Key takeaways from USDC $44.5 reserve report

USD Coin (USDC) issuer Circle has released an accountant-verified study of its treasury reserve holdings backing much than $44.5 cardinal worthy of tokens presently successful circulation.

Circle’s December 2022 reserve report, which was reviewed by GrantThornton accountancy group, breaks down the existent make-up of the stablecoin issuer’s reserve vault. According to Circle, 44,553,543,212 USDC is presently backed by $44,693,963,701 U.S. dollars held successful custody accounts.

It is worthy noting that a important information of the second magnitude is invested successful a assortment of U.S. Treasury bonds. As per Circle’s VP of accounting Timothy Singh, the just worth of assets successful the USDC reserve is the full equilibrium of USD denominated assets, including a premix of currency and treasury bonds.

Circle’s Reserve Fund is registered arsenic a authorities wealth marketplace fund. The equity interests successful the money are afloat owned by Circle and see 14 antithetic US Treasury Bills valued astatine implicit $23.5 billion. The money besides holds $48.9 cardinal successful currency portion a further $33 cardinal is owed to the Fund, offset by ‘timing and colony differences’.

Related: Stablecoin settlements tin surpass each large paper networks successful 2023: Data

Another 2 US Treasury Securities valued astatine $10.5 cardinal are reported successful a abstracted reserve assets category, alongside different $10.5 cardinal successful currency that is held by a fig of fiscal institutions connected behalf of Circle.

U.S. banks holding Circle’s currency reserves see the Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank and Silvergate Bank.

Circle and payments level Ripple were notable attendees that participated successful cryptocurrency and blockchain focused workshops astatine the World Economic Forum successful Davos successful January 2023. 

Circle’s vice president of planetary argumentation Corey Then said the enactment had held discussions with policymakers, accepted companies, tech firms and humanitarian organizations to unpack the anticipation of utilizing USDC arsenic a outgo solution successful the future.

Over the past 2 years, Circle’s presumption arsenic a stablecoin issuer has consistently grown, leaving USDC arsenic the second astir used USD-backed stablecoin down USDT Tether.