- Crypto Analyst explains the attestation report of Circle on Twitter.
- Reports reveal that 30% of USDC’s reserves were invested in the government money market fund.
- USDC reserves invested in the Circle Reserve Fund have risen to around 65%.
Crypto Analyst John Paul Koning, who was intrigued by the findings of the Circle’s attestation report, took to Twitter to explain the reserve fund assets of USDC stablecoin. Koning examined the reports which showed that 30% of USDC’s reserves, approximately $12.79 billion, were invested in the government money market fund.
Highlighting the results of the report, the crypto analyst stated that the Circle Reserve Fund is managed by BlackRock, and has risen up by “0%” in October. Furthermore, Koning also showcased the screenshot of $12.79 billion worth of US treasury bills held in a money market fund run by BlackRock.
The crypto analyst further pinpointed out that the proportion of the USDC reserves invested in the Circle Reserve Fund has risen to around 65%, which is $28.6 billion. Meanwhile, BlackRock’s website reveals that the Net Asset Value (NAV) of Circle Reserve Fund is valued at $1 on Thursday, with a seven-day SEC yield of 3.99%.
Moreover, after verifying the reports, the crypto analyst declared:
This seems like a win for USDC users. Circle is yielding some of its control over USDC’s reserves to an external manager subject to SEC regulation, which ultimately makes USDC safer. Transparency improves too, since USDC users can now get regular updates from BlackRock.
Currently, CoinMarketCap priced the USDC stablecoin at $0.9999 after witnessing a 0.03 fall in seven days. The market cap of USDC remains at $44,001,864,531, with a surge of 0.29% in 24 hours.