Circle USDC Reserves Are 80% Short-Term Treasury Bonds

According to the USDC Circle Examination Report, the present circulation of $47.2 billion in USDC is backed by $47.7 billion in cash and short-term U.S. government bonds. 

The new fund’s portfolio will also include U.S. government bonds. The firm also mentioned that the assets will be kept at the Bank of New York Mellon, where the fund will be subject to regulation under the Investment Company Act of 1940, which requires an independent board and daily portfolio reporting.

Circle CEO Jeremy posted that they never lent to FTX or Alameda, never received FTT as collateral, and never held or traded FTT. The firm is a minority shareholder in FTX, and FTX is a minority shareholder in Circle, but Circle is also a minority shareholder in Kraken, Coinbase, and BinanceUS. About 80% of USDC reserves are held in the form of U.S. short-term Treasury bonds and are held by Bank of New York Mellon, and the remaining cash is held in 7- 8 bank accounts.

Source: USDC Circle Examination Report

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