USDC distributor circle, It has released its first monthly report that closely examines the reserves of its US dollar-based stablecoin.
The company showed a total of $55.7 billion in cash and quarterly U.S. Treasury bonds in reserve at the end of June.
Circle’s USDC Reserve Shows $13.58 Billion in Cash and $42.12 Billion in Treasury Bonds
The fintech firm, best known for its dollar-pegged stablecoin USDC, said it holds $13.58 billion in cash in regulated US banks, in the unaudited report.
Banks include: Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, Silvergate Bank, and US Bancorp.
Defining USDC as fully collateralized cryptocurrency company Circle reported 55.57 billion USDC in circulation as of June 30. The company also launched a euro-backed stablecoin called EUROC in June. The weighted average maturity of these securities was recorded as 43.9 days.
In addition, Circle announced that it holds $42.12 billion in quarterly Treasury bonds. The list shows 19 bonds that will mature between July 5 and September 29 of this year.
The following statements were used in the blog post shared by the company:
“The USDC reserve is held in cash and quarterly U.S. Treasuries only, held in separate accounts for the benefit of USDC holders, and is completely separate from Circle’s operations.”
The company added that it has been receiving third-party approvals monthly since introducing USDC in 2018.
In a new message released today, Allaire said the announcement regarding USDC reserves is part of the company’s ongoing efforts to focus on transparency.
Allaire continued his words as follows:
“As part of our commitment to increase transparency and information regarding USDC, today we are publishing the first monthly breakdown of USDC reserve assets against each Treasury bond and cash reserve custodian list.”