USD Coin (USDC) stablecoin reserves are 77.1 percent US Treasuries and 22.9 percent cash. According to a recent report from Circle, the reserves were valued at $50.6 billion ($39 billion in US Treasuries and $11.6 billion in cash). The amount in reserves also equates to the $50.6 billion in USDC in circulation.
The Circle’s team went on to say that the company’s goal was for USD Coin (USDC) to be the “most transparent and trusted dollar digital currency.” They further stated that the USDC is “always backed by the equivalent value of US dollar denominated assets” and is redeemable for US dollars at a 1:1 ratio.
Furthermore, its reserves are held in the custody of renowned US financial organisations, BlackRock and Bank of New York Mellon.
The USDC reserves update comes after a difficult two weeks in the crypto markets, which began with the US Federal Reserve raising interest rates by 0.50 percent and continued with LUNA experiencing enormous inflation and UST depegging considerably. Due to concerns about possible stringent regulation by global financial bodies such as the US Treasury, Tether (USDT) was depegged as a result of the latter occurrence.’
During the last 7 days, Circle minted 8.4 billion USDC and redeemed 6.7 billion USDC,” according to the Circle team. This comment also shows that during the aforementioned period of crypto market anxiety caused by the ambiguity surrounding stablecoins, USDC saw high transaction activity.
Read more: UDC coin operator “Circle” announces $400 million funding round
 stablecoin reserves are 77.1 percent US Treasuries and 22.9 percent cash. According to a recent report from Circle,){kind=link}