Transparency & Stability

The stablecoins we issue are built to a higher standard. That’s why USD Coin (USDC) is always redeemable 1:1 for US dollars, and Euro Coin (EUROC) is always redeemable 1:1 for euros. Always.

Reserves composition

As of January 26, 2023

Balances

In Circulation

In Circulation

Reserves1

 
USDC in Circulation
 
Cash at Reserve Banks
 
Short-Dated US Treasury Portfolio
 
EUROC in Circulation
 
Cash at Reserve Banks

Issuance and Redemption

7 day change

Issued

Redeemed
Change in Circulation
Change in Circulation
30 day change

Issued

Redeemed
Change in Circulation
Change in Circulation
365 day change

Issued

Redeemed
Change in Circulation
Change in Circulation
Circle invests a portion of the reserves backing USDC in the Circle Reserve Fund, a SEC-registered government money market fund which holds a portfolio of short-dated US Treasuries 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 US financial institutions. The portfolio of the Circle Reserve Fund, which consists today of short-dated US Treasuries and cash, is custodied at The Bank of New York Mellon and is managed by BlackRock.
For further details on the EUROC reserve, please see our detailed monthly attestations.
1 EUROC is backed by the equivalent value of euro denominated assets held as reserves for the benefit of EUROC holders. Cash is held at US financial institutions.

Stability you can trust

USDC and Euro Coin are fully backed by highly liquid fiat reserves held separately from Circle’s operating funds at leading financial institutions for the benefit of our stablecoin holders. As part of our strong commitment to transparency, we’ve issued reports on all reserve assets since 2018, along with SEC filings in 2021 and 2022.

Monthly attestations

View monthly reserve attestations, which provide assurance that the amount of stablecoin reserves are greater than the amount in circulation each month, according to attestation standards set out by the American Institute of Certified Public Accountants (AICPA).

Our commitment to transparency

For more information about our operating principles and the trust and transparency we bring to the crypto ecosystem, read the latest articles from Circle executives.