USD Coin (USDC) issuer Circle has launched an accountant-verified report of its treasury reserve holdings backing greater than $44.5 billion value of tokens at the moment in circulation.

Circle’s December 2022 reserve report, which was reviewed by GrantThornton accountancy group, breaks down the present make-up of the stablecoin issuer’s reserve vault. In accordance with Circle, 44,553,543,212 USDC is at the moment backed by $44,693,963,701 U.S. {dollars} held in custody accounts.

It’s value noting that a good portion of the latter quantity is invested in quite a lot of U.S. Treasury bonds. As per Circle’s VP of accounting Timothy Singh, the honest worth of property within the USDC reserve is the overall steadiness of USD denominated property, together with a mixture of money and treasury bonds.

Circle’s Reserve Fund is registered as a authorities cash market fund. The fairness pursuits within the fund are totally owned by Circle and embody 14 completely different US Treasury Payments valued at over $23.5 billion. The fund additionally holds $48.9 million in money whereas an additional $33 million is as a result of Fund, offset by ‘timing and settlement variations’.

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One other two US Treasury Securities valued at $10.5 billion are reported in a separate reserve property class, alongside one other $10.5 billion in money that’s held by quite a few monetary establishments on behalf of Circle.

U.S. banks holding Circle’s money reserves embody the Financial institution of New York Mellon, Residents Belief Financial institution, Prospects Financial institution, New York Group Financial institution, Signature Financial institution, Silicon Valley Financial institution and Silvergate Financial institution.

Circle and funds platform Ripple had been notable attendees that participated in cryptocurrency and blockchain targeted workshops on the World Financial Discussion board in Davos in January 2023.

Circle’s vp of world coverage Corey Then stated the group had held discussions with policymakers, conventional corporations, tech corporations and humanitarian organizations to unpack the potential of utilizing USDC as a fee answer sooner or later.

Over the previous two years, Circle’s place as a stablecoin issuer has constantly grown, leaving USDC because the second most used USD-backed stablecoin behind USDT Tether.