{"id":44714,"date":"2023-02-01T18:22:57","date_gmt":"2023-02-01T22:22:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=44714"},"modified":"2023-02-01T18:23:24","modified_gmt":"2023-02-01T22:23:24","slug":"circle-updates-accountant-verified-proof-of-reserve","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/circle-updates-accountant-verified-proof-of-reserve\/","title":{"rendered":"Circle updates accountant-verified proof-of-reserve"},"content":{"rendered":"\n
A revised proof-of-reserve report <\/a>created by Circle reveals that more than $44.5 billion worth of tokens are currently in circulation.<\/h5>\n\n\n\n
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Circle updates accountant-verified proof-of-reserve<\/figcaption><\/figure>\n\n\n\n

According to reports, Grant Thornton group, a third-party accounting and auditing firm<\/a>, conducted an audit of the USDC's December 2022 proof-of-reserve report. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

The majority of the fiat collateral\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, 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.<\/p>\n\n\n\n

Circle makes treasury bond investments<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

When Circle was still in the planning stages, it established tight relations with the international investment firm located in New York<\/a>. John Paul Koning, a financial specialist, claims that the money was given to the investment company after October of last year.<\/p>\n\n\n\n

\n

Circle's most recent attestation report shows 30% of USDC's reserves \u2013 or $12.79 billion \u2013 are invested in its government money market fund, the Circle Reserve Fund, managed by BlackRock. This is up from 0% in October.https:\/\/t.co\/ovcIMrezzM<\/use><\/svg><\/span><\/a> pic.twitter.com\/1zNeyKue7K<\/use><\/svg><\/span><\/a><\/p>— John Paul Koning (@jp_koning) January 8, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":44716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-44714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/02\/croc_1675105552195.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/44714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=44714"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/44714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/44716"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=44714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=44714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=44714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}