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This is the breakdown for USDC. Luckily for crypto, USDC keeps climbing the charts and USDT will be a memory soon. Bad money is always exchanged out for good
by JohnJamesRambo 4y ago
This is the breakdown for USDC. Luckily for crypto, USDC keeps climbing the charts and USDT will be a memory soon. Bad money is always exchanged out for good.
>Jeremy Allaire @jerallaire 3/ As of 12:00pm EST Friday, May 13, 2022, the USDC reserve consisted of $11.6 billion cash (22.9%), $39.0 billion U.S. Treasuries (77.1%), for a total of $50.6 billion (100%), and there were 50.6 billion USDC in circulation
- kgwgk 4y ago> $39.0 billion U.S. Treasuries Par value or market value? If it’s the former the current value is surely less.
- ac29 4y agoWhy? Treasury bills are the appropriate choice here and are always bought at a discount to par.
- kgwgk 4y agoIf you bought $1000 worth of 1-year treasury bills (maturing in 12m) six months ago you have less than $1000 worth of treasury bills (maturing in 6m) today. That could be a problem if you need to recover today at least the $1000 that you put. (There may be no problem with much shorter maturities - or could be worse with bonds with longer maturity. The quote didn’t give any details.)