Circle executives: Approximately 90% of the assets backing USDC are managed by BlackRock.

On September 13, according to Caixin, at the "Asia Vision Forum 2025" held in Singapore, David A. Katz, Vice President of Strategy and Public Policy for Circle in the Asia-Pacific region, stated that cross-border business is an important application scenario for stablecoins, and therefore the issuance of a Renminbi stablecoin will help promote the internationalization of the Renminbi. Katz emphasized that the issuance of digital assets must meet two core requirements: first, to ensure network security and prevent hacker attacks; second, digital assets must be one-to-one pegged to real, high-quality, and highly liquid assets, and be custodied by appropriate institutions. He revealed that about 90% of the asset reserves pegged to USDC are custodied by BlackRock.