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Transparency & stability
USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always.
Reserves composition
As of
July 17, 2025
Balances
In circulation
Reserves1
Issuance & redemption
7 Day Change
Issued
Redeemed
change in circulation
30 Day Change
Issued
Redeemed
change in circulation
365 Day Change
Issued
Redeemed
change in circulation
The Circle Reserve Fund is a SEC-registered government money market fund which holds a portfolio of short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash. For more information visit Circle Reserve Fund.
For further details on the USDC reserve, please see our detailed monthly attestations.
1 USDC is backed by the equivalent value of US dollar denominated assets held as reserves for the benefit of USDC holders. Cash is held at regulated financial institutions. The portfolio of the Circle Reserve Fund, which can contain short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash, is custodied at The Bank of New York Mellon and is managed by BlackRock.
Balances
In circulation
Reserves1
Issuance & redemption
7 Day Change
Issued
Redeemed
change in circulation
30 Day Change
Issued
Redeemed
change in circulation
365 Day Change
Issued
Redeemed
change in circulation
For further details on the EURC reserve, please see our detailed monthly attestations.
1 EURC is backed by the equivalent value of euro denominated assets held as reserves for the benefit of EURC holders. Reserves are held in accordance with the EU MiCA regulation.
Stability you can trust
How we manage USDC
USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.
The majority of the USDC reserve is held in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund.
The Circle Reserve Fund can contain cash, short-dated US Treasuries and overnight US Treasury repurchase agreements with leading global banks. These are commonly used assets in money market funds because of their liquidity and stability. Daily, independent, third-party reporting on the portfolio is publicly available via BlackRock.
The remainder of the reserve is held in cash, mostly among a handful of the world's largest banks with the highest capital, liquidity and supervisory requirements in the world.
The reserve is designed to provide holders with ready liquidity, even under extremely stressed conditions.
Deep connectivity to the banking system is critical to maintaining price stability, ensuring timely redemption, and mitigating operating risks.
During the 12 months ending on October 12, 2023, Circle bridged more than $277 billion between the banking system and blockchains through minting and redeeming USDC.
We are continually strengthening our global banking infrastructure to facilitate local creation and redemption of our stablecoins, and to ensure USDC stability.
Deloitte & Touche LLP is Circle’s independent auditor and has audited Circle’s financials since fiscal 2022. Prior to Deloitte, Grant Thornton LLP served as Circle’s independent auditor from 2015.
2025 State of the USDC Economy
