According to Circle’s most recent reserve report, around 65% of all USD Coin (USDC) reserves are held as US treasury bills. Circle held $43.4 billion in USDC reserves to back 43.23 billion USDC in circulation as of Nov. 30, 2022. Of these reserves, $12.79 billion lay in the Circle Reserve Fund, a registered government money market fund wholly owned by Circle and managed by BlackRock. The fund’s holdings included 12 US treasury bills as of Nov. 30. Circle created its Reserve Fund on Nov. 3, and in less than a month, it transferred around 29.5% of the stablecoin reserves to the fund. Since then, Blackrock’s disclosures information reveals that “USDC reserves invested in the Circle Reserve Fund have risen to around $28.6 billion, or 65%,”. (cryptoslate)
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Nearly 65% of USDC Reserves are Held as US Treasury Bills
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