The USDC Reserve.
Every USDC in circulation is fully backed by cash and short-duration US Treasuries, held with regulated US financial institutions.
What stands behind every USDC.
The USDC reserve is held in cash and short-duration US Treasuries — the most liquid, lowest-risk dollar assets in the world. A significant portion sits in the Circle Reserve Fund, a government money market fund managed by BlackRock and registered with the SEC.
Reserves are held with regulated US financial institutions, marked to market daily, and never lent out or invested in risky assets. USDC is never under-collateralized.
- Cash + short-duration US Treasuries only
- Held at regulated US financial institutions
- Marked to market daily, attested monthly
100% backed
Cash + short-duration US T-Bills, never under-collateralized.
Held at regulated banks
BlackRock-managed money market fund + segregated bank accounts.
Daily mark-to-market
Reserve value updated daily, published weekly.
Auditable
Monthly attestations by Deloitte, available on circle.com.
Questions worth asking.
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