Circle, a financial services firm, has announced its USDC reserve fund worth $44.5 billion as of December 2022. The fund's value has been verified by Grant Thornton. Currently, 44,553,543,212 USDC is supported by 44,693,963,701 US dollars held in reserve.
It is worth noting that the majority of the reserve funds are invested in several US Treasury bonds. Timothy Singh, Circle's Vice President of Accounting, states that the value of assets in the USDC reserve fund is the sum of US dollar assets, including cash and Treasury bonds.
Banks holding Circle's reserve funds in the US include Bank of New York Mellon, Citizens Trust Bank, Customer Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank