Circle releases first monthly USDC stablecoin collateral report
Economy

Circle releases first monthly USDC stablecoin collateral report

Circle has published a detailed analysis of the USDC stablecoin’s reserves.

 

The stablecoin capitalization stood at $55.57 billion as of June 30, 2022. The collateral was $55.7 billion. 13.58 billion dollars in fiat currencies have been placed with regulated banks, including Bank of New York Mellon and Citizens Trust Bank. Customers Bank, New York Community Bank, New York Community Bank, Signature Bank, Silvergate Bank, US Bancorp, New York Community Bank, New York Community Bank, New York Community Bank, New York Community Bank, New York Community Bank, Signature Bank and Silicon Valley Bank. A further 42.12 billion dollars is invested in US Treasury bonds short-term, with an average maturity of 44 days.

The company stated in a blog that collateral is kept in separate accounts and is independent of Circle’s operations. It is protected by all laws.

CEO Jeremy Allaire launched the Collateral Report to continue a series of publications aimed at building trust amid the industry’s difficulties following the collapse of Terra and the UST stablecoin.

The top manager explained that they have revealed the first USDC reserve asset structure for all treasury bills as well as a list cash reserve holders.

This is the first report of the company that includes a breakdown of all the assets that make up the backing for a stablecoin.

Circle releases first monthly USDC stablecoin collateral report
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