This is the seventh blog in an ongoing Circle Trust & Transparency series.
In our first blog in this series, How to be Stable, we re-iterated our longstanding commitment to building trust through transparency, started to share weekly mint/burn data for USD Coin (USDC), and wrote that we will continue to enhance our disclosures.
Today we are keeping that commitment and issuing our first monthly full breakdown of the USDC reserve assets, as of June 30, 2022, as well as a complete list of USDC reserve custodians. We are working toward providing daily disclosure as well as securing permissions from our custodians to disclose the amount they each hold.
The USDC reserve is held solely in cash and 3-month U.S. Treasuries, held in segregated accounts for the benefit of USDC holders, and is entirely separate from Circle’s operations. The USDC reserve is subject to all the same protections under U.S. state and federal law as afforded to other large scale payments innovators entrusted by millions of customers with tens of billions of dollars of customer assets.
Since launching USDC in 2018, we have secured third-party monthly attestations as to the sufficiency of the reserve and its composition from a leading global accounting firm, as well as ensured that the USDC reserve is fully audited as part of Circle’s annual financial statement audit. Circle’s audits contained within our public SEC filings are available here. Audits and attestations serve different purposes that are discussed in this blog, How to Build Trust.
While U.S. policymakers work to enact federal regulations for stablecoins, Circle continues to increase our transparency based on new industry innovations and what USDC holders within our ecosystem would like to see. From the beginning, we have been committed to building trust and transparency and will continue to carry the mantle.
Read remarks from our CEO on Circle's Strength, Stability & Transparency