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.
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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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