trust
Trust & Transparency
August 25, 2022

Circle’s July USDC attestation report from Grant Thornton gives independent validation of the cash and U.S. Treasury assets that comprise the USDC backing

Read on

Stability you can trust

USDC and Euro Coin are fully backed by highly liquid fiat reserves held separately from Circle’s operating funds at leading financial institutions for the benefit of our stablecoin holders. We regularly issue reports on all reserve assets, along with our SEC filings, as part of our strong commitment to transparency.

Monthly attestations

View monthly reserve attestations from Grant Thornton, a leading global accounting firm, which provide assurance that the amount of stablecoin reserves are greater than the amount in circulation each month, according to attestation standards set out by the American Institute of Certified Public Accountants (AICPA).

Weekly USDC reserves breakdown1

 

Balances

 
SEPTEMBER 15th, 2022
SEPTEMBER 22nd, 2022

  USDC in circulation

$50.4B

$50.0B

  USDC reserves 2

$50.5B

$50.1B

Cash

$10.4B

$11.6B

Short-duration U.S. Treasuries

$40.1B

$38.5B

 

 

USDC issuance and redemption, September 15th – September 22nd 20221

 
USDC issued $1.8B
USDC redeemed $2.2B
Weekly change in circulation -$0.5B

1 Data snapshot as of September 22nd, 2022 end-of-day. These weekly figures were calculated by Circle Internet Financial, LLC and have not been verified by any independent third party auditor (Including Grant Thornton). A Circle customer can always mint or redeem USDC in 1:1 exchange for U.S. Dollars through their Circle Account; customers are able to mint and redeem nearly instantly subject to settlement of funds

2 USDC is backed by the equivalent value of U.S. dollar denominated assets; USDC reserves are kept in the custody of leading U.S. financial institutions, including BlackRock and Bank of New York Mellon. Cash is held at US financial institutions; US Treasuries are held at third party custodians (US Bank, Bank of New York Mellon) and managed by professional asset managers (US Bank Asset Management, BlackRock)