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Circle Reports $2.9B USDC Redemption and $0.7B USDC Minting

As of March 13, Circle has redeemed $2.9B USDC and minted $0.7B USDC.

Circle announced the cash portion of the USDC reserve will be held at BNY Mellon, with only limited funds held at transaction banking partners in support of USDC minting and redemption.

The majority of the reserve will be invested in the Circle Reserve Fund, which is managed by BlackRock and custodied at BNY Mellon.

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