Key Takeaways From USDC $44.5 Reserve Report

Circle has Released its Reserve report for December 2022, showing Over-Collateralized Asset holdings.
Circle has released an accountant-verified report of its Treasury reserve holdings backing more than $44.5 billion.

Circle’s December 2022 reserve report, which was reviewed by GrantThornton accountancy group, splits down the ongoing make-up of the Stablecoin issuer’s reserve vault.Currently, 44,553,543,212 USDC is being supported by $44,693,963,701 US, according to Circle.
dollars held in detention accounts.

It is important that a significant portion of the latter amount is invested in a variety of U.S. Treasury bonds. According to Circle’s VP of accounting Timothy Singh, the fair value of assets in the USDC reserve is the total balance of USD denominated assets, including a blend of cash and treasury bonds.

Circle’s Reserve Fund is a money market fund.The value interests in the fund are fully claimed by Circle and incorporate 14 different US Treasury Bills valued at more than $23.5 billion. The fund also holds $48.9 million in cash while a further $33 million is because of the Fund, offset by ‘timing and repayment differences’.

One more two US Treasury Securities valued at $10.5 billion are reported in a separate reserve assets category, alongside one more $10.5 billion in cash that is held by various financial institutions on behalf of Circle.

U.S. banks holding Circle’s cash reserves incorporate the Bank of New York Mellon, Residents Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank and Silvergate Bank.

Circle and payments platform Ripple were notable attendees that participated in cryptocurrency and blockchain focused workshops at the World Economic Forum in Davos in January 2023.

Circle’s VP of global policy Corey Then said the organization had held conversations with policymakers, traditional companies, tech firms and compassionate organizations to unload the possibility of involving USDC as a payment solution later on.

Throughout recent years, Circle’s position as a Stablecoin issuer has consistently developed, leaving USDC as the second most used USD-backed Stablecoin behind USDT Tether.