USD Coin Issuer Circle has released an accountant-verified report on its treasury reserve holdings, which support more than $44.5 billion in tokens currently in circulation. Circle’s December 2022 reserve report, which Grant Thornton audited, details the current make-up of the stablecoin issuer’s reserve vault. Circle reports that 44,553,543,212 USDC is currently backed by $44,693,963,701 USD in custody accounts. The most important takeaways from Circle’s $44. The reserve fund at Circle is a government money market fund. Circle owns all of the fund’s equity interests, which include 14 different US Treasury bills worth more than $23.5 billion. The fund also has $48.9 million in cash, with an additional $33 million owed to it, offset by “timing and settlement differences.”
