$USDC

The USDC reserve is held in a combination of short-duration U.S. Treasuries and cash deposits within the U.S. banking system. As of February 27, 2025, the reserve composition is approximately 80% in short-dated U.S. Treasuries and 20% in cash deposits ¹ ².

The USDC reserve is managed by Circle, the issuer of USDC, and is designed to provide holders with ready liquidity. The reserve is held in segregated accounts for the benefit of USDC holders, and Circle cannot use the reserve for corporate purposes ².

In terms of the specific assets held in the reserve, Circle has stated that the majority of the reserve is invested in the Circle Reserve Fund, an SEC-registered 2a-7 government money market fund. The fund holds a portfolio of short-dated U.S. Treasuries, overnight U.S. Treasury repurchase agreements, and cash ¹.

It's worth noting that the USDC reserve is subject to regular audits and attestations by independent third-party firms, such as Deloitte & Touche LLP ¹.