Cryptocurrency

Nearly 65% of USDC reserves are held as US Treasury Bills

Hull Invest

According to most of the circle recently About 65% of all USD coin (USDC) reserves are held as US Treasury bills, according to the reserve report.

Circle held $43.4 billion in USDC reserves to back 43.23 billion USDC in circulation as of November 30, 2022. Of these reserves, $12.79 billion was in the Circle Reserve Fund. As of November 30, the fund’s holdings included 12 US Treasury bills.

Circle created its reserve fund on November 3rd and in less than a month has transferred approximately 29.5% of its stablecoin reserve into the fund. Since then, Blackrock’s disclosure reveals that “USDC reserves invested in the Circle Reserve Fund have increased to approximately $28.6 billion, or 65%.”

Popular Crypto Analyst John Paul Corning called It’s a “win” for USDC users, adding:

“Circle has ceded some control over USDC reserves to SEC-regulated external managers, ultimately making USDC more secure. USDC users will receive regular updates from BlackRock. It also improves transparency, because we can now get .”

As of November 30, an additional $19.41 billion worth of USDC reserves were held directly by Circle as Treasury bills.

Additionally, $11.15 billion in stablecoin reserves will be distributed to U.S. regulated financial institutions, including Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank. kept as cash.

Posted In: United States, Stablecoins

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