According to the latest Transparency and Trust Report published on Circle’s official website, USDC reserves are held entirely in cash and short-term U.S. government bonds, including U.S. Treasury bonds with maturities of 3 months or less, and all reserves are held by major U.S. financial institutions , including BlackRock and Bank of New York Mellon.
As of May 13, 2022 at 12:00pm EST USDC reserves include $11.6 billion in cash (22.9%), $39 billion in U.S. Treasury securities (77.1%), totaling $50.6 billion (100%), corresponding to 506 in circulation billion USDC.
As the USDC issuer, Circle claims to be audited annually, including an audit of the USDC reserves, and the audit report has been submitted to the SEC.
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