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 18, 2024

Balances

In Circulation

In Circulation

Reserves 1

 
USDC in Circulation
 
Cash at Reserve Banks
 
Circle Reserve Fund
 
EURC 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
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.
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. Cash is held at US financial institutions.

Stability you can trust

USDC and EURC 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 assurance and transparency

USDC reserve holdings are fully disclosed on a weekly basis, along with associated mint/burn flows. Additionally, a Big Four accounting firm provides monthly third-party assurance that the value of USDC reserves are greater than the amount of USDC in circulation. The reports are prepared according to attestation standards set out by the American Institute of Certified Public Accountants (AICPA).

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.