The total amount of USDC in circulation as of June 30 was $55.57 billion, according to Circle, which has stated that it is completely backed.
In its first monthly report, Circle Internet Financial has disclosed the reserves for its stablecoin backed by US dollars. The fintech company, at the end of June, showed $55.7 billion in cash and US Treasury securities with a three-month maturity.
According to the unaudited report, Circle, which is best known for its stablecoin, USDC, pegged to the dollar, has $13.58 billion in cash on hand at regulated US banks. The report lists Signature Bank, Citizens Trust Bank, Bank of New York Mellon, Customers Bank, New York Community Bank, Silicon Valley Bank, Silvergate Bank, and US Bancorp among the said banks.
The total amount of USDC in circulation as of June 30 was $55.57 billion, according to Circle, which has stated that it is completely backed. In June, the fintech firm also introduced EUROC, a stablecoin backed by the euro, with the weighted average maturity of these securities revealed to be 43.9 days.
Circle also disclosed holding $42.12 billion in Treasury securities with a maturity of three months. The list shows 19 securities maturing between July 5 and September 29 of this year.
According to the company’s blog post, the “USDC reserve is “completely distinct from Circle’s operations and is held only in cash and three-month US Treasury securities, held in segregated accounts for the benefit of USDC holders.” Circle also noted that since the USDC was created in 2018, it has obtained third-party attestations each month.
Jeremy Fox-Geen, the Chief Financial Officer also chipped in, stating:
“While US policymakers work to enact federal regulations for stablecoins, Circle continues to increase our transparency based on new industry innovations and what USDC holders within our ecosystem would like to see.”
Circle’s disclosure was the most recent in a series of “How To Be Stable” blog articles, which Jeremy Allaire noted in a thread on Twitter on July 2 debunking concerns that USDC was in danger of collapsing.
In a new thread posted on July 14, Circle co-founder and CEO Jeremy Allaire stated that the disclosure about USDC reserves was part of the company’s ongoing efforts to focus on transparency.
“As part of our commitment to increasing transparency and disclosure around USDC, today we’re publishing our first monthly breakdown of the USDC reserve assets, by each Treasury bond and list of cash reserve custodians,” he stated.
The CEO went on to say that the company would keep working to increase openness, including moving toward daily public reporting on reserve assets and requesting authorization from their banking partners to reveal the amount of cash held at each institution.
next