Circle Owns Over $44.5 Billion USDC Is Overcollateralized
- USDC is supported by tokens worth more than $44.5 billion that are now in circulation.
- 44.55 billion USDC is backed up by about $44.69 billion in U.S. dollars.
In a recent tweet, Satoshi Club stated Circle, the company responsible for USDC stablecoins issuer. has published a report on its treasury reserve holdings that an accountant had independently validated. USDC is supported by tokens worth more than $44.5 billion that are now in circulation. According to reports published by Circle on its website.
1/ #Circle, the issuer of #USDCoin #USDC, has released an accountant-verified report of its treasury reserve holdings. According to the report, USDC is backed by over $44.5 billion worth of tokens in circulation. #stablecoins #USDC
— Satoshi Club (@esatoshiclub) January 30, 2023
As reviewed by the Grant Thornton accountancy group, states that Circle’s December 2022 reserve reports break down the composition of Circle’s reserve vault. It reveals that 44.55 billion USDC is backed up by about $44.69 billion in U.S. dollars held. These figures happen to be held in custody accounts.
Interestingly, a significant portion of the latter amount is invested in most of the U.S. treasury bonds. However, Timothy Singh, who is the vice president of the Circle firm, states that the fair value of assets in the USDC reserve is a mix of cash and Treasury bonds.
Additionally, Circle is the only owner of the Circle’s Reserve Fund, which is registered as a government money market fund. In addition to holding $48.9 million in cash, of which $33 million is owed to the fund. It also consists of 14 distinct U.S. Treasury Bills worth about $23.5 billion.
Circle Holds Two US Treasury Securities
Surprisingly, as per sources, Circle has two US Treasury Securities worth $10.5 billion as well as $10.5 billion in cash that is held by several financial institutions. These organizations consist of Citizen’s Trust Bank, Customers Bank, and New York Community Bank, among others.
With its accountant-verified report, Circle intends to spread the adoption of its USDC stablecoin. And spread the good news about USDC across the globe, moreover, the company will increase security within its stablecoin industry.
