Circle will transfer approximately 80% of its USDC reserves to the Circle Reserve Fund by the end of January

Circle released its annual USDC report. Since the launch of USDC in 2018 to December 2022, more than 213 billion USDC have been redeemed. The principles followed by USDC include: 1. About 80% of USDC reserves are held in 3-month U.S. Treasury bonds. By the end of January 2023, these reserves will be transferred to the Circle Reserve Fund, 100% owned by Circle, which is managed by BlackRock and hosted by Bank of New York Mellon; 2. About 20% of USDC reserves are in cash Hold; 3. USDC reserves are held in segregated accounts; 4. Circle is a financial infrastructure company whose business model is to minimize risk and not take risks.