USDC Market Cap Reaches $30 Billion, Majority of Reserve Assets Managed by BlackRock, Circle IPO Underway.
According to Circle’s latest information, as of 3/14, there are 30.5 billion USDC in circulation, supported by 30.7 billion US dollars in reserve assets, with 4.1 billion in cash held in banks and 26.6 billion in the Circle Reserve Fund. The Circle Reserve Fund is a dedicated fund registered with the U.S. Securities and Exchange Commission (SEC) by BlackRock Advisors, LLC, a subsidiary of BlackRock. The investment portfolio of the fund includes short-term U.S. Treasury bonds, U.S. Treasury Repurchase Agreements, and cash. The custodian bank is The Bank of New York Mellon. According to a validation report issued by Deloitte in February, as much as 56% of the reserve assets are in repurchase agreements.
