USDC Reserves Exceed Circulating Supply

Circle's latest reserve attestation for USDC shows that its reserves stood at $34.5 billion, exceeding the total circulating token supply.

The attestation was reviewed by Deloitte and found that USDC's reserves were backed primarily by short-term U.S. Treasury bills and overnight repurchase agreements.

This kind of reserve disclosure is crucial for stablecoins like USDC because users need to trust that tokens can be redeemed and that reserves are managed conservatively.