USDC , issued by Circle, is one of the world's most transparent and regulated stablecoins, backed by a 100% 1:1 USD equivalent. Each USDC token is fully backed by highly liquid cash and cash-like assets held completely separate from Circle's operating funds. USDC holders can always exchange it for US dollars at a 1:1 ratio. Reserves are designed to provide instant liquidity even in extremely stressful market conditions.

🕵️Reserves consist of the following asset classes (as of March 5, 2026):
🪙Total Reserves: $77.2 billion USD
🪙USDC Circulating Supply: $77.1 billion USD
Circle Reserve Fund. The majority of reserves are held here. This is an SEC-registered 2a-7 government money market fund managed by BlackRock. Cash, short-term US Treasury bonds, and overnight US Treasury repurchase agreements.
Other Bank Deposits: Deposits in banks other than Systemically Important Financial Institutions (SII).
Systemically Important Institution (SII) Deposits: Deposits in the world's largest and most powerful banks.
Overnight Reverse Treasury Repos and 3-Month Treasury Bonds: Focused on liquidity and security with limited maturity.
The remaining portion is held in cash in a few large banks with the highest capital, liquidity, and supervision standards in the world.
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