According to Circle CEO Jeremy Allaire, up to 70% of the adoption of USD Coin (USDC) comes from countries outside of the United States, with strong progress being made in Asia, Latin America, and Africa. Allaire also addressed concerns over USDC liquidity, stating that redemptions were outpacing issuance and that Circle's global banking and liquidity network was expanding.
In a transparency report, Circle revealed that its Circle Reserve Fund held a 93% portfolio of short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash, with the remaining 7% being cash reserves at banks.
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