According to Circle’s most recent reserves report, about 65% of all USD Coin (USDC) reserves are held as US Treasury bills.

Circle had $43.4 billion in USDC reserves to support 43.23 billion USDC outstanding as of November 30, 2022. Of these reserves, $12.79 billion was held in the Circle Reserve Fund, a government-registered money market fund wholly owned by Circle and managed by BlackRock. The fund’s holdings included 12 US Treasuries as of November 30.

Circle created its Reserve Fund on November 3, and in less than a month, transferred around 29.5% of stablecoin reserves into the fund. Since then, Blackrock’s disclosure information reveals that “USDC reserves invested in the Circle Reserve Fund have risen to around $28.6 billion, or 65%.”

Popular cryptanalyst John Paul Koning I call is a “win” for USDC users, adding:

“Circle is relinquishing some of its control over USDC reserves to a third-party servicer subject to SEC regulation, ultimately making USDC more secure. Transparency is also improved as USDC users can now get regular updates from BlackRock.”

As of November 30, Circle directly held another $19.41 billion in USDC reserves as Treasuries.

In addition, $11.15 billion of the stablecoin’s reserves were stored as cash at US-regulated financial institutions, including Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank and Silvergate Bank.

Posted in: United States, Stablecoins

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