Express
Circle's Reserve Report Shows That 61% Of USDC Is Backed By Cash And Cash Equivalents
Summary: Circle announced the details of its USDC reserve in its latest certification report dated July 16, 2021. According to the report, 61% of USDC tokens are backed by cash and cash equivalents, namely cash and money market funds. The Yankee certificate of deposit accounted for 13%, U.S. Treasury bonds accounted for 12%, commercial paper accounted ...
Circle announced the details of its USDC reserve in its latest certification report dated July 16, 2021.
According to the report, 61% of USDC tokens are backed by cash and cash equivalents, namely cash and money market funds. The Yankee certificate of deposit accounted for 13%, U.S. Treasury bonds accounted for 12%, commercial paper accounted for 9%, and the remaining tokens were backed by municipal and corporate bonds.
As of 11:59 pm Pacific time on May 28, 2021, the company has issued nearly $22.2 billion worth of USDC.
By Mary Liu
Tags: Circle,Stablecoin,USDC
Link: Circle's Reserve Report Shows That 61% Of USDC Is Backed By Cash And Cash Equivalents [Copy]
