Circle Holds $44.5 billion in USD and is heavily collateralized.

Circulating tokens valued more than $44.5 billion are backed by the treasury reserves held by USD Coin issuer Circle, according to an accountant-verified report.

The Grant Thornton accounting department examined Circle's December 2022 reserve report, which details the current composition of the stablecoin issuer's reserve vault. According to Circle, $44,693,963,701 in U.S. dollars are currently holding back $44,553,543,212 USDC in custody accounts.

It is noteworthy that a sizeable chunk of the latter sum is held in a variety of US treasury bonds. The overall amount of U.S. dollar-denominated assets, which includes a mix of cash and treasury securities, is what Timothy Singh, vice president of accounting at Circle, defines as the fair statement of financial position in the USDC reserve.

The reserve fund of Circle is authorized to operate as a governmental money market fund. 14 distinct U.S. government bills totaling more than $23.5 billion are included in Circle's 100% ownership of the equity interests in the fund. A further $33 million is owed to the fund, offset by “timing and settlement disparities,” and the finance also has $48.9 million in cash on hand.

Additional $10.5 billion in cash is recorded in a different reserve assets category, together with two more U.S. treasury securities of the same amount, taken by various banking firms on Circle's behalf. The Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank are among the American financial institutions that hold Circle's liquid assets. At the World Economic Forum in Davos in January 2023, sessions on cryptocurrencies and blockchain attracted noteworthy participants like Circle and payments firm Ripple.

The prospect of adopting USDC as a payment solution was discussed by Circle with legislators, conventional businesses, digital companies, and humanitarian organizations, according to Corey Then, vice president of global policy at Circle. After Tether, USDC is now the second-most-used USD-backed stablecoin over the past two years due to Circle's constant growth as a stablecoin issuer.

Circle possesses two US Treasury bonds.

Remarkably, according to reports, Circle has $10.5 billion in funds that is stored by multiple financial institutions in addition to two US Treasury Securities totalling $10.5 billion. These businesses include, amongst many others, Citizen's Trust Bank, Customers Bank, and New York Community Bank. Circle hopes to increase the use of its USDC stablecoin with the help of its accountant-verified audit. Additionally, the organization will improve security within the stablecoin sector as well as disseminate the good word about USDC throughout the world.

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