Nearly 65% of USDC reserves are held as US Treasury Bills

According to Circle’s most recent reserve report, around 65% of all USD Coin (USDC) reserves are held as US treasury bills.

Circle held $43.4 billion in USDC reserves to back 43.23 billion USDC in circulation as of Nov. 30, 2022. Of these reserves, $12.79 billion lay in the Circle Reserve Fund, a registered government money market fund wholly owned by Circle and managed by BlackRock, one of the world’s largest investment management companies by AUM.