Circle: The USDC stablecoin is fully backed by US Dollars and Treasury Bonds

Circle has published information on reserves and dynamics of the release of the centralized USDC stablecoin.

According to the publication, over the past seven days, 8.4 billion USDCS have been issued, 6.7 billion USDCS have been repaid. There are 50.6 billion coins in circulation.

The structure of providing a centralized stablecoin as of May 13:

22.9% or $11.6 billion — cash dollars;
77.1% or $39 billion — US Treasury bonds with a maturity of no more than three months.
"USDC reserves are held in leading American financial institutions, including BlackRock and Bank of New York Mellon," the blog says.

Circle undergoes annual audits, during which the provision of the stablecoin is also checked. The company provides SEC reports and is preparing for listing on the New York Stock Exchange.

USDC ranks second in the rating of stablecoins from CoinGecko.

The asset significantly exceeds the capitalization of Binance USD (BUSD), slightly inferior to it in terms of trading volume.

Recall that Tether transferred most of the USDT collateral to US government bonds, reducing positions in commercial securities.