Composition and Proportion of $USDC Reserves

As of April 2025, approximately 88% of the USDC reserves consist of U.S. Treasury securities and overnight repurchase agreements (with maturities of less than 2 months), and 11% are cash deposits at regulated banks. Data from the end of 2024 shows that the total reserves amount to approximately $43.9 billion, with cash accounting for 14.6% ($6.4 billion), while the remaining 85.4% is held in the Circle Reserve Fund (money market fund) managed by BlackRock.

Management and Transparency

Circle discloses reserve details monthly, with audits performed by third-party organizations such as Deloitte, in compliance with U.S. and EU regulatory requirements.

Reserve assets are legally bound to maintain high liquidity (such as Treasury securities maturing within 90 days) to ensure redemption stability.

Risk Management and Historical Adjustments

After the Silicon Valley Bank incident in 2023, USDC quickly restored its peg through the federal deposit insurance mechanism and adjusted its reserve structure to increase cash proportions to mitigate banking risks.

The proportion of reserve funds increased from 52.9% in 2022 to 85.4% in 2024, reflecting a strategy inclined towards low-risk assets.

Compliance Advantages

USDC is regulated by the U.S. FinCEN, compliant with the EU MiCA regulations, and reserve reports are regularly audited by Deloitte, with a transparency level higher than most competitors (such as USDT).