After Three Years, Circle Reveals USDC Reserves

It took nearly three years for US-based crypto company Circle, the issuer of major stablecoin USD Coin (USDC), that is preparing to go public, to finally reveal how this token is backed. In their latest attestation report, prepared by auditors at Grant Thornton, the company said that, on May 28, cash and cash equivalents (e.g. securities) comprised 61% of their reserves.