Circle’s latest monthly reserve attestation shows $34.5 billion in USDC reserves, exceeding the total number of tokens in circulation. Deloitte reviewed the attestation, which says the assets were backed primarily by short-term U.S. Treasury bills and overnight repurchase agreements. Stablecoin (cryptocurrency designed to maintain a stable value) reserve disclosures are important because users must trust that tokens can be redeemed and that backing is managed conservatively. The attestation is a point-in-time assessment rather than a real-time audit, so it does not capture every reserve movement or remove operational, banking, regulatory or redemption risks. Circle uses regular attestations as part of its transparency and regulatory-alignment strategy. USDC is widely used for settlement across exchanges, DeFi protocols, payment applications, remittances, tokenized markets and institutional workflows, making reserve confidence relevant to broader crypto liquidity. Tether remains the dominant issuer by supply, while Circle is positioning USDC around transparency, compliance and institutional access as competition increases.