The Circle CEO refuted the latest rumor of USDC being on the verge of a financial breakdown, saying the company is in the strongest financial position ever.
. The records noted that the USDC reserve is held entirely in cash and short-dated US government obligations, consisting of US Treasuries with maturities of 3 months or less:
“As of 12:00pm EST Friday, May 13, 2022, the USDC reserve consisted of $11.6 billion cash , $39.0 billion U.S. Treasuries , for a total of $50.6 billion , and there were 50.6 billion USDC in circulation.” According to Circle, the USDC reserve does not contain any other high-risk digital assets, assets denominated in currencies other than US dollars, or assets held with third parties subject to lock-ups or other restrictions upon liquidity.
Eyeing for a public listing on the New York Stock Exchange, Circle said it had worked closely in compliance with regulators, and its past two published annual audits will be included as part of its SEC filings. Allaire added that Circle would share a blog post this week on Circle Yield – the company’s yield interest rate product built entirely on the USDC stablecoin – providing more transparency regarding its regulatory status and over-collateralization. However, the report will be only available to “accredited investors.”by hedge funds following the Luna-UST fiasco due to controversies surrounding the transparency of Tether’s assets in reserves.
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