Reserve Reconciliation Report — USD Coin (USDC)
Prepared by ProofLayer as audit-readiness support. This document
is not an audit opinion, attestation, or examination under AICPA or PCAOB
standards; formal examinations remain with registered public accounting firms.
1. Summary of Checks
| Check | Result | Key figure |
|---|---|---|
| One-to-one backing | PASS | coverage 1.001004 |
| Mint/burn reconciliation | PASS | unexplained 0.00 |
| Exceptions raised | 0 | 0 critical/high |
2. GENIUS Act § 4(a) — Statutory Mapping
| Requirement | What the statute requires | How this pack evidences it | Result |
|---|---|---|---|
| § 4(a)(1)(A) | Maintain identifiable reserves backing the outstanding payment stablecoins on an at least 1 to 1 basis. | One-to-one backing check: examiner-attested reserves compared against total outstanding supply as stated by the issuer across every chain, of which the share below is independently reconstructed from raw chain data at the attestation cut-off.[1] | PASS |
| § 4(a)(1)(C)(i) | — completeness of the same outstanding-supply figure over the reporting month. | Mint/burn reconciliation: every change in outstanding supply across the period explained by individually evidenced mint and burn transactions.[2] | PASS |
| § 4(a)(1)(C)(ii) | Publish monthly the amount and composition of the reserves, including average tenor and geographic location of custody of each category of reserve instruments. | Reserve assets table: the issuer's published composition transcribed line-by-line with asset class, custodian, and page-level provenance into machine-readable workpapers.[3] | PASS |
| § 4(a)(3)(A) | Have the previous month-end report examined, each month, by a registered public accounting firm. |
The examiner's month-end attestation is this pack's primary reserve evidence, hash-committed as pulled; the pack independently corroborates it rather than restating it.[3] | PASS |
| § 4(a)(3)(B)–(C) | CEO and CFO certify monthly the accuracy of the report; a knowingly false certification carries the criminal penalties of 18 U.S.C. § 1350(c). | Every figure in this pack resolves through footnotes to content-addressed source artifacts under one Merkle-root commitment — a certifying officer can verify the basis of each number independently before signing. | SUPPORTS |
The GENIUS Act (Pub. L. 119-27) was enacted July 18, 2025. Under § 20 its requirements take effect on the earlier of January 18, 2027, or 120 days after the primary Federal payment stablecoin regulators issue final implementing regulations — monthly reserve disclosure of exactly this shape becomes federally mandatory.
This mapping shows which statutory requirement each check in this pack evidences. It is not a compliance determination, and ProofLayer is not a registered public accounting firm: the examination § 4(a)(3)(A) requires remains the examiner's. This pack is the verifiable workpaper layer underneath that examination and the officer certification.
3. Token Supply
| Supply (USDC) | Block | As of | |
|---|---|---|---|
| Opening | 54,163,511,394.10[4] | 24996367 | 2026-05-01 00:00:00+00:00 |
| Closing | 52,494,945,541.13[5] | 25218797 | 2026-05-31 23:59:59+00:00 |
| Net change | -1,668,565,852.97 | ||
4. Reserve Assets (2026-05-29)
| Description | Custodian | Class | USD | Page | Conf. |
|---|---|---|---|---|---|
| U.S. Treasury Bill 912797TU1, matures 06/02/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $436,666,740.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797SX6, matures 06/04/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $1,489,116,917.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797TZ0, matures 06/09/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $2,795,334,835.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797UA3, matures 06/16/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $4,200,417,134.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797TD9, matures 06/18/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $3,232,026,417.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797UB1, matures 06/23/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $612,017,818.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797TE7, matures 06/25/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $481,811,348.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797UC9, matures 06/30/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $1,507,672,958.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797TF4, matures 07/02/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $686,366,723.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797RF6, matures 07/09/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $1,075,476,141.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797UP0, matures 07/14/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $243,822,189.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797UQ8, matures 07/21/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $269,438,572.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797TP2, matures 07/23/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $1,663,387,161.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797UR6, matures 07/28/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $2,608,309,547.00[3] | 4 | 1.00 |
| U.S. Treasury Bill 912797TX5, matures 08/20/26 (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | tbills | $760,129,931.00[3] | 4 | 1.00 |
| Overnight U.S. Treasury repurchase agreements (Circle Reserve Fund) | Circle Reserve Fund (USDXX, Rule 2a-7) | overnight_repo | $45,171,000,000.00[3] | 4 | 1.00 |
| Cash held in Circle Reserve Fund | Circle Reserve Fund (USDXX, Rule 2a-7) | cash | $1,003,103,452.00[3] | 4 | 1.00 |
| Cash due to/(owed by) Circle Reserve Fund, timing and settlement differences, net | Circle Reserve Fund (USDXX, Rule 2a-7) | other | $-3,068,880,301.00[3] | 4 | 1.00 |
| Cash held at regulated financial institutions (segregated accounts) | Regulated financial institutions | cash | $10,794,851,072.00[3] | 4 | 1.00 |
| Cash due to/(owed by) Circle, timing and settlement differences, net | Regulated financial institutions | other | $-446,782.00[3] | 4 | 1.00 |
| Total reserves | $75,961,621,872.00[3] | ||||
5. One-to-One Backing Check
| Outstanding supply | 75,885,403,148.00 USDC[1] |
| Eligible reserves | $75,961,621,872.00 |
| Coverage ratio | 1.001004 |
| Surplus / (shortfall) | $76,218,724.00 |
| Independently reconstructed supply | 52,473,721,284.20 USDC |
| Share of circulation independently observed | 69.15% |
| Coverage ratio on independently observed supply | not shown: reconstruction is partial |
| Memo: ethereum supply alone | 52,473,721,284.20 USDC |
Backing check evaluated at the attestation cut-off (2026-05-29T23:59:59+00:00, block 25204464) rather than period end, so supply and reserves speak to the same instant (--as-of attestation).
Coverage is reserves divided by issuer-reported circulation, all chains (75,885,403,148.00 USDC). Reserves back the token on every chain it is issued on, so any narrower denominator overstates coverage.
Independent reconstruction covers 69.15% of that circulation (52,473,721,284.20 USDC on ethereum). The remainder is issuer-stated and not yet independently observed, so no observed-basis coverage ratio is shown: dividing all-chain reserves by a partial supply would overstate coverage.
6. Mint/Burn Reconciliation
| Total minted (65163 events) | 17,971,605,687.98[2] |
| Total burned (53916 events) | 19,640,171,540.95[2] |
| Net issuance | -1,668,565,852.97 |
| Supply delta | -1,668,565,852.97 |
| Unexplained difference | 0.00 |
7. Exceptions
No exceptions raised for this period.
8. Evidence & Integrity
Every figure above carries a footnote [n] resolving
here to the content-addressed (SHA-256) source artifacts it was computed from.
See evidence_index.json for the machine-readable mapping,
manifest.json for the Merkle-root commitment over all evidence
and report files, and receipt.html for the human-readable
verification receipt with step-by-step independent verification instructions.
| Source evidence | |
|---|---|
| [1] |
00731f3176abda74924166dc68a70716148cb61e4001040f7e0767b5d8eaed85 00a37e65b75265009da07956b27cee7b8e69683fb361a7a4cb7f04dc221dbbab 051ccb2992e3b532fa467705601e987fabcd9d831e5d59edc6c8647a994b08bf |
| [2] |
0017471589ee58c42c6bdd6a292adf8e3c38db2489f5857f0feeca052e328372 00fa759572a600def8a1296d325146b55b8c807d6ea8e3db9ad2edde21f497a4 012cf4552667ed5634a696b4cfda08e795d2075ebbcc8a2d89347824d9222abf |
| [3] |
c1a40d889587d91c8f41cdc66f94ad0dda09456cc395b8331f2c79f0b66c95fb — USDC Reserve Report as of May 5, 2026 and May 29, 2026 (11:59pm UTC) |
| [4] |
0189bcc0470670cf079eb60da1d503abf4f7c07d0df23728e40a33aed73faa62 01a98ca406142443087f22d462fd54c35db9ca09981e9f5a314b19616daef77f 01cd69cb9ef5b1656e1de32b9c9aff1eefec1393df190066fb2049a9b7be1f87 |
| [5] |
012cf4552667ed5634a696b4cfda08e795d2075ebbcc8a2d89347824d9222abf 016a50b4610af2b6bc868f21755c7b71d8b6101ffa3869122d63c7546f176ba0 033d5e47bccfb4cf860eee28e289fe083cad4da11d1f9324b5f8bb8eecee1b09 |