Circle, the issuer of the USDC Stablecoin, has released a report on the economic status of the coin.
According to the document, more than $213 billion has been redeemed since the USDC launched in 2018 through December 2022, with each USDC secured by a 1:1 dollar ratio.
Approximately 80% of USDC reserves are held in 3-month U.S. Treasury bonds. Another about 20% of USDC reserves are held in cash, diversified among eight partner banks.
The company said it will move reserves into its own Reserve Fund, managed by BlackRock, by the end of January 2023. The Bank of New York Mellon will act as custodian.
Circle also said that it is being audited by Grant Thornton on an ongoing basis, but that in the future these services will be provided by Deloitte, the world’s largest auditing firm.