USDC Reserves Total About $70.5 Billion in Nov. 5 Snapshot

USD Coin (USDC) reserves totaled about $70.5 billion on Nov. 5, according to the published reserve snapshot. Nearly 85% of the disclosed pool sat in overnight reverse Treasury repurchase agreements or Treasury securities maturing in less than three months.

The headline establishes the scale of the reported pool; the allocation shows that most of it carried a short maturity profile rather than sitting entirely in bank deposits.

The largest single holding was about $36.6 billion in overnight reverse Treasury repurchase agreements, equal to roughly 52% of the reported total. A further $23.3 billion, or about 33%, consisted of Treasury securities that mature in less than three months. Combined, those positions totaled $59.9 billion, about 5.6 times the $10.7 billion recorded in deposits.

How was the $70.5 billion allocated?

• Overnight reverse Treasury repurchase agreements: about $36.6 billion, or roughly 51.9% of total reserves.
• Treasury securities maturing in less than three months: about $23.3 billion, or roughly 33.0%.
• Deposits at systemically important institutions: about $9.9 billion, or roughly 14.0%.
• Other bank deposits: about $800 million, or roughly 1.1%.

The category ordering is clear. The overnight reverse-repo position alone exceeded the combined $10.7 billion of deposits by about $25.9 billion, while the short-maturity Treasury portfolio was more than twice the deposit total. The two deposit lines together represented about 15% of reserves, despite their combined balance being material in absolute terms.

The four rounded component figures add to $70.6 billion, $100 million above the $70.5 billion headline. That difference is consistent with rounding across figures reported as approximate, so calculated percentage shares should not be read more precisely than the underlying figures.

What does the reserve mix change for USDC?

For market participants, the relevant fact is not merely the $70.5 billion headline but where the assets sit. A pool weighted toward overnight repos and Treasury securities inside three months differs structurally from one concentrated in bank deposits. Its reported composition depends more directly on Treasury-market liquidity and the continuation of overnight funding arrangements.

At the same time, maturity does not equal risk-free liquidity in every stress scenario. The Nov. 5 date carries no stated calendar year in the snapshot, which also does not disclose haircuts, settlement timing, counterparties, or whether any securities were pledged.

The figures therefore support a duration observation, not a claim that every asset can be liquidated at carrying value during market stress.

Maturity dates define when principal can return under the stated terms; they do not disclose the income earned or all costs associated with maintaining those positions. Short maturities allow the composition to be reset more frequently than long-dated holdings. They do not, on their own, establish the stability of the broader reserve pool.

For USDC users, the practical takeaway is composition, not a directional signal for token demand or supply. Roughly 85% of reported reserves sat in short-dated Treasury-related instruments, while about 15% sat across two deposit categories. The Nov. 5 figures alone do not establish a trend because the snapshot provides no prior-period comparison.

The calculations do not establish a change in redemption terms, holder costs, or the amount of USDC in circulation. Those questions require reserve and supply data beyond this snapshot. Treating the $70.5 billion figure as evidence for any one of them would exceed what the disclosure supports.

The next dated checkpoints are already embedded in the portfolio: the $36.6 billion reverse-repo position matures overnight, while the $23.3 billion Treasury sleeve must mature inside three months. A subsequent reserve snapshot will show whether that short-duration allocation persists.