Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesUSDC (Circle)
USD Coin (USDC) is a US dollar-backed stablecoin issued by Circle Internet Financial, LLC (outside the EEA) and Circle Internet Financial Europe SAS (EEA), launched in September 2018. Regulation: US: regulated as stored value under state money transmission laws (NMLS #1201441); Circle holds a New York limited purpose trust charter; EEA: Circle Internet Financial Europe SAS is an electronic money institution licensed by France’s ACPR, and USDC is an e-money token under MiCA; OCC: final approval for First National Digital Currency Bank, N.A., announced July 10, 2026. It is on ESMA’s list of e-money tokens under MiCA.
- Ticker
- USDC
- Issuer
- Circle Internet Financial, LLC (outside the EEA); Circle Internet Financial Europe SAS (EEA)
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- September 2018
- E-money token under MiCA
- Yes
- Latest reserve report
- August 31, 2026
- Supply
- 74,658,912,094 USDC
- Supply as of
- September 29, 2026
- Transparency page
- circle.com
- Checked on
Reserve assets of $73.40 billion on August 31, 2026: $62.32 billion in the Circle Reserve Fund, a government money market fund managed by BlackRock, and $9.59 billion in cash at regulated financial institutions. Reserve reporting: weekly reserve disclosure and monthly independent examination. The latest report covers August 31, 2026. Supply: 74,658,912,094 USDC as of September 29, 2026, according to the issuer.
Outside the EEA, holders with a Circle Mint account can redeem 1 USDC for $1. In the EEA every holder has a right under MiCA to redeem at par at any time, businesses through Circle Mint and individuals through a request form, with no minimum amount. The issuer lists 37 networks where the token is issued natively: Ethereum, Solana, Base, Arbitrum One, Avalanche C-Chain, OP Mainnet, Polygon PoS, Stellar, Sui, Aptos, Algorand, Hedera, NEAR, Noble, Linea, ZKsync Era, Unichain, Worldchain, Sei, Sonic, Starknet, Celo, Cronos, Ink, Monad, Plasma, Plume, Polkadot Asset Hub, XDC, X Layer, Arc, Codex, EDGE Chain, HyperEVM, Injective, Morph and Pharos.
- Token name
- USD Coin
- Brand
- Circle
- Regulation
- US: regulated as stored value under state money transmission laws (NMLS #1201441); Circle holds a New York limited purpose trust charter
EEA: Circle Internet Financial Europe SAS is an electronic money institution licensed by France's ACPR, and USDC is an e-money token under MiCA
OCC: final approval for First National Digital Currency Bank, N.A., announced July 10, 2026 - Reserves
- Reserve assets of $73.40 billion on August 31, 2026: $62.32 billion in the Circle Reserve Fund, a government money market fund managed by BlackRock, and $9.59 billion in cash at regulated financial institutions.
- Reserve reporting
- Weekly reserve disclosure and monthly independent examination
- Latest report
- 6778953.fs1.hubspotusercontent-na1.net
- Supply, millions of tokens
- 74,658.9
- Redemption
- Outside the EEA, holders with a Circle Mint account can redeem 1 USDC for $1. In the EEA every holder has a right under MiCA to redeem at par at any time, businesses through Circle Mint and individuals through a request form, with no minimum amount.
- Networks (native issuance)
- Ethereum, Solana, Base, Arbitrum One, Avalanche C-Chain, OP Mainnet, Polygon PoS, Stellar, Sui, Aptos, Algorand, Hedera, NEAR, Noble, Linea, ZKsync Era, Unichain, Worldchain, Sei, Sonic, Starknet, Celo, Cronos, Ink, Monad, Plasma, Plume, Polkadot Asset Hub, XDC, X Layer, Arc, Codex, EDGE Chain, HyperEVM, Injective, Morph, Pharos
- Number of networks
- 37
- Website
- circle.com
- Sources
Page URL Circle transparency page https://www.circle.com/transparency Circle stablecoins API (supply by chain) https://api.circle.com/v1/stablecoins USDC examination report, August 2026 https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20August%2026.pdf USDC Terms https://www.circle.com/legal/usdc-terms Circle licenses https://www.circle.com/legal/licenses MiCA USDC White Paper https://www.circle.com/legal/mica-usdc-whitepaper MiCA Redemption Policy https://www.circle.com/legal/mica-redemption-policy EEA Terms of Use https://www.circle.com/legal/eea-terms Circle press: final OCC approval, 10 Jul 2026 https://www.circle.com/pressroom/circle-receives-final-occ-approval-to-establish-national-trust-bank OCC conditional approval letter, 12 Dec 2025 https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125a.pdf ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
