Stablecoin dossierReturn to register
Record sog_st_usdc
USDC/USD Coin
Also recorded as USDC
- Lifecycle
- Active
- Issuance
- Restricted
- Reference target
- US dollar
- Primary organization
- CircleNo additional recorded relationship
- Launch
- 2018-09-26
- Redemption
- Institutional Only
- Backing
- Fiat and cash equivalents
- Stabilization
- Issuer redemption
- Last review
- 2026-06-04
- Evidence
- 10 source records
Reviewed assessment
Identity and current state
This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.A US dollar-pegged stablecoin issued by Circle, supported by reserve reports, institutional redemption through Circle Mint, and a documented recovery from the March 2023 depeg.
| Name | USD Coin |
|---|---|
| Symbol | USDC |
| Aliases | USDC |
| Asset class | Stablecoin |
| Lifecycle status | Active |
| Issuance status | Restricted |
| Canonical record ID | sog_st_usdc |
| Route slug | usdc |
| Record confidence | Medium |
| Last reviewed | 2026-06-04 |
- Name
- USD Coin
- Symbol
- USDC
- Aliases
- USDC
- Asset class
- Stablecoin
- Lifecycle status
- Active
- Issuance status
- Restricted
- Canonical record ID
sog_st_usdc- Route slug
usdc- Record confidence
- Medium
- Last reviewed
- 2026-06-04
Record coverage
| Section | Entries |
|---|---|
| Organizations | 1 |
| Sources | 10 |
| Reserve reports | 4 |
| Reserve components | 2 |
| Model-history events | 1 |
| Regulatory notes | 2 |
| Deployments | 3 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 2 |
Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.
- Governance
- Centralized
- Primary display organization
- Circle
- Primary display role
- Legal issuer
- Display selection mode
- Deterministic Policy
- Current relationships
- 1
- Ended relationships
- 0
- Unknown relationship state
- 0
- Freeze capability
- 0 recorded yes · 0 recorded no · 3 not recorded
- Blacklist capability
- 0 recorded yes · 0 recorded no · 3 not recorded
- Deployment control-event references
- 0
- Observed issuer-control events
- 0
- Relationship coverage
- 1 recorded relationship
| Organization | Organization category | Regulatory character | Jurisdiction | Role | Display priority | From | Until | Relationship status |
|---|---|---|---|---|---|---|---|---|
| Circle | Company or corporate group | Not recorded in canonical data | United States | Legal issuer | Primary display | 2018-09-26 | Not yet recorded | Active relationship |
Company or corporate group
Primary displayCircle
- Functional role
- Legal issuer
- Relationship status
- Active relationship
- Regulatory character
- Not recorded in canonical data
- Jurisdiction
- United States
- From
- 2018-09-26
- Until
- Not recorded
Mechanism
How the asset works
Reference, backing, stabilization, exit, valuation, and yield remain separate facts.- Reference target
- US dollar
- Reference kind
- Fiat
- Comparison category
- US dollar
- Target value
- 1
- Reference methodology
- Targets a US dollar reference value unless the record documents a different target value.
- Public backing model
- Fiat and cash equivalents
- Canonical backing types
- Cash, Government Securities
- Reserve component categories
- Cash, Government Securities
- Primary stabilization mechanism
- Issuer redemption
- Recorded model description
- Fiat-backed
- Redemption / exit model
- Institutional Only
- Valuation source
- Public information is incomplete
- Yield / rebase profile
- None recorded
- Classification notes
- Not recorded
Reserve and redemption
Reserve and redemption
Recorded components, disclosures, reports, and redemption conditions remain explicit.Reserve components
- CashCash
- Government securitiesGovernment Securities
| Disclosure status | Available |
|---|---|
| Backing types | Cash, Government Securities |
| Summary | Circle reserve reports and examination reports are tracked separately as historical records. |
| As of | 2026-06-04 |
| Profile confidence | Medium |
- Disclosure status
- Available
- Backing types
- Cash, Government Securities
- Summary
- Circle reserve reports and examination reports are tracked separately as historical records.
- As of
- 2026-06-04
- Profile confidence
- Medium
| Current status | Institutional Only |
|---|---|
| Settlement asset | USD |
| Eligible parties | Eligible Circle Mint customers; retail access is generally indirect through partners and markets. |
| Retail access | Indirect via Partners |
| Institutional access | Available Through Circle Mint Subject to Terms |
| Minimum amount | Subject to current Circle terms. |
| Fee | Subject to current Circle terms. |
| Settlement time | Subject to Circle Mint and banking operations. |
| Regional limits | Account type and jurisdiction restrictions apply. |
- Current status
- Institutional Only
- Settlement asset
- USD
- Eligible parties
- Eligible Circle Mint customers; retail access is generally indirect through partners and markets.
- Retail access
- Indirect via Partners
- Institutional access
- Available Through Circle Mint Subject to Terms
- Minimum amount
- Subject to current Circle terms.
- Fee
- Subject to current Circle terms.
- Settlement time
- Subject to Circle Mint and banking operations.
- Regional limits
- Account type and jurisdiction restrictions apply.
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| 2026-06-01 | Circle | Issuer Disclosure | Cash, Short Duration Us Treasuries | Medium |
| 2026-06-03 | Circle | Reserve Report Archive | Cash, Short Duration Us Treasuries, Not yet recorded | Medium |
| 2026-02-26 | Circle Internet Group | Examination Report | Cash, Short Duration Us Treasuries | Medium |
| 2023-03-11 | Circle | Issuer Event Disclosure | Cash At Banking Partner, Reserve Asset Exposure | Medium |
Circle
2026-06-01- Type
- Issuer Disclosure
- Assets covered
- Cash, Short Duration Us Treasuries
- Record confidence
- Medium
Circle
2026-06-03- Type
- Reserve Report Archive
- Assets covered
- Cash, Short Duration Us Treasuries, Public information incomplete
- Record confidence
- Medium
Circle Internet Group
2026-02-26- Type
- Examination Report
- Assets covered
- Cash, Short Duration Us Treasuries
- Record confidence
- Medium
Circle
2023-03-11- Type
- Issuer Event Disclosure
- Assets covered
- Cash At Banking Partner, Reserve Asset Exposure
- Record confidence
- Medium
Deployments and legal context
Deployments and legal context
Network state, contract identity, legal notices, and value states remain separate.| Network | Network record state | Standard | Public deployment category | Canonical deployment type | Operational state | Recorded status | Change or proposal state | Canonicality | Canonicality record state | Verification state | Contract identity state | Contract or identifier | Freeze | Blacklist | Control events | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | Specific network recorded | Not yet recorded | Issuer- or institution-supported deployment | Native or Issuer Supported | Active | Active | No separate change state recorded | Issuer-native deployment | Canonicality recorded | Identifier recorded; verification not recorded | Identifier recorded | 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 | Not yet recorded | Not yet recorded | 0 | Full chain-by-chain native/bridged status remains a open question outside selected official Circle contract references. |
| Base | Specific network recorded | Not yet recorded | Issuer- or institution-supported deployment | Native or Issuer Supported | Active | Active | No separate change state recorded | Issuer-native deployment | Canonicality recorded | Identifier recorded; verification not recorded | Identifier recorded | 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913 | Not yet recorded | Not yet recorded | 0 | Not a complete deployment inventory. |
| Solana | Specific network recorded | Not yet recorded | Issuer- or institution-supported deployment | Native or Issuer Supported | Active | Active | No separate change state recorded | Issuer-native deployment | Canonicality recorded | Identifier recorded; verification not recorded | Identifier recorded | EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v | Not yet recorded | Not yet recorded | 0 | Not a complete deployment inventory. |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| 2023-03-11 | USDC banking exposure context during Silicon Valley Bank failure | Circle | Banking Context | Circle disclosed USDC reserve exposure to Silicon Valley Bank during the March 2023 banking crisis. The archive records this as banking/regulatory context connected to the recovered USDC depeg event. |
| 2023-03-12 | USDC operations reopening context after March 2023 banking weekend | Circle | Issuer Operational Notice | Circle stated that USDC operations would open for business after U.S. federal banking actions during the March 2023 banking weekend. The archive records this as recovery context connected to the recovered depeg event. |
USDC banking exposure context during Silicon Valley Bank failure
2023-03-11Circle disclosed USDC reserve exposure to Silicon Valley Bank during the March 2023 banking crisis. The archive records this as banking/regulatory context connected to the recovered USDC depeg event.
- Authority / publisher
- Circle
- Type
- Banking Context
USDC operations reopening context after March 2023 banking weekend
2023-03-12Circle stated that USDC operations would open for business after U.S. federal banking actions during the March 2023 banking weekend. The archive records this as recovery context connected to the recovered depeg event.
- Authority / publisher
- Circle
- Type
- Issuer Operational Notice
Evidence
Evidence
Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.| Source | Publisher | Source category | Provenance | Primary or secondary | Supported claims | Archive | Reliability |
|---|---|---|---|---|---|---|---|
| Circle Transparency Published Not yet recorded | Circle | Official statement or announcement Canonical: Issuer Statement | Subject-controlled source | Primary source | Reserve, Reserve History, Circle reserve transparency, stablecoin reserve composition, and monthly attestation entry point | No archive recorded | High |
| Circle update on USDC and Silicon Valley Bank exposure Published 2023-03-11 | Circle | Official statement or announcement Canonical: Issuer Statement | Subject-controlled source | Primary source | Depeg Event | No archive recorded | High |
| USDC official product page Published Not yet recorded | Circle | Official statement or announcement Canonical: Issuer Statement | Subject-controlled source | Primary source | Entity Redemption, Redemption Access | No archive recorded | High |
| Circle update after federal banking actions in March 2023 Published 2023-03-12 | Circle | Official statement or announcement Canonical: Issuer Statement | Subject-controlled source | Primary source | Depeg Recovery, Depeg recovery | No archive recorded | High |
| 2026 USDC Examination Report January 2026 Published 2026-02-26 | Circle Internet Group | Reserve, assurance, or financial report Canonical: Reserve Report | Assurance or financial-report source | Primary source | Reserve Report | No archive recorded | High |
| USDC contract addresses Published Not yet recorded | Circle Developers | Official documentation or product page Canonical: Protocol Docs | Subject-controlled source | Primary source | Deployment Contracts | No archive recorded | High |
| USDC Terms Published 2025-12-12 | Circle | Legal terms or disclosure Canonical: Legal Terms | Subject-controlled source | Primary source | holder redemption right, Circle Mint eligibility, reserve ownership for users, reserve segregation, and one-to-one redemption | Direct archived snapshot | High |
Known unknowns
Known unknowns and coverage
Missing or disputed facts remain visible instead of being converted into certainty.| Topic | What remains unclear | Value state | Priority | Last checked |
|---|---|---|---|---|
| Historical Low Price | Lowest observed USDC price and exact depeg duration vary by data source and need a source-specific value before display. | Unknown after review | Medium | 2026-06-03 |
| Chain Deployment Status | Native vs bridged USDC status across all supported networks needs documented chain-by-chain review before The archive classifies deployment coverage as complete. | Unknown after review | Medium | 2026-06-04 |
Historical Low Price
Lowest observed USDC price and exact depeg duration vary by data source and need a source-specific value before display.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-03
Chain Deployment Status
Native vs bridged USDC status across all supported networks needs documented chain-by-chain review before The archive classifies deployment coverage as complete.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-04
Lifecycle
History
Current classification remains separate from dated changes and incidents.Model and lifecycle changes
| Date | Event | Category | Subtype | Status effect | Recovery |
|---|---|---|---|---|---|
| 2023-03-11 | USDC depeg during March 2023 banking crisis | Depeg and peg stress | Major Depeg | No lifecycle change | Recovered |
| 2023-03-13 | USDC operations reopen after the March 2023 banking weekend | Recovery | Depeg Recovery Context | No lifecycle change | Recovered |
Related records and corrections
Corrections and further reading
Open connected records, methodology, machine-readable data, or report a correction.Use these explainers to compare the legal, regulatory, reserve, redemption, or distribution questions connected to this record.
RLUSD’s Japan Launch Is Only Part of the Story
What USDC, RLUSD, and JPYSC reveal about Japan’s emerging stablecoin access model, legal routes, platform functions, and the difference between availability and unrestricted circulation.
After MiCA: Which Stablecoins Can Europeans Actually Use?
A reviewed guide to EU/EEA stablecoin access, separating issuer status, platform state, customer scope, product functions, direct mint and redemption routes, payment rails, supported networks, and dates.
GENIUS Act and Stablecoins
A beginner-friendly guide to the U.S. payment-stablecoin law, its implementation timeline, and the questions it creates for representative dollar stablecoins.
MiCA and Stablecoins
A beginner-friendly guide to EU stablecoin rules, the 2026 CASP transition deadline, and the different questions facing representative dollar, euro, and protocol-issued assets.
UK Stablecoin Rules: Capital Is Not Backing
What the reported cut from a 2% to 1% issuer-capital requirement means, why it does not halve stablecoin backing, and how the FCA and Bank of England regimes differ.
Open USD Explained: Who Gets the Reserve Income?
Open Standard says partners will receive all reserve earnings after a small management fee. This guide separates that partner model from holder yield and records what is still unknown before launch.
- All stablecoinsCompare this record with the rest of the archive.
- CircleUnited States
- Event registry2 connected events recorded.
- MethodologyRead classification, evidence, and value-state rules.
- CorrectionsReport a source, relationship, or record problem.
- Data manifestInspect the machine-readable public layer.