Publications

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

Independent analysis of USDC reserves and the Circle Reserve Fund, covering January 2022 to June 2026 across 54 monthly reporting dates and 59 public documents.

Circle’s USDC Reserves: What Four Years of Treasury Securities Reveal.
Independent analysis of 48 monthly snapshots of U.S. Treasury securities disclosed for USDC reserves, covering July 2022 to June 2026: Maturity, liquidity, concentration, turnover, and portfolio evolution.

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