As of November 30, 2022, Circle has $43.4 billion in USDC reserves to support the 43.23 billion USDC in circulation, according to its most recent reserve report. One registered government money market fund, the Circle Reserve Fund, which is fully owned by Circle and run by BlackRock, held $12.79 billion of these reserves. As of November 30, the fund held 12 US treasury bills.
Nearly 65% of USDC reserves are held as US Treasury Bills
On Nov. 3, Circle established its Reserve Fund, and in less than a month, it moved about 29.5% of the stablecoin reserves there. Since then, USDC reserves invested in the Circle Reserve Fund have risen to around $28.6 billion, or 65%, according to Blackrock’s disclosure statements.
“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”, Popular crypto analyst John Paul Koning called it a “win” for USDC users, stated.
As of Nov. 30, Circle directly held treasury bills worth another $19.41 billion in USDC reserves.
In addition, $11.15 billion of the stablecoin’s reserves were kept in cash in US-licensed financial institutions, including Silicon Valley Bank, Silvergate Bank, Citizens Trust Bank, Customers Bank, and New York Community Bank.
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