing on the New York Stock Exchange.

USDC ranks second in CoinGecko’s stablecoins rankings.

The asset far surpasses Binance USD (BUSD) in market capitalization, though it trails somewhat in trading volume. Earlier, Tether shifted the bulk of its USDT collateral into US government bonds, reducing holdings in commercial paper.

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