A revised proof-of-reserve report created by Circle reveals that more than $44.5 billion worth of tokens are currently in circulation.
According to reports, Grant Thornton group, a third-party accounting and auditing firm, conducted an audit of the USDC’s December 2022 proof-of-reserve report.
The PoR report states that as of the end of December, Circle has $44,553,543,212 USDC backed by $44,693,963,701 USD present in the company’s custodial wallets.
According to the firm’s official website’s weekly proof-of-reserve breakdown for USDC, as of the snapshot recorded on January 26, there were 43.2 billion USDC tokens in circulation, and the total value of USDC reserves was $43.4 billion.
The majority of the fiat collateral, according to the study, is held in US treasury bonds. Of these sums, $9.7 billion is cash held in reserve banks, while the rest $33.8 billion is presently invested in short-dated US treasury bonds.
Circle makes treasury bond investments
Timothy Singh, Circle’s VP of accounting, also verified that a combination of assets denominated in USD and a mixture of cash and government-issued bonds make up the entire value of collateral fiat in the reserves.
According to Circle’s attestation report from January 8, 30% of USDC’s reserves were housed in the BlackRock-managed Circle Reserve Fund, the company’s money market fund.
When Circle was still in the planning stages, it established tight relations with the international investment firm located in New York. John Paul Koning, a financial specialist, claims that the money was given to the investment company after October of last year.
BlackRock is said to have invested $400 million in the startup company, which is now one of its clients and adds to the $8 trillion that is presently being managed.
