Implied Peg Floor
$1.0000
Full Par Preservation
T+0 Immediate Liquidity
$10.23 B
Cash + ON Repo (30.0%)
Net Equity Buffer
+$85.0 M
Surplus reserves post-shock
Run Solvency Limit
82.4%
Max runoff before loss

Multi-Day Runoff Liquidity Curve & Asset Depletion

Liquidation Order of Fulfillment & Haircut Realization

Waterfall: Cash → Repo → T-Bills → Illiquid
Asset Class Pre-Run Value Liquidated in Run Haircut / Loss Remaining Asset Status
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High Stability: Reserves Absorb Shock without Depeg

The issuer's high cash and overnight repo allocation provides immediate T+0 liquidity to fulfill the simulated $8.50B redemption run without touching discounted longer-dated instruments or realizing fire-sale losses.

Treasury Attestation Memorandum
Model state current. Ready for export.
Treasury Methodology, LCR Framework & Regulatory Precedents

USDC Reserve Architecture

Following leadership under former CFO Jeremy Fox-Geen, Circle structured the USDC reserve predominantly through the Circle Reserve Fund (managed by BlackRock and custodied at BNY Mellon), composed of short-term US Treasury bills and overnight reverse repurchase agreements (ON RRP), keeping commercial bank exposure minimal.

The SVB March 2023 Counterfactual

During Silicon Valley Bank's collapse on March 10, 2023, Circle had $3.3B (approx 8.2% of reserves) trapped in uninsured cash deposits. USDC briefly depegged to $0.87 on decentralized exchanges before Circle pledged corporate capital to cover potential shortfalls and the FDIC implemented a systemic risk exception.

Liquidation Waterfall Priority

When redemption orders accelerate, treasurers tap Tier 1 Cash at Fed/BNY Mellon first (0% slippage), followed by Overnight Repo next-day roll-off. Short T-Bills incur negligible market slippage unless liquidated within minutes, while corporate paper or loans impose severe fire-sale discounts.

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