Data questions
What backs USDC and where can I see its reserves?
As of , the latest USDC attestation (firm signed as an image, issued ) reports reserves of $73,398,532,613 against 73,320,757,305.00 USDC in circulation. ReserveBeat measured 48,166,117,745.72 USDC on-chain on ethereum at . The table below reproduces the report's 9 lines in its own order and wording.
The answer, from the board
STALE states age, not lateness: the newest report ReserveBeat holds for this token is older than the cadence expected for it, which can happen while the next report is not yet due.
| Line in the report | Amount | Unit |
|---|---|---|
| TOTAL USDC RESERVE ASSETS | 73398532613.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| USDC in Circulation (as defined in the criteria below) | 73320757305.000000 | TOKEN |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| U.S. Treasury Repurchase Agreements | 49584000000.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| TOTAL U.S. TREASURY SECURITIES | 11918146195.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| Cash held at regulated financial institutions | 9591096978.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| TOTAL U.S. TREASURY SECURITIES (OTHER USDC RESERVE ASSETS) | 1301292779.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| Cash held in Circle Reserve Fund | 1003409582.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| Cash due to/(owed by) Circle due to timing and settlement differences, net | 188768431.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
| Cash due to/(owed by) Circle Reserve Fund due to timing and settlement differences, net | -188181352.000000 | USD |
| As reported in Circle's attestation dated 2026-08-31. Signed as an image | ||
The report carries its accounting firm's signature as an image rather than as text, so its text layer holds no firm name to extract and no firm is stated here. A firm name never enters the board from outside the document it came from, even where the firm is a matter of public record.
Line labels are the report's own, so two lines can share a category and a negative amount is a timing or settlement adjustment the report states. ReserveBeat groups nothing and adds nothing: the total line is the issuer's total. The source document and its stored hash are on the attestation page for the same period.
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Cite this
Data: ReserveBeat — https://reservebeat.com/questions/what-backs-usdc — figure as reported in Circle's attestation dated 2026-08-31.
Source reportData: ReserveBeat — https://reservebeat.com/questions/what-backs-usdc — supply measured on ethereum at 2026-10-19T10:17:59Z.
Terms used in this answer
Definitions live in the learn section. ReserveBeat defines terms in one place and links to it.
- Published by
- ReserveBeat research · How this page is produced
- Attestation status
- STALE
- Newest data timestamp in this answer
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Questions
Common questions
Where do the answers on these pages come from?
Each page reads ReserveBeat's own board when you load it. Figures published by issuers pass through exactly as they appear in the attestation reports ReserveBeat parsed; anything ReserveBeat works out itself is labelled as computed and the calculation is written down.
Why is an answer sometimes empty?
Because ReserveBeat holds nothing for it. An empty cell is never filled with a zero, an estimate, or a figure carried over from somewhere else, and a whole answer is withheld rather than shown stale while the board is under review.
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No. Definitions live in the learn section and are written once. These pages answer questions whose answer is a figure or a state read from the board, and they link to the learn section for the vocabulary.
How often do the answers change?
Whenever the underlying board changes. Nothing on these pages is cached as text, so a new attestation report or a correction shows up on the next page load without anyone rewriting the page.