The fintech company, best known for its dollar-pegged stablecoin, USDC, disclosed in the unaudited report that it is holding $13.58 billion in cash at regulated US banks like Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, Silvergate Bank and US Bancorp.
Circle reported 55.57 billion USDC in circulation as of June 30th, describing USDC as “fully backed.” The company also introduced EUROC, a stablecoin backed by the euro. These securities have a weighted average maturity of 43.9 days.
Circle also disclosed having $42.12 billion in three-month Treasury securities. The list shows 19 securities maturing between July 5 and September 29 of this year.
“The USDC reserve is held solely in cash and three-month US Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations,” according to the blog post. The company added that it had received third-party attestations on a monthly basis since introducing USDC in 2018.
The disclosure is the latest in a series of Circle blog posts entitled “How To Be Stable,” which Circle co-founder and CEO Jeremy Allaire highlighted in a July 2 Twitter thread refuting rumours circulating on social media that USDC was in trouble.
In a new thread today, Allaire stated that the disclosure of USDC reserves was part of the company’s ongoing efforts to focus on transparency.
“As part of our commitment to increasing transparency and disclosure around USDC, today we’re publishing our first monthly breakdown of the USDC reserve assets, by each and every Treasury bond and list of cash reserve custodians,” Allaire wrote.
“We are not done, we are continuing to do more to provide even greater transparency, including seeking permission from our banking partners to disclose how much cash at each institution, as well as moving towards daily public reporting on reserve assets. We will get there,” Allaire added.
On July 8, Paxos announced that it would begin providing detailed monthly disclosures for the reserves backing its Pax Dollar (USDP) and Binance USD (BUSD) stablecoins. It offers the latter through a partnership with Binance.