Circle, the operator of the second most capitalized USD Coin Stablecoin (USDC), has published the status of reserves. The firm intends to disclose information on a weekly basis, its head Jeremy Allaire said.
Circle has opened a special section on its website for this purpose. According to the information posted, the total supply of the asset was 52.9 billion USDC as of May 20, an increase of 2.3 billion coins over the past seven days.
As of that date, Stablecoin is backed by reserves totaling $53 billion, consisting of short-term Treasury bonds ($40.2 billion) and cash ($12.8 billion).
The company and its partner in the Centre consortium bitcoin exchange Coinbase have promised to transfer reserves entirely into those assets in August 2021.