According to the latest Transparency and Trust Report published on Circle’s official website, USDC reserves are held entirely in cash and short-term U.S. government bonds, including U.S. Treasury bonds with maturities of 3 months or less. Additionally, all reserves consist of major U.S. financial institutions, including BlackRock and Bank of New York Mellon. As of May 13, 2022, at 4:00 pm (UTC), USDC reserves consist of $11.6 billion in cash (22.9%) and $39.0 billion in U.S. Treasuries (77.1%), totaling $50.6 billion (100%), corresponding to 506 in circulation billion USDC. Circle claims to be audited annually, including an audit of USDC reserves, and the audit report is filed with the SEC.