As of November 30, 2022, Circle held $43.4 billion in USDC reserves to back the 43.23 billion USDC in circulation.

Of these reserves, $12.79 billion was held in the Circle Reserve Fund, a money market fund managed by BlackRock and owned by Circle.

The fund held 12 US Treasury bills as of November 30. Circle created the Reserve Fund on November 3, and within a month had transferred approximately 29.5% of the stablecoin reserves to the fund.

According to Blackrock’s disclosures, the USDC reserves invested in the Circle Reserve Fund have since risen to around $28.6 billion, or 65%.

Another $19.41 billion worth of USDC reserves were held in the form of Treasury bills directly by Circle as of November 30.

This brought the portion of USDC reserves held in Treasury bills directly and through the Reserve Fund to $32.2 billion, or approximately 75% of total reserves.

In addition, $11.15 billion of the stablecoin’s reserves was stored as cash at US-regulated financial institutions, including Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank.