Circle’s $75.3B USDC Balance

Circle’s latest earnings confirmed what the market has been underestimating: approximately $75.3 billion in USDC is now circulating on blockchain rails, backed largely by short-duration U.S. Treasuries. At that scale, this is not a crypto data point. It is a dollar liquidity layer operating at institutional size. When a programmable instrument reaches $75 billion in outstanding supply and continues to generate reserve-driven revenue, it belongs inside capital markets strategy discussions, not outside them.

Reserve Structure and Revenue Economics