USD Coin (USDC $1.00) issuer Circle has released an accountant-verified report of its treasury reserve holdings backing more than $44.5 billion worth of tokens currently in circulation.
Circle’s December 2022 reserve report, reviewed by Grant Thornton accountancy group, breaks down the current make-up of the stablecoin issuer’s reserve vault. According to Circle, 44,553,543,212 USDC is currently backed by $44,693,963,701 U.S. dollars held in custody accounts.
It is worth noting that a significant portion of the latter amount is invested in various U.S. treasury bonds. As per Circle’s vice president of accounting Timothy Singh, the fair value of assets in the USDC reserve is the total balance of U.S. dollar-denominated assets, including a mix of cash and treasury bonds.
Key takeaways from Circle’s $44.Circle’s reserve fund is registered as a government money market fund. The equity interests in the fund are wholly owned by Circle and include 14 different U.S. treasury bills valued at over $23.5 billion. The fund also holds $48.9 million in cash, while a further $33 million is due to the fund, offset by “timing and settlement differences.”
Another two U.S. treasury securities valued at $10.5 billion are reported in a separate reserve assets category, alongside another $10.5 billion in cash held by several financial institutions on behalf of Circle.
U.S. banks holding Circle’s cash reserves include 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 platform Ripple were notable attendees that participated in cryptocurrency and blockchain-focused workshops at the World Economic Forum in Davos in January 2023.
Circle’s vice president of global policy, Corey Then, said the organization had discussions with policymakers, traditional companies, tech firms and humanitarian organizations to unpack the possibility of using USDC as a payment solution.
Over the past two years, Circle’s position as a stablecoin issuer has consistently grown, leaving USDC as the second-most-used USD-backed stablecoin, behind Tether (USDT $1.00).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.