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Voila. Stablecoin issuer Circle revealed the sources behind what’s underpinning USDC in a blog post on Tuesday. In a new attestation report published on Friday, Circle’s accountants verified that Circle’s total assets equated to $1 for every USDC in circulation, with 61% of USDC’s reserves held in cash and cash equivalents. The new attestation is part of the company’s effort to become more transparent, particularly after being tapped by Mastercard to facilitate crypto-to-fiat conversions in a pilot program that aims to enable customers to spend their crypto assets.