USDC: The world’s digital dollar
USDC is a digital dollar that travels across many blockchain networks, which can provide significant cost, speed, and reach advantages compared to traditional forms of money. As a digital dollar, USDC supports the three primary functions of money. It serves as a digital store of value, unit of account, and medium of exchange.
Digital dollars like USDC are tokenized versions of fiat currency that have been uploaded to the internet, enabling people and businesses to send, spend, save, and store value with the same efficiencies and scale as other forms of internet data that we take for granted today. Global studies show that sending $200 across borders can cost more than 6% of the amount sent (and growing), and these payments are also getting slower.6 USDC can enable near-instant dollar transfers at a cost of less than a penny.7
As outlined throughout this report, USDC is digital money infrastructure that is ideal for accessing dollars as a store of value globally, making payments — especially across borders — and facilitating activity in digital asset markets. USDC does not just make money movement faster, better, and cheaper, it also unlocks new financial opportunities and applications.
What makes USDC so powerful is that it is both a digital dollar and a platform. This platform is eliminating the technical hurdles of sending funds and building new applications on the blockchain, both of which have slowed adoption to date. Over time, this platform will push the complexities of blockchain to the background so that it is easier to use and build with USDC, paving the way for mainstream adoption.
Circle is the sole issuer of USDC. As the issuer, we ensure the confidence in USDC and its 1:1 redeemability through the safety of the underlying reserve, along with transparency into reserve assets. We have built robust prudential risk management and transparency standards around the USDC reserve to instill the highest confidence in its 1:1 redeemability.
Circle’s guiding principles for managing USDC
USDC is a tokenized dollar, not a tokenized bank deposit
Redeemable 1:1 for USD, around the world and around the clock
Full disclosure of reserve assets, with third-party assurance
Comprehensive risk management and world-class financial partners
L’USDC est entièrement réservé à tout moment par la trésorerie et les équivalents conservés dans le système financier réglementé. La réserve de l’USDC est d’environ 90 % en bons du Trésor américain à court terme et en accords de prise en pension de trésorerie au jour le jour (Overnight Reverse Treasury Repo) détenus en grande partie auprès de Banques mondiales d’importance systémique (BMIS). Les trésoreries sont gérées par BlackRock via le Circle Reserve Fund réglementé par la SEC, qui divulgue les avoirs quotidiennement. Le reste de la réserve d’USDC (10 %) est en espèces pour faciliter la liquidité immédiate, environ 90 % de cette trésorerie étant détenue auprès de BMIS.
Chaque semaine, nous divulguons également les actifs de réserve, le minting et le remboursement sur la Page sur la transparence sur circle.com. Sur une base mensuelle, nous émettons des Rapports sur les réserves, d’USDC et d’EURC, et Deloitte, notre auditeur indépendant, émet une opinion sur ces rapports8.
EURC — the leading euro stablecoin
In addition to USDC, Circle also issues EURC, a euro-backed stablecoin (e-money token) that is fully issued and reserved by our regulated E-Money Institution in France in compliance with the European Union’s (EU) Markets in Crypto Assets (MiCA) regulatory framework. USDC also enjoys this legal and regulatory clarity in Europe, as Circle became the first major global stablecoin issuer to comply with MiCA rules for both EURC and USDC, which came into effect in July 2024.9
In early October 2024, EURC became the largest euro-backed stablecoin by total circulation and surpassed $1 billion in weekly transfer volume.10 EURC is accessible on multiple blockchains and widely supported by large crypto asset service providers in the EU. The growth of non-USD stablecoins introduces new possibilities for blockchain-based finance, including foreign exchange (FX), local capital markets, and tokenization efforts, as well as regional cross-border and remittance payments channels.
Circle is regulated in the U.S. and other global jurisdictions.11 We maintain know-your-customer (KYC), anti-money laundering (AML), sanctions, privacy, regulatory reporting, and other risk management programs, while conducting blockchain monitoring and screening for child exploitation, sanctioned addresses, terrorist financing, and other illicit activity.
The bridge to the blockchain
As the bridge between traditional finance and blockchains, stablecoins require strong integration with the banking system at all times. Since the launch of USDC, Circle has moved more than $850 billion back-and-forth between fiat and supported blockchains.12 Circle partners with leading banks — including several Global Systemically Important Banks (G-SIBs) — to ensure that USDC is redeemable 1:1 for U.S. dollars.
Our partner banks are strategically located around the world, which makes USDC cost-effective and accessible in markets where it is in high demand. This year, Circle began to make USDC available in certain countries through national payment systems and via local currency. As we pursue additional bank integrations, we anticipate this type of local availability to grow more widespread. USDC is also accepted as a major settlement currency on world-leading card and payment networks, which support its use as a medium of exchange.
2025 State of the USDC Economy report
“G20 Roadmap for Enhancing Cross-border Payments.” Financial Stability Board
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.
“Circle is First Global Stablecoin Issuer to Comply with MiCA, EU’s Landmark Crypto Law.” Circle Pressroom. July 1, 2024.
Through November 30, 2024
This marketing communication is issued by Circle Internet Financial Europe SAS, a licensed Electronic Money Institution under n°17788 and registered Digital Assets Services Provider in France under n°E2024-111.
White Papers relating to electronic money tokens that we issue in the European Economic Area (EEA) ("EMT") are published and available on our Website. Holders of EMT have the right of redemption against the issuer at any time and at par value.