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Here's how the stablecoin is backed

Circle keeps working on its transparency.

By Mike Hesp
• 3 min read
Here's how the stablecoin is backed

Circle continues to work on its transparency. The company is publishing for the first time the structuring of the assets that back the USDC stablecoin.

Circle has assets worth 55.7 billion USD on the books as collateral for the in-house stablecoin USD Coin (USDC). This means the stablecoin is even slightly overcollateralized. According to the accountability report that the company published yesterday, July 14, there is currently USDC worth 55.56 billion USD in circulation.

The assets consist of short-term U.S. government bonds (42.12 billion USD) and USD cash reserves (13.58 billion USD). In a blog post, CFO Jeremy Fox-Geen writes that daily transparency reports will be published in the future.

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