According to the unaudited report of Circle, co-issuer of the stablecoin USDC, as of the end of June, $42.12 billion of the $55.7 billion USD Coin (USDC) stablecoin collateral was held in US Treasury bills and $13.58 billion in cash at regulated banks.
As of this date, $55.57 billion worth of tokens were in circulation, and their collateral was $55.7 billion.
Circle has deposits with Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, Silvergate Bank and US Bancorp.
The weighted average duration of bills was 43.9 days. The maturity date of the purchased securities of 19 issues varies from July 5 to September 29.
The company has emphasized the collateral is held in segregated accounts and is completely separate from Circle’s operations.