-
Bitcoin Price: $27,759
0.73%
-
All-Time High: $69,045.00 59.76%
- 24h High / 24h Low: $28,037 / $27,567
-
Market Cap: $538,542,758,602 0.41%
- 24h Volume: $12,291,973,345
Circle holds $55.7 billion in assets to back Stablecoin USDC
- July 15, 2022
- Stablecoin
Source: Circle.com
The crypto company Circle continues to work on its transparency. On July 14, 2022, the company published a detailed breakdown of the assets backing their Stablecoin USD Coin (USDC).
USDC is slightly over-collateralized
In total, Circle holds $55.7 billion in assets on its books to back the issued Stablecoin USD Coin (USDC). As a result, USDC is actually slightly over-collateralized, as the Circle transparency report indicates that there are currently only $55.56 billion worth of USDC in circulation.
Circle continues enhancing our transparency and today we shared a detailed look at the assets backing the USDC reserve. https://t.co/1tuaFWZhIO
— Circle (@circlepay) July 14, 2022
Circle’s assets consist of short-term U.S. government bonds ($42.12 billion) and U.S. dollar cash reserves ($13.58 billion). To meet the industry’s requirements for high transparency, Circle CFO Jeremy Fox-Geen announced plans to publish daily transparency reports in the future.
Disclaimer
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
Read more About
THIS WEEK’S
Trending Posts
-
Bitcoin and the Environment: Debunking the Myths
-
NFT Marketplaces: A comprehensive guide for artists and traders
-
Explained: Advantages & Disadvantages of KYC
-
Ethereum successfully launches Shadow Fork in preparation for upcoming Shanghai Hard Fork
-
Assets worth $5 billion in cash and cryptocurrency seized from FTX
SPREAD THE WORD
Share this Post
HAND-PICKED
Curated Cryptocurrency Posts
Didn't find the answer you were looking for?
Feel free to check our cryptocurrency market data or our comprehensive blockchain glossary.
