Stablecoin issuers Tether and Circle release backing reports. Circle plans to publish weekly USDC reserve assurance reports.
: “Over the past week, we saw 8.6 billion USDC issued, and 6.3 billion USDC redeemed, with a net weekly increase in circulation of 2.3 billion USDC.” The Circle CEO added:
What makes USDC such a great product is that it’s easy to create and redeem, with seamless integration with the existing global banking system. As a result, customers are able to use it as a very efficient pipe between legacy electronic dollars and digital currency dollars. Per the report, the usd coin in circulation is 52.9 billion while Circle’s reserve backing count is $53 billion as of May 20, 2022. $12.8 billion of the USDC backing is in cash, while $40.2 billion is held in short-duration U.S. Treasuries.represents 3.95% and during the past 24 hours, USDC has seen $3 billion in global trade volume. Circle’s stablecoin is the second-largest fiat-pegged crypto token that’s tied to the value of the U.S. dollar.
Tether is the largest stablecoin crypto asset today, as coingecko.com data shows there’s currently 73.2 billion
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