1. Home
  2. Altcoins
  3. Stablecoin Issuer Circle Reveals Comprehensive Breakdown of USD Coin Reserves in Push Toward Transparency
Stablecoin Issuer Circle Reveals Comprehensive Breakdown of USD Coin Reserves in Push Toward Transparency

Stablecoin Issuer Circle Reveals Comprehensive Breakdown of USD Coin Reserves in Push Toward Transparency

0

Source: Daily Hodle

Stablecoin issuer Circle is unveiling a full breakdown of its USD Coin (USDC) reserves as part of its commitment to increase transparency.

According to a new company blog post, Circle is issuing its first ever monthly breakdown of USDC reserve assets to demonstrate the stablecoin’s full backing and peg to the US Dollar.

“Today we are keeping [our] commitment and issuing our first monthly full breakdown of the USDC reserve assets, as of June 30, 2022, as well as a complete list of USDC reserve custodians.

We are working toward providing daily disclosure as well as securing permissions from our custodians to disclose the amount they each hold.”

The data reveals that there are currently over 55.5 billion USDC tokens in circulation while Circle has $55.7 billion in reserve assets to back the stablecoin. About $42 billion of those reserve assets are comprised of U.S. Treasury securities while the rest are in cash held at protected US financial institutions.

“The USDC reserve is held solely in cash and three-month U.S. Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations.

The USDC reserve is subject to all the same protections under U.S. state and federal law as afforded to other large scale payments innovators entrusted by millions of customers with tens of billions of dollars of customer assets.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/pedica018/Besjunior

The post Stablecoin Issuer Circle Reveals Comprehensive Breakdown of USD Coin Reserves in Push Toward Transparency appeared first on The Daily Hodl.

Go to Source
Author: Daily Hodl Staff