1 year ago
According to Circle’s astir recent reserve report, astir 65% of each USD Coin (USDC) reserves are held arsenic US treasury bills.
Circle held $43.4 cardinal successful USDC reserves to backmost 43.23 cardinal USDC successful circulation arsenic of Nov. 30, 2022. Of these reserves, $12.79 cardinal laic successful the Circle Reserve Fund, a registered authorities wealth marketplace money wholly owned by Circle and managed by BlackRock. The fund’s holdings included 12 US treasury bills arsenic of Nov. 30.
Circle created its Reserve Fund connected Nov. 3, and successful little than a month, it transferred astir 29.5% of the stablecoin reserves to the fund. Since then, Blackrock’s disclosures accusation reveals that “USDC reserves invested successful the Circle Reserve Fund person risen to astir $28.6 billion, oregon 65%,”
Popular crypto expert John Paul Koning called it a “win” for USDC users, adding:
“Circle is yielding immoderate of its power implicit USDC’s reserves to an outer manager taxable to SEC regulation, which yet makes USDC safer. Transparency improves too, since USDC users tin present get regular updates from BlackRock.”
Another $19.41 cardinal worthy of USDC reserves were held arsenic treasury bills straight by Circle arsenic of Nov. 30.
Additionally, $11.15 cardinal of the stablecoin’s reserves was stored arsenic currency astatine US-regulated fiscal institutions, which see Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank.
The station Nearly 65% of USDC reserves are held arsenic US Treasury Bills appeared archetypal connected CryptoSlate.
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