Circle Internet Financial has released full details of its holding of USD Coin (USDC) for the first time, a move designed to provide transparency and build trust among stablecoin issuers.
As of June 30, Circle’s $55.7 billion reserves consisted of $42.12 billion in short-term United States Treasuries and $13.58 billion in cash held in regulated financial institutions in the country, according to the company.revealon thursday The average age of the asset is 43.9 days.
Jeremy Fox-Green, Circle Chief Financial Officer writeIn a blog post, “USDC reserves are kept in cash and US Treasuries for 3 months only. They are separate accounts for the benefit of USDC holders and completely separate from Circle’s operations.”
Circle said the report was the first monthly breakdown of stablecoin’s reserve assets, and ultimately plans to release daily holdings. pending approval from moderators
USDC has climbed the stablecoin rankings for 2022 due to the continued rise of decentralized finance. and Circle’s ongoing commitment to regulatory clarity.
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