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USDC — Circle

Fully-reserved USD stablecoin backed by cash and short-dated US Treasuries, redeemable 1:1.

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Category
Single-Issuer Reserve Model
Regulatory regime
US Federal / GENIUS Act
Issuer
Circle
Region
United States / Global
Peg
USD

Blockchain protocols

EthereumSolanaBaseArbitrumAvalanchePolygonStellar

How it works

Users deposit USD → Circle mints USDC 1:1. Reserves held with BlackRock-managed Circle Reserve Fund and partner banks.

Revenue model

Yield on T-bills & cash equivalents (~4%), mint/redeem and platform fees.

Regulation

US state MTLs, NYDFS, GENIUS Act 1:1 backing; no yield to holders.