Circle, the operator of the market's second largest stablecoin, USD Coin (USDC), has just published a report on the status of its reserves.
According to the company's CEO, Jeremy Allaire, Circle plans to publish weekly reports on the asset's reserves.
Circle has created a special section on its website for this purpose. According to the report published by the company, as of May 20, the total supply of the asset was 52.9 billion coins, an increase of 2.3 billion over the last week.
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The crypto is currently backed by reserves valued at $53 billion consisting of short-term treasury bills ($40.2 billion) and cash ($12.8 billion).
In August last year, the company and its partner Coinbase committed to transfer the reserves entirely to these assets.
Last month, Circle chose financial holding company BNY Mellon as the primary collateral custodian for the stablecoin.