Circle responds that its reserves are 80% Treasury bonds and 20% cash
How We Take Risks
By Circle CFO, Jeremy Fox-Geen
Source: Circle website
原文编译：0x711， BlockBeats
本文是 Circle 首席财务官（CFO） Jeremy Fox-Geen 阐述有关 USDC 可信度和透明度的第 4 篇文章。BlockBeats 对其整理翻译如下：
"Your money is safe." That's what every CEO of every financial institution in the world tells clients. Until it's no longer safe.
As I mentioned in my previous postAll financial institutions have inherent risks. That's why society has enacted laws and regulations aimed at making them safer and protecting consumers. "Safety" is a relative term, not absolute; Risk is everywhere.
In addition to laws and regulations, financial institutions also rely on their ability to manage risk. In fact, taking and managing risk is their business model (for example, banks lend users' money to lenders or finance their trading desks; An unregulated institution that controls the risks it takes).
"Our risk control is world class," is another phrase every CEO of every financial institution in the world will say, until the institution crashes and customers can't get their money back.
USDC is different.
For USDC, our business model is to minimize risk, not "take and manage risk."Let me explain how and why:
Provide sound money on the Internet
Just as billions of people use the Internet to exchange trillions of bytes of data every day, we believe that billions of people will one day use the Internet to exchange trillions of dollars of value almost instantly and for free.
This will benefit all people, can promote the efficiency of billions of dollars in assets (e.g., settlement time T + 2), reduce the economic rent (such as cross-border remittance 6% fee, 3% of the credit card transaction costs), to speed up financial service innovation long tail asset markets (such as chain) and financial inclusion (such as the promotion of wealth reserves available degrees), Not to mention programmable chain money can support cutting-edge forms of commerce and finance. This will benefit Circle - we are keen to be part of the underlying infrastructure and trusted service providers in this new financial ecosystem.
But all this will only happen if the base is sound -- sound, trustworthy and safe. And that can only come from minimizing risk.
将 USDC 风险降至最低符合我们的经济利益。而这就是我们所做的。
USDC reserve assets are protected by laws and regulations
我们刚推出 USDC 时，我们不得不说服监管机构对我们进行监管。今天，Circle 受州货币流通法（money transmission laws）监管，USDC 被视为电子「储值」工具监管 。我们遵守旨在保护消费者的法律法规——与那些为数亿最终用户和数百万企业服务的其他主要支付公司所遵循的法律法规相同。
货币流通法规定，Circle 拥有对 USDC 储备金的合法所有权，但与银行、交易平台或不受监管的机构不同，它不享有其他同等权益。这点很重要。
USDC reserve assets are assets that belong to USDC holders rather than CircleAnd kept entirely in a separate designated account designed for the benefit of USDC holders. Circle shall not use USDC Reserve assets for any other purpose. Unlike banks, trading platforms or unregulated institutions, we can't lend them out, we can't borrow them and we can't use them to pay our bills.
In the event of the extreme stress of Circle's bankruptcy, segregated USDC reserves shall ensure that the USDC remains at par value and redeemable from Circle creditors, and is insulated from the bankruptcy estate by the protections provided by the State's Circulation of Money laws.
To reiterate, USDC reserve assets are separate from the rest of Circle's business and operations and are protected by laws and regulations.
Manage USDC reserve assets to minimize risk
All of the choices we make about holding USDC reserve assets are designed to minimize the risk to USDC holders, These include counterparty risk (so that institutions holding USDC reserve assets can return them), market risk (so that their value does not fluctuate), operational risk (so that everything runs smoothly) and liquidity risk (so that they are always available on demand).
约 80% 的 USDC 储备资产是期限为 3 个月或更短的美国短期国债。这些被认为是世界上最安全的资产之一，得到美国政府「充分信任和信用背书」的支持，而美国政府本身又得到世界最大经济体的支持。 美国短期国债 拥有世界上最深、流动性最强的市场，价格稳定，赎回可以在同一天结算。贝莱德购买美国短期国债，并由纽约梅隆银行保管——这是全球最大、最受信任、最具运营弹性的两家金融机构。
约 20% 的 USDC 储备资产以现金形式储存在美国银行系统中，合作伙伴包括 Silvergate、Signature Bank 和 New York Community Bank 等。虽然大多数人（包括我们）认为存在美国银行里的现金是「安全的」，但我们也认识到在任何银行持有大量现金都会存在该银行的交易对手和信用风险。因此，我们考虑银行信誉和资产集中度以进一步降低风险。此外，我们继续拓展银行合作伙伴，并积极探索其他方法，以进一步降低 USDC 储备资产现金部分的银行风险。如前所述，我们的长期目标是直接在美联储持有现金储备。
我们在银行系统中持有现金，以便我们能够根据客户要求及时赎回 USDC。事实上，如果客户在我们的某些银行合作伙伴处有账户，他们可以全年任意时间几乎即时地铸造、赎回和结算 USDC，哪怕是在美国银行系统停业时（大多数情况下）。在 6 月份，我们通过强大的流动性运营基础设施，毫不费力地为客户将 147 亿枚 USDC 顺利赎回 147 亿美元。
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