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Sankey diagram of Circle Internet Group, Inc.. A complete text table follows the diagram.
Cash and a regulated money-market fund back the network, while less than one-fifth of circulating USDC sits directly on Circle's platform.
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The diagram compares reserve assets and circulating USDC at the same date. It does not claim that reserve assets are Circle corporate cash, that the $76 million residual is freely distributable, or that every off-platform USDC unit is held in an independently verified active wallet.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Cash | 1 | $10.7 | 13.8% of disclosed reserve assets |
| Circle Reserve Fund | 1 | $66.5 | BlackRock-managed money-market fund |
| Stablecoin reserve assets | 2 | $77.1 | $77.125B at quarter-end |
| USDC in circulation | 3 | $77 | 28% reported stablecoin market share |
| Other reserve coverage | 3 | $0.1 | EURC and/or timing-related difference |
| USDC on Circle's platform | 4 | $13.7 | 17.7% of quarter-end circulation |
| USDC outside Circle's platform | 4 | $63.4 | Wallets, exchanges and partner platforms |
| From | To | Value |
|---|---|---|
| Cash | Stablecoin reserve assets | $10.7 |
| Circle Reserve Fund | Stablecoin reserve assets | $66.5 |
| Stablecoin reserve assets | USDC in circulation | $77 |
| Stablecoin reserve assets | Other reserve coverage | $0.1 |
| USDC in circulation | USDC on Circle's platform | $13.7 |
| USDC in circulation | USDC outside Circle's platform | $63.4 |