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Key Takeaways from USDC $44.5 Reserve Report

Published on

January 30, 2023
Read Time:1 Minute, 48 Second

The issuer of USD Coin (USDC) Circle has launched an auditor-verified report on its treasury reserve holdings, which presently cowl greater than $44.5 billion value of tokens in circulation.

Circle's December 2022 reserve report, reviewed by the GrantThornton Accountancy Group, breaks down the present make-up of the stablecoin issuer's reserve vault. In line with Circle, $44,553,543,212 is presently backed by $44,693,963,701 in deposits.

It is value noting that a good portion of the latter quantity is invested in numerous US Treasury bonds. In line with Timothy Singh, Circle's vp of accounting, the truthful worth of belongings within the USDC reserve is the overall stability of USD-denominated belongings, together with a mixture of money and authorities bonds.

Circle's Reserve Fund is registered as a authorities cash market fund. Holdings within the fund are wholly owned by Circle and embody 14 totally different US Treasury payments valued at over $23.5 billion. The fund additionally holds $48.9 million in money, whereas an extra $33 million is owed to the funds, offset by "timing and settlement variations."

Associated: Stablecoin settlements could surpass all main card networks in 2023: dates

Two further US Treasury notes valued at $10.5 billion are reported in a separate reserve asset class, together with an extra $10.5 billion in money held by a variety of monetary establishments on Circle's behalf.

U.S. banks holding Circle's money reserves embody Financial institution of New York Mellon, Residents Belief Financial institution, Prospects Financial institution, New York Group Financial institution, Signature Financial institution, Silicon Valley Financial institution, and Silvergate Financial institution.

Circle and funds platform Ripple have been notable contributors attending cryptocurrency and blockchain workshops on the World Financial Discussion board in Davos in January 2023.

Corey Then, Circle's vp of world coverage, mentioned the group has been in discussions with policymakers, conventional companies, know-how corporations and humanitarian organizations to discover the potential for utilizing USDC as a cost answer sooner or later.

Over the previous two years, Circle's place as a stablecoin issuer has grown steadily, making USDC the second most used USD-backed stablecoin behind USDT Tether.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 30, 2023
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