Circle holds $55.7 billion in assets to back Stablecoin USDC
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’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.
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
SPREAD THE WORD
Share this Post
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.