Accounting firm Grant Thornton released a USDC report as of December 31, 2022, with a circulation of 44,553,543,212 USDC and USD 44,693,963,701 held in escrow accounts. In mid-January, Circle’s annual USDC report stated that since the launch of USDC in 2018 to December 2022, more than 213 billion USDC have been redeemed. Circle stated that the principles followed by USDC include: 1. About 80% of USDC reserves are held in 3-month U.S. Treasury bonds. By the end of January 2023, these reserves will be transferred to the Circle Reserve Fund, 100% owned by Circle, which is managed by BlackRock and hosted by Bank of New York Mellon; 2. About 20% of USDC reserves are in cash Hold; 3. USDC reserves are held in segregated accounts.