Circle’s USDC Reserve Fund Hits $43.4 Billion, BlackRock Now Manages 30% of the Fund

In its latest attestation report, Circle revealed that 30% of its $43.4 billion USDC reserve is now managed by BlackRock.

Larry Fink sitting in front of a broken Circle USDC stablecoin.

Circle, the issuer of the USD Coin (USDC) stablecoin, has revealed in its latest attestation report that 75% of the Circle Reserve Fund is now held in the United States treasury bills, with $12.79 billion managed by BlackRock.

BlackRock Now Manages $12.79 Billion of Circle’s Reserves

Circle’s latest attestation report shows that the stablecoin issuer has 30% of USDC’s reserves. $12.79 billion of the Circle Reserve Fund is now managed by BlackRock. 

USDC Reserve report by Circle

As of Q4 2022, Circle held $43.4 billion in USDC reserves to back 43.23 billion USDC in circulation. It holds $32.2 billion, or around 75% of total reserves in treasury bills. Additionally, it holds $11.15 billion in cash at U.S.-regulated financial institutions.

Circle Yields USDC Control to External Managers

Circle created the Reserve Fund on November 3rd and has since transferred $28.6 billion, or 65% of the stablecoin, to the Fund. However, the inclusion of BlackRock has caught the crypto community’s attention.

John Paul Koning, a popular crypto analyst, explained that Circle’s decision to allow external fund managers to control USDC is a win for users. Koning says it will improve the transparency of the crypto. He tweeted:

In addition to BlackRock, Circle holds cash at major banks across the U.S. These include Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank.

On the Flipside

  • Of the total USDC reserves of $43.4 billion, Circle directly holds and manages $19.41 billion worth of USDC in treasury bills.

Why You Should Care

By sharing the management of the USDC reserve fund with BlackRock, the stablecoin becomes safer and more transparent.

What to expect from Circle in 2023? Read:
Circle Announces USDC Multi-Chain Expansion and Transfers

Sponsored

The recent public plan of Circle is covered below:
USDC Issuer Circle Calls Off Plans to Go Public: What Does It Mean for Crypto?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia