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Issuing USDC reserves breakdown is an effort towards commitment of trust through transparency – CFO Jeremy Fox-Geen.
On Thursday, 14th July, Circle Internet Financial disclosed the breakdown of its USDC stablecoin reserves. However the reports showcasing the reserve assets are unaudited yet. USDC stablecoin of Circle is the second biggest stablecoin, in terms of market cap, in the global crypto market.
USDC Reserve Assets document shows the overall unaudited assets in reserve by 30th June, 2022. It mentioned the total number of USD Coins in circulation which is 55,569,519,982. Further the document shows the overall worth of assets -$55,703,500,691 – that stablecoin reserves held.
According to the document shared by Circle, out of approx $55.70 billion, about $42,122,235,732 of Circle’s total reserves – that is about 75.6% – are incorporated in short term US Treasuries. While the remaining 24.4%, which is $13,581,264,959, USDC reserves are held in cash.
Circle outlined the information where they keep their cash reserves. It included banks such as Bank of New York Mellon, New York Community Bank, Customers Bank, Citizens Trust Bank, Signature Bank, US Bancorp, Silicon Valley Bank and Silvergate Bank.
Moreover, this is clearly visible in the report that the total value of Circle’s reserve for USD Coin is slightly more than the entire value of USDC stablecoin in circulation.
While announcing the USDC reserves breakdown report, Chief Financial Officer at Circle – Jeremy Fox-Geen – noted further details in a blog post. He outlined that the report came in the wake of efforts that the company is making towards keeping their commitment of building trust through transparency.
CFO further added that they are also looking towards disclosing the reserve assets daily. And also to seek permission from their custodians – disclosing the cash amount they hold.
Circle was witnessed to commit their users to avail complete transparency on the network and they also made several efforts towards it. Releasing USDC reserves reports is one among such efforts. Moreover, the company also started sharing mint and burn data for USD Coins.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
