As of November 30, 2022, Circle had a total of 43.23 billion USDC in circulation, with $43.4 billion in reserves to back it up.
On November 3, Circle established the Circle Reserve Fund, a money market fund administered by BlackRock and owned by Circle, to which they transferred 29.5% of the stablecoin reserves ($12.79 billion).
This amount has since grown to $28.6 billion, or 65% of the total USDC reserves. The remaining $19.41 billion of USDC reserves was held in Treasury bills directly by Circle.
Combined, the reserves stored in Treasury bills directly and through the Reserve Fund amounted to $32.2 billion, or around 75% of all USDC reserves.
In addition, $11.15 billion of the reserves was stored as cash at US-regulated financial institutions, such as Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, and Silvergate Bank.