trade now
BlockchainCrypto AdoptionCryptocurrencyCryptocurrency RegulationCryptocurrency SecuritiesNewsStablecoinTether (USDT)Web3

Highlights From Circle’s Latest USDC Reserve Report

USDC stablecoin issuer Circle has published its reserve report for December 2022. The report highlighted several assets used as collateral to back over 44 billion USDC tokens. 

The world’s seventh-largest independent accounting firm – Grant Thornton, audited Circle’s latest reserve report. Grant Thornton analyzed the existing makeup of Circle’s stablecoin reserve and reported that over 44.5 billion USDC is supported by over $44.6 billion in various accounts.

An Audit On Circle’s Reserve Assets

It is worth mentioning that a huge percentage of the $44.6 billion is in various treasury bonds in the United States. Circle VP Timothy Singh explained that the total estimate of the USDC reserve assets is equivalent to the sum of USD assets, including a combination of liquid USD and treasury bonds.

The funds in Circle’s reserve can be considered money market funds – funds withdrawn from investors and used to purchase government securities. However, interest from the fund’s equity is completely owned by Circle. 

📰  Crypto Exchange Bybit Releases Mastercard Debit Card

Circle’s purchases include 14 United States treasury bills worth about $48 million. Additionally, the USDC issuer expects gains of about $33 million is expected from the interest on the funds.

According to the audit report, the stablecoin issuer has two other United States securities worth over $10 billion in different reserve assets and over $10 billion kept in various reputable financial institutions.

At the 2023 World Economic Forum in Davos, Corey Then, Circle’s VP of Global Policy, stated that the company held talks with policymakers, traditional firms, tech companies, and humanitarian organizations to explore the potential of USDC as a payment settlement option.

In recent years, USDC has become the second most utilized USD-pegged stablecoin, second only to Tether (USDT).

Blockchain Advancement And Adoption

As blockchain advancements continue to progress, cross-border transactions are expected to rise. Therefore, the industry’s success depends on the widespread adoption of the technology and the fulfillment of users’ needs. 

📰  Coinbase Claims it Will be 'Net Beneficiary' Amid Increased Regulatory Scrutiny

Stablecoins, being a valuable innovation from the world of cryptocurrency, have the potential to satisfy this demand. Consequently, the company that can merge the advantages of Web3 technology with a user-friendly Web2 experience will dominate the market. 

In the context of payments, this means combining the benefits of fast and cost-effective crypto transactions while complying with the strict regulations imposed by the US and Europe on payment service firms. produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰 CEO Dismisses SEN Platform Closure as Having Meaningful Effect on Bitcoin's Price

📰  Crypto Exchange Bybit Releases Mastercard Debit Card

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Skip to content