Publications

eurc-circle-reserves-liquidity-redemption-mica-august-2026

EURC / Circle: Reserves, Liquidity, Redemption and MiCA — End-August 2026

BECTRA analysis of EURC / Circle at end-August 2026: cash reserves, coverage, liquidity, redemption, MiCA, bank counterparties and multichain architecture.

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usdc-circle-reserves-cusip-circle-reserve-fund-liquidity-august-2026

USDC / Circle: reserves, CUSIP, Circle Reserve Fund and liquidity — end of August 2026

BECTRA analysis of USDC / Circle at the end of August 2026: reserve coverage, Circle Reserve Fund, CUSIPs, Treasuries, reverse repos, cash, liquidity and legal architecture.

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Tether: reserves and risks — end of August 2026

BECTRA analysis of Tether at end-August 2026: reserves, coverage, liquidity, transparency, multichain supply and key risk factors, with an explicit distinction between assured data as of 30 June and developments observed in August.

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pyusd-reserves-cusips-operational-risks-august-2026

PYUSD: reserves, CUSIPs and operational risks — end of August 2026

BECTRA analysis of PYUSD at end-August 2026: reserves, coverage, reverse repos, Treasury bills, CUSIPs, liquidity, redemption, omnibus custody and multichain architecture.

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usd1-reserves-frgxx-redemption-rights-multichain-architecture-august-2026

USD1: reserves, FRGXX, redemption rights and multichain architecture — end of August 2026

BECTRA analysis of USD1 at end-August 2026: reserves, coverage, FRGXX, redemption rights, proof of reserves, multichain architecture and regulatory developments.

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rlusd-reserves-treasury-bills-operational-risks-august-2026

RLUSD: reserves, Treasury bills and operational risks — end of August 2026

BECTRA analysis of RLUSD / Standard Custody / Ripple: reserves, Treasury-bill portfolio, CUSIPs, liquidity, redemption, money-market funds, deposits, multichain architecture and operational risks. End-August 2026 update; latest CPA-attested date: 31 July 2026.

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usd1-reserves-redemption-rights-multichain-architecture-2025-2026

USD1: Reserves, Redemption Rights and Multichain Architecture

BECTRA analysis of USD1 2025–2026: reserves, FRGXX, coverage, redemption rights, BitGo and multichain architecture.

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fdusd-reserves-liquidity-holder-rights-cusip-2023-2026

FDUSD Reserves, Liquidity and Holder Rights — What Three Years of Attestations Reveal

BECTRA analysis of FDUSD reserves from 2023–2026: coverage, liquidity, the Treasury-bill CUSIP portfolio, issuer transition and holder rights.

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pyusd-reserves-reverse-repos-cusip-redemption-2023-2026

PYUSD Reserves, Reverse Repos and CUSIP Portfolio — What 35 Attestations Reveal

BECTRA analysis of PYUSD 2023–2026: 35 attestations, 70 observations, reserve coverage, reverse repos, Treasury bills, CUSIPs, redemption and multichain architecture.

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rlusd-reserves-treasury-bills-liquidity-redemption-2024-2026

RLUSD: What the Reserves and Treasury-Bill Portfolio Reveal

BECTRA analysis of RLUSD (Ripple): 19 reports, 38 dates, 105 CUSIPs, reserves, Treasury bills, maturity, coverage and redemption risks, 2024–2026.

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Stablecoin Reserve Analysis — August 2026

Stablecoin reserve analysis: composition, liquidity, backing, transparency and monthly changes across major issuers, based on data to June 30, 2026.

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circle-reserve-fund-usdc-reserve-analysis-2022-2026

Circle Reserve Fund / USDC — Reserve Structure, Evolution and Public Portfolio Data

Analysis of Circle’s USDC reserves and the Circle Reserve Fund (2022–2026): coverage, BlackRock, T-Bills, repos and Circle/BlackRock reconciliation.

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circle-usdc-reserves-cusip-us-treasury-analysis-2022-2026

Circle’s USDC Reserves: What Four Years of Treasury Securities Reveal

BECTRA analysis of Circle’s USDC reserves by CUSIP: Treasury maturity, concentration and portfolio changes from July 2022 to June 2026.

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Stablecoin Transparency Report — June 2026

Independent comparative review of stablecoin reserve transparency, based on issuer disclosures and available attestations.

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