[miohtama]

This from the latest GrantThompson USDC report:

> Segregated accounts are defined by the Company as unencumbered accounts of the Company which are eligible to fulfill the Company’s obligations under the statutes and regulations applicable to the Company as a money transmitter licensed in various US states and territories. Such accounts are held at US regulated financial institutions, limited to cash and short-dated U.S. government obligations, and are segregated from other accounts of the Company, including general corporate funds.

So the assets backing are cash and treasury notes.

I am not saying Circle is not lying, but them lying this close to IPO is very unlikely, so you are very likely incorrect.