USDC Releases First Reserve Monthly Report, Plans to Disclose Minting Data Weekly and Reserve Reports Daily
The issuer of USDC, Circle, has released its first monthly report on reserve transparency, holding reserves in only two forms, including $13.58 billion and $42.12 billion in three-month US Treasury bonds. CFO Jeremy Fox-Geen stated that they will focus on providing daily reserve disclosure reports in the future.
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Circle has released the detailed breakdown of USDC reserves as of June 30th, with a circulating supply of 55.57 billion USD. They hold 42.12 billion USD of short-term U.S. Treasury bonds with a weighted average maturity of 43.9 days and have 13.58 billion USD in cash at the following U.S. banks:
- The Bank of New York Mellon
- Citizens Trust Bank
- Customers Bank
- The New York Community Bank
- Signature Bank
- Silicon Valley Bank
- Silvergate Bank
- U.S. Bancorp
The short-term Treasury bonds mature between July 5th and September 29th. Circle's co-founder and CEO, Jeremy Allaire, also shared this breakdown on Twitter, stating:
"We will continue to operate with greater transparency, including seeking permission from partner banks to disclose the cash reserves held at each bank, with plans to further update to daily reserve disclosure reports."
1/ 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. https://t.co/p8nyOckeYs pic.twitter.com/krlRZliDzO
— Jeremy Allaire (@jerallaire) July 14, 2022
According to a statement released by CFO Jeremy Fox-Geen, he emphasized that since its launch in 2018, USDC has received monthly reserve attestations from third-party accounting firms. They plan to start disclosing weekly "minting/burning" data of USDC in the future.
USDC has shown steady growth since its inception. The DeFi Summer of 2020 and the bull market of 2021 have narrowed the gap with the leading stablecoin, USDT. After the collapse of Terra this year, USDC's market share even briefly surpassed USDT, forming a golden cross.
