coinculture.com
As of November 30th, 2022, there were 43.23 billion USDC in circulation, and Circle had $43.4 billion in reserves to support it. $12.79 billion was held in the Circle Reserve Fund, a government money market fund owned by Circle and managed by BlackRock. As of November 30th, the fund’s assets contained 12 US treasury notes.
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Circle established its Reserve Fund on November 3rd and moved over 29.5% of the stablecoin reserves into it in a little over a month. Since then, according to Blackrock’s disclosures report, USDC reserves held in the Circle Reserve Fund have increased to about $28.6 billion, or 65%.
John Paul Koning, a well-known crypto expert, deemed it a “victory” for USDC consumers and said:
This seems like a win for USDC users. Circle is yielding some of its control over USDC’s reserves to an external manager subject to SEC regulation, which ultimately makes USDC safer. Transparency improves too, since USDC users can now get regular updates from BlackRock.
— John Paul Koning (@jp_koning) January 8, 2023
In addition, as of November 30th, $19.41 billion in USDC reserves were held by Circle in the form of direct treasury bills holdings. About 75% of the USDC reserves are now invested in T-bills through the reserve fund or directly. This amounts to $32.2 billion.
Bank of New York Mellon, Customers Bank, Citizens Trust Bank, New York Community Bank, Silicon Valley Bank, Signature Bank, and Silvergate Bank were some US-regulated financial institutions that held some of the $11.15 billion in stablecoin reserves.