Circle, the operator of the second largest stablecoin, USD Coin (USDC), has announced the status of its reserves. The company’s CEO, Jeremy Allaire, said the firm plans to release information on a weekly basis.

1/ As we promised a week ago, we now provide weekly reports on USDC reserves and liquidity operations. Here is a link to the new section on our website, and below is a brief thread that helps provide context. https://t.co/ECKu4cLWQS pic.twitter.com/ZZcYgC2tFD

— Jeremy Allaire (@jerellaire) 20 May 2022

To do this, Circle has opened a special section on the site. According to the published information, as of May 20, the total supply of the asset was 52.9 billion USDC, an increase of 2.3 billion coins over the past seven days.

2/ Over the past week, we saw 8.6 billion USDC issued and 6.3 billion USDC redeemed, with a net weekly increase of 2.3 billion USDC.

— Jeremy Allaire (@jerellaire) 20 May 2022

As of this date, the stablecoin is backed by a total of $53 billion in reserves, consisting of short-term treasury bills ($40.2 billion) and cash ($12.8 billion).

The company and its partner in the Center consortium, bitcoin exchange Coinbase, pledged to fully transfer reserves to these assets in August 2021.

In April, Circle named financial conglomerate BNY Mellon as its primary collateral officer for the stablecoin.

Recall that since September 2020, USDC has quickly caught up with the market-leading USDT in terms of capitalization.

In January 2022, the Center’s stablecoin supply on the Ethereum blockchain surpassed Tether’s stablecoin for the first time.

USDC is also available on the Algorand, Solana, Stellar, Tron, Hedera Hashgraph, Avalanche and Flow networks.