Fintech company Circle issued a monthly report detailing the reserves of its US-dollar backed stablecoin USDC, which showed $55.7 billion in cash and three-month US Treasury securities at the end of June.
The unaudited report shows $13.58 billion in cash at regulated US banks. The banks are-Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, Silvergate Bank and US Bancorp.
Moreover, Circle also holds $42.12 billion in three-month Treasury securities with an average maturity of 44 days. The list disclosed by the platform shows 19 securities maturing between July 5 and September 29 of this year.
The financials were disclosed as a part of Circle’s latest blog post series titled, ‘How To Be Stable.’
The blog post states, “The USDC reserve is held solely in cash and 3-month U.S. Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations.”
Jeremy Allaire, the co-founder and CEO of Circle tweeted, “We are not done, we are continuing to do more to provide even greater transparency, including seeking permission from our banking partners to disclose how much cash at each institution, as well as moving towards daily public reporting on reserve assets. We will get there.”
The CEO refuted claims that USDC is going through a crisis amid the ongoing crypto market crash just two weeks ago. He posted a Twitter thread debunking all the reports via a few blog posts that clarifies Circle’s current position.
