Circle Internet Financial, the issuer of USDC, on Thursday released a detailed but unaudited breakdown of the reserves backing the second-largest stablecoin by market capitalization.
See related article: Questions over Circle’s USDC reserves linger despite assurances
Fast facts
- The breakdown showed that Circle had US$42.12 billion in U.S. Treasurys and US$13.58 billion in cash as of June 30.
- The weighted average maturity of the U.S. Treasurys held by Circle is 43.9 days with the latest Treasury maturing on Sept. 29, 2022, the document showed.
- The cash was held at Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, Silvergate Bank, and US Bancorp, Circle said.
- The breakdown of reserves also indicated that Circle’s reserves are slightly higher than the value of the USDC in circulation.
- Announcing the reserves breakdown report in a blog post, Jeremy Fox-Geen, Circle’s chief financial officer, said that the company is also looking to start daily disclosure of reserve assets.
- Fox-Geen added that Circle is looking to secure permission from its cash custodians to disclose the amount of cash held by each.
See related article: Circle says customers could redeem all of USDC in one day