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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 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.
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.
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