USD Coin Issuer Circle Released Its Reserve Report For December 2022
Key Points:
- Circle has released an accountant-verified report on its treasury reserve holdings, which support more than $44.5 billion in tokens in circulation.
- The firm owns all of the fund’s equity interests, which include 14 separate US Treasury notes worth more than $23.5 billion. The fund also has $48.9 million in cash, with another $33 million owed to it.
Circle, the company behind the USD Coin, has produced an accountant-verified report on its treasury reserve assets, which support more than $44.5 billion in tokens now in circulation.
Circle’s December 2022 reserve report, which Grant Thornton audited, details the current makeup of the stablecoin issuer’s reserve vault. It reports that 44,553,543,212 USDC is now backed by $44,693,963,701 USD in custodial accounts.
It is worth mentioning that a sizable chunk of the latter amount is held in various U.S. treasury bonds. According to Timothy Singh, Circle’s vice president of accounting, the fair value of assets in the USDC reserve is the overall balance of US dollar-denominated assets, which includes a mix of cash and treasury bonds.
As reported, the firm owns all of the fund’s equity interests, which include 14 separate US Treasury notes worth more than $23.5 billion. The fund also has $48.9 million in cash, with an additional $33 million owed to it, offset by time and settlement disparities.
Another $10.5 billion in treasury securities is included in a separate reserve assets category, along with another $10.5 billion in cash held by multiple financial institutions on Circle’s behalf.
The Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank are among the American financial institutions that hold Circle’s cash reserves.
The prospect of adopting USDC as a payment solution was discussed by Circle with legislators, conventional businesses, digital companies, and humanitarian organizations, according to Corey Then, vice president of global policy at Circle.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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USD Coin Issuer Circle Released Its Reserve Report For December 2022
Key Points:
- Circle has released an accountant-verified report on its treasury reserve holdings, which support more than $44.5 billion in tokens in circulation.
- The firm owns all of the fund’s equity interests, which include 14 separate US Treasury notes worth more than $23.5 billion. The fund also has $48.9 million in cash, with another $33 million owed to it.
Circle, the company behind the USD Coin, has produced an accountant-verified report on its treasury reserve assets, which support more than $44.5 billion in tokens now in circulation.
Circle’s December 2022 reserve report, which Grant Thornton audited, details the current makeup of the stablecoin issuer’s reserve vault. It reports that 44,553,543,212 USDC is now backed by $44,693,963,701 USD in custodial accounts.
It is worth mentioning that a sizable chunk of the latter amount is held in various U.S. treasury bonds. According to Timothy Singh, Circle’s vice president of accounting, the fair value of assets in the USDC reserve is the overall balance of US dollar-denominated assets, which includes a mix of cash and treasury bonds.
As reported, the firm owns all of the fund’s equity interests, which include 14 separate US Treasury notes worth more than $23.5 billion. The fund also has $48.9 million in cash, with an additional $33 million owed to it, offset by time and settlement disparities.
Another $10.5 billion in treasury securities is included in a separate reserve assets category, along with another $10.5 billion in cash held by multiple financial institutions on Circle’s behalf.
The Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank are among the American financial institutions that hold Circle’s cash reserves.
The prospect of adopting USDC as a payment solution was discussed by Circle with legislators, conventional businesses, digital companies, and humanitarian organizations, according to Corey Then, vice president of global policy at Circle.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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