As of November 30, 2022, Circle had $43.4 billion in USDC reserves to support the 43.23 billion USDC in circulation, as reported by Cryptoslate.
According to Cryptoslate, one registered government money market fund, the Circle Reserve Fund, which is fully owned by Circle and run by BlackRock, held $12.79 billion of these reserves. As of November 30, the fund held 12 US treasury bills.
Cryptoslate noted that on November 3, Circle established its Reserve Fund, and in less than a month, it moved about 29.5% of the stablecoin reserves there. Since then, USDC reserves invested in the Circle Reserve Fund have increased by about $28.6 billion, or 65%, according to Blackrock’s disclosure information.
As of Nov. 30, Circle directly held treasury bills worth another $19.41 billion in USDC reserves. As a result, $32.2 billion, or roughly 75% of the total reserves, of the USDC were now held in T-bills both directly and through the reserve fund, Cryptoslate noted.
(With insights from Cryptoslate)