Circle Releases First Annual 'State of the USDC Economy' Report

Circle released its first annual "State of the USDC Economy" report. It showed that more than $213 billion $USDC has been redeemed since inception through December 2022.

In terms of the $USDC reserves, roughly 80% of them are held in the 3-month U.S. Treasuries. By the end of January 2023, these reserves will be moved into the Circle Reserve Fund, which is 100% owned by Circle, managed by BlackRock, and custodied by The Bank of New York Mellon. The other 20% of the $USDC reserves are held in cash, diversified among eight U.S.-regulated banking partners.

The $USDC reserves are audited by Grant Thornton monthly. Circle said that going forward, the $USDC reserve will be audited by Deloitte.