Circle executives: About 90% of USDC-anchored asset reserves are managed by BlackRock

According to Caixin, at the Asia Vision Forum 2025 in Singapore, David A. Katz, Vice President of Strategy and Public Policy for Asia Pacific at Circle, the company that issues the USDC stablecoin, stated that cross-border transactions are a key application scenario for stablecoins, and therefore issuing a RMB-denominated stablecoin would help promote the internationalization of the renminbi. Katz emphasized that the issuance of digital assets must meet two core requirements: first, ensuring network security to prevent hacker attacks; and second, that digital assets must be 1:1 anchored to real, high-quality, and highly liquid assets and held in custody by appropriate institutions. Notably, he revealed that approximately 90% of the USDC-backed asset reserves are held by BlackRock.