Circle publishes a monthly examination report for USDC[1]; this teardown walks the May 2026 document — issued 2026-06-29, reserve figures as of 2026-05-29 — as parsed and hash-anchored on the USDC 2026-05 attestation page. Figures are the document's own, at its stated scope. Nothing here is a judgment of any issuer's solvency.
The headline figures
Each amount below is read from the stored report row when this page renders, so a restatement of the report changes it here too.
| Figure | Stated amount |
|---|---|
| Total USDC reserve assets | 75,961,621,872.000000 USD, as of 2026-05-29 |
| USDC in circulation | 75,885,403,148.000000 USDC, as of 2026-05-29 |
| Coverage ratio (stated total over stated circulation) | 1.001004, as of 2026-05-29 |
The report states two as-of dates (2026-05-05 and 2026-05-29); the composition above is at the later one. Publication lag — issue date minus latest as-of date — is 31 days, measured from the document's own dates.
Composition: where the reserve sits
The document's own category lines, labels unabridged:
- U.S. Treasury Repurchase Agreements45,171,000,000.000000 USD
- TOTAL U.S. TREASURY SECURITIES22,061,994,431.000000 USD
- Cash held at regulated financial institutions10,794,851,072.000000 USD
- Cash held in Circle Reserve Fund1,003,103,452.000000 USD
- Cash due to/(owed by) Circle due to timing and settlement differences, net-446,782.000000 USD
- Cash due to/(owed by) Circle Reserve Fund due to timing and settlement differences, net-3,068,880,301.000000 USD
Beyond the category rows, the document itemizes 30 individual positions with instrument identifiers — 46 parsed rows in total, cross-footed before anything landed.
Month over month: out of repo, into Treasuries
Against the April 2026 report (as of 2026-04-30):
| Line | 2026-04 | 2026-05 | Change |
|---|---|---|---|
| Total reserve assets | 77,123,668,726.000000 USD, as of 2026-04-30 | 75,961,621,872.000000 USD, as of 2026-05-29 | -1,162,046,854.000000 USD, change from the 2026-04 report |
| USDC in circulation | 77,047,590,794.000000 USDC, as of 2026-04-30 | 75,885,403,148.000000 USDC, as of 2026-05-29 | -1,162,187,646.000000 USDC, change from the 2026-04 report |
| Treasury repurchase agreements | 46,998,000,000.000000 USD, as of 2026-04-30 | 45,171,000,000.000000 USD, as of 2026-05-29 | -1,827,000,000.000000 USD, change from the 2026-04 report |
| U.S. Treasury securities | 19,110,672,894.000000 USD, as of 2026-04-30 | 22,061,994,431.000000 USD, as of 2026-05-29 | 2,951,321,537.000000 USD, change from the 2026-04 report |
Circulation and reserves both contracted, by
-1,162,187,646.000000 USDC, change from the 2026-04 reportand -1,162,046,854.000000 USD, change from the 2026-04 report. Within the reserve, repurchase agreements changed by
-1,827,000,000.000000 USD, change from the 2026-04 reportwhile direct Treasury holdings changed by 2,951,321,537.000000 USD, change from the 2026-04 report.
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What the document's metadata states — and does not
- Engagement type: examined, under AICPA attestation standards, per the document's own citation.
- Accountant name: no accountant name appears as a text span in the captured PDF — recorded as not found in the document, not inferred from outside it.
- Per-chain circulation: stated as one total; no per-chain breakdown appears, so no per-chain reconciliation is derived.
- Disclosure score: 9 of 11 rubric dimensions met (the two above are the unmet ones) under rubric tb21-disclosure-v1.
One housekeeping note: this month's row was re-parsed under an upgraded template, so the attestation page shows a restatement flag — the superseded parse remains on the evidence chain, independently verifiable, with the same captured source hash.