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

Management and Transparency

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

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

Risk Management and Historical Adjustments