USD Coin (USDC): reserves, audits and reviews
Reserve-backed stablecoinUS dollar · Circle Internet Financial, LLC
Visitor ratings: do you like USDC?
On-chain stablecoin data
- Issuance, 30 days (2 October 2026 – 31 October 2026)
- Minted US$33.75 bn, burned US$35.27 bn, net issuance −US$1.52 bn
- Issuer acts, 30 days (2 October 2026 – 31 October 2026)
- 65 freezes, 0 unfreezes, 0 seizures
- Latest issuer act
- Freeze on Ethereum, 31 October 2026 ↗
- Freeze function in the contract
- freeze only: Ethereum, Solana, Base, Optimism, Arbitrum One
- Issuer and freeze powers
- ACHIVX Academy guide ↗
On-chain measurement by Stablecoin Scanner (ACHIVX), not a reserve or solvency claim. As of 31 October 2026. Mints and burns as decoded by the scanner on the chains it covers, not the issuer’s total issuance; mints and burns on Solana are not yet decoded and are not included. The scanner notes: every row is something the issuer did; it says nothing about who the address belongs to or why. Native deployments in the scanner’s token registry. scanner page ↗
Key facts
- Issuer
- Circle Internet Financial, LLC
- Legal home
- United States
- Pegged to
- US dollar
- Type
- Reserve-backed stablecoin
- Backing
- money market funds, bank deposits
- Reserve reports
- Attestation report, monthly
- Redemption with the issuer
- For institutional customers
- Yield
- Pays no yield to holders
- Issuer powers
- freeze addresses, pause all transfers
- Networks (per the issuer)
- Algorand, Aptos, Arbitrum, Arc, Avalanche C-Chain, Base, Codex, Celo, Cronos, EDGE, Ethereum, Hedera, HyperEVM, Injective, Ink, Linea, Monad, Morph, NEAR, Noble, OP Mainnet, Pharos, Plasma, Plume, Polkadot Asset Hub, Polygon PoS, Sei, Solana, Sonic, Starknet, Stellar, Sui, Unichain, World Chain, X Layer, XDC, XRPL, ZKsync Era
From the ACHIVX Academy dossier written 2026-10-11 from the issuer’s own documents. Terms change — check the sources.
Regulation
- United States — state money transmitter licences
- European Union — authorised under MiCA (e-money token)
Reserves as of 30 September 2026
Reserves $73.96 bn against $73.88 bn of USDC outstanding.
| Asset | Amount | Share |
|---|---|---|
| Circle Reserve Fund — U.S. Treasury repo | $36.65 bn | 49.6% |
| Circle Reserve Fund — U.S. Treasury securities | $25.36 bn | 34.3% |
| Cash at regulated financial institutions | $9.50 bn | 12.8% |
| U.S. Treasury securities held directly | $1.76 bn | 2.4% |
| Circle Reserve Fund — cash | $1.00 bn | 1.4% |
| Settlement differences (net) | $229 m | 0.3% |
| Circle Reserve Fund — settlement differences (net) | −$552 m | — |
Source: Circle’s USDC reserve report as of 30 September 2026, examined by Deloitte & Touche LLP. A snapshot at one moment — the composition changes between reports. PDF
Audits and reserve reports
- Reserve reports: monthly, checked by Deloitte & Touche LLP (AICPA examination).
- Deloitte & Touche LLP, Circle’s financial-statement auditor, signs the monthly reserve examination; Grant Thornton LLP was Circle’s auditor before Deloitte.
- Financial statements for 2025 audited by Deloitte & Touche LLP (unqualified opinion).
- The audit covers the parent company Circle Internet Group, Inc. (NYSE: CRCL).
Minting and redeeming directly with the issuer
Only institutions with a Circle Mint account (exchanges, trading firms, wallets, banks, apps) can mint and redeem with Circle; individuals cannot. In the EEA, retail holders can redeem with Circle Internet Financial Europe SAS under MiCA.
| Item | Terms |
|---|---|
| Mint fee | Free for US-dollar wires; on-chain withdrawals pay the network fee. |
| Redemption fee | Free (Standard, within 2 business days); 0.05% (Express, near-instant). Since 19 October 2026. |
| Verification | KYC required; redemption needs a Circle Mint account in good standing. |
| Settlement | Standard: up to 2 business days; Express: near-instant. Bank settlement time comes on top. |
Not available under the issuer’s terms: sanctioned persons (US OFAC, State and Commerce lists and similar); Cuba, Iran, North Korea, and the Crimea, Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine
Freezing and seizure
Circle can block any address that holds USDC, and USDC at a blocked address can no longer be sent or received. Its policy limits blocking to US or French legal orders, urgent law-enforcement, sanctions or national-security requests and security threats; holders tied to suspected illegal activity may lose the right to redeem. freeze ledger in Stablecoin scanner ACHIVX.
Networks where the issuer issues USDC
| Network | Contract address |
|---|---|
| Algorand | 31566704 |
| Aptos | 0xbae207659db88bea0cbead6da0ed00aac12edcdda169e591cd41c94180b46f3b |
| Arbitrum | 0xaf88d065e77c8cC2239327C5EDb3A432268e5831 |
| Arc | 0x3600000000000000000000000000000000000000 |
| Avalanche C-Chain | 0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E |
| Base | 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913 |
| Codex | 0xd996633a415985DBd7D6D12f4A4343E31f5037cf |
| Celo | 0xcebA9300f2b948710d2653dD7B07f33A8B32118C |
| Cronos | 0x3D7F2C478aAfdB65542BCB44bCeeC05849999d2D |
| EDGE | 0x98d2919b9A214E6Fa5384AC81E6864bA686Ad74c |
| Ethereum | 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 |
| Hedera | 0.0.456858 |
| HyperEVM | 0xb88339CB7199b77E23DB6E890353E22632Ba630f |
| Injective | 0xa00C59fF5a080D2b954d0c75e46E22a0c371235a |
| Ink | 0x2D270e6886d130D724215A266106e6832161EAEd |
| Linea | 0x176211869cA2b568f2A7D4EE941E073a821EE1ff |
| Monad | 0x754704Bc059F8C67012fEd69BC8A327a5aafb603 |
| Morph | 0xCfb1186F4e93D60E60a8bDd997427D1F33bc372B |
| NEAR | 17208628f84f5d6ad33f0da3bbbeb27ffcb398eac501a31bd6ad2011e36133a1 |
| Noble | uusdc |
| OP Mainnet | 0x0b2C639c533813f4Aa9D7837CAf62653d097Ff85 |
| Pharos | 0xC879C018dB60520F4355C26eD1a6D572cdAC1815 |
| Plasma | 0x2d661C89D812261039AF9764eceaAee884f5F67F |
| Plume | 0x222365EF19F7947e5484218551B56bb3965Aa7aF |
| Polkadot Asset Hub | 1337 |
| Polygon PoS | 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359 |
| Sei | 0xe15fC38F6D8c56aF07bbCBe3BAf5708A2Bf42392 |
| Solana | EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v |
| Sonic | 0x29219dd400f2Bf60E5a23d13Be72B486D4038894 |
| Starknet | 0x033068F6539f8e6e6b131e6B2B814e6c34A5224bC66947c47DaB9dFeE93b35fb |
| Stellar | USDC-GA5ZSEJYB37JRC5AVCIA5MOP4RHTM335X2KGX3IHOJAPP5RE34K4KZVN |
| Sui | 0xdba34672e30cb065b1f93e3ab55318768fd6fef66c15942c9f7cb846e2f900e7::usdc::USDC |
| Unichain | 0x078D782b760474a361dDA0AF3839290b0EF57AD6 |
| World Chain | 0x79A02482A880bCe3F13E09da970dC34dB4cD24D1 |
| X Layer | 0xB6CEceAB302E2E4948951eE7843FC24E92933061 |
| XDC | 0xfA2958CB79b0491CC627c1557F441eF849Ca8eb1 |
| XRPL | 5553444300000000000000000000000000000000.rGm7WCVp9gb4jZHWTEtGUr4dd74z2XuWhE |
| ZKsync Era | 0x1d17CBcF0D6D143135aE902365D2E5e2A16538D4 |
Official list from the issuer (38 networks). TRON (since 21 February 2024) and Noble (since 13 October 2026) support only redemptions; TRON is no longer listed. 993,225 USDC left on the deprecated FLOW chain is permanently frozen. On X Layer only the listed address is Circle-issued; the bridged USDC.e is not issued or backed by Circle.
Contracts by network
| Network | Contract address | Token | Issuer can |
|---|---|---|---|
| Solana | EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v6 decimals | native | freeze |
| Ethereum | 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb486 decimals | native | freeze |
| Optimism | 0x0b2c639c533813f4aa9d7837caf62653d097ff856 decimals | native | freeze |
| BNB Chain | 0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d18 decimals | Binance-Peg | cannot freeze |
| Base | 0x833589fcd6edb6e08f4c7c32d4f71b54bda029136 decimals | native | freeze |
| Arbitrum One | 0xaf88d065e77c8cc2239327c5edb3a432268e58316 decimals | native | freeze |
Contracts indexed by Stablecoin scanner ACHIVX, snapshot of 2026-10-27. Always check the address before sending.
Risks and caveats
- USDC is not covered by deposit insurance: the USDC Terms exclude FDIC and SIPC protection and equivalent schemes elsewhere.
- In March 2023 part of the reserve was at Silicon Valley Bank when it failed; the funds were recovered, but USDC briefly traded below $1 on some markets.
- Most of the reserve is in one fund: on 30 September 2026, $62.47bn of $73.96bn was in the Circle Reserve Fund, a money market fund managed by BlackRock.
- Only Circle Mint account holders can redeem directly, and Circle may delay redemptions it considers suspicious or unlawful.
About the issuer
- Issuer
- Circle Internet Financial, LLC (US) and Circle Internet Financial Europe SAS (EEA, co-issuer since 1 July 2024)
- Parent company
- Circle Internet Group, Inc., listed on the New York Stock Exchange since 5 June 2025
- Regulator / licence
- US: money transmitter licences (NMLS 1201441); New York DFS money transmitter and virtual currency (BitLicense) licences
- Regulator / licence
- EU: Circle Internet Financial Europe SAS — electronic money institution (ACPR no. 17788) issuing USDC under MiCA; crypto-asset service provider no. E2026-005
- Regulator / licence
- US: preliminary conditional OCC approval (December 2025) to set up a national trust bank, First National Digital Currency Bank, N.A.
- Launched
- September 2018
- Headquarters
- One World Trade Center, New York, NY 10007
- Other tokens
- EURC, cirBTC
Questions and answers
Who issues USDC?
USDC is issued by Circle Internet Financial, LLC. Legal home: United States.
Does USDC pay yield?
Pays no yield to holders.
How is USDC regulated?
United States: state money transmitter licences; European Union: authorised under MiCA (e-money token).
Which networks is USDC on?
According to the issuer, USDC is issued on 38 networks: Algorand, Aptos, Arbitrum, Arc, Avalanche C-Chain, Base, Codex, Celo, Cronos, EDGE, Ethereum, Hedera, HyperEVM, Injective, Ink, Linea, Monad, Morph, NEAR, Noble, OP Mainnet, Pharos, Plasma, Plume, Polkadot Asset Hub, Polygon PoS, Sei, Solana, Sonic, Starknet, Stellar, Sui, Unichain, World Chain, X Layer, XDC, XRPL, ZKsync Era. Stablecoin scanner ACHIVX indexes USDC on: Solana, Ethereum, Optimism, BNB Chain, Base, Arbitrum One.
Is USDC audited?
Each month Deloitte & Touche LLP examines Circle’s report that USDC reserves at least equal the USDC in circulation, under AICPA standards. Deloitte also audits the parent company, Circle Internet Group, whose 2025 financial statements received an unqualified opinion.
What backs USDC?
On 30 September 2026 reserves were $73.96bn against 73.88bn USDC in circulation; $62.47bn sat in the BlackRock-managed Circle Reserve Fund, mostly Treasury repo ($36.65bn) and Treasury securities ($25.36bn). The rest was bank cash ($9.50bn) and directly held Treasuries ($1.76bn).
Can I redeem USDC directly with Circle?
Only through a Circle Mint account, which is for institutions, not individuals; in the EEA, retail holders can redeem under MiCA. Since 19 October 2026 Standard redemptions are free and Express redemptions cost 0.05%.
Can USDC be frozen?
Yes. Circle can block an address, and USDC held there can no longer move; on 30 September 2026, 131.2m USDC were blocked this way. On Solana, Ethereum, Optimism, Base, Arbitrum One the issuer can freeze an address. On BNB Chain it is Binance-Peg USDC, a token issued by Binance, not by Circle Internet Financial, LLC; the issuer cannot freeze it.
Is USDC insured?
No. The USDC Terms say USDC is not covered by FDIC or SIPC protection or by equivalent schemes.
Learn more
- Who issues USDC, what backs it and what the issuer can do — ACHIVX Academy
- Open USDC in Stablecoin scanner ACHIVX
More questions in ACHIVX Academy
- Is USDC safe? What Circle's own documents say
- Circle blocks
- Can I redeem USDT or USDC with the issuer myself?
- How do Tether and Circle say USDT and USDC are backed?
- Can I earn rewards on USDC?
- What is the GENIUS Act, and what does it change for USDT and USDC?
- EURC vs USDC: what is the difference?
Sources
- Circle — USDC Terms (12 Dec 2025)
- Circle — Transparency & Stability, with the monthly reports
- Circle — USDC Examination Report, August 2026
- Circle — Stablecoin Access Denial Policy
- Circle — USDC Examination Report, September 2026 (Deloitte, signed 2026-10-26)
- Circle SAS — USDC White Paper under MiCA (amended 2026-09-15)
- Circle Help — Circle product fee schedule (updated Oct 2026)
- Circle Help — USDC/EURC redemption structure (updated Oct 2026, effective 2026-10-19)
- Circle — Circle Mint
- Circle Docs — USDC contract addresses
- Circle Internet Group — Form 10-K FY2025 (SEC, filed 2026-03-09)
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