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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
Balances
In circulation
Total Reserves
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
Deposits at Systemically Important Institutions, "SIIs" (defined as globally or domestically significant financial institutions and national central banks), held as reserves for the benefit of USDC holders.
Treasuries and overnight reverse repurchase agreements (Overnight Reverse Treasury Repo) held as reserves for the benefit of USDC holders may be held by the Issuer in custodial accounts, as part of a separately managed account, or within the Circle Reserve Fund, a 2a-7 money market fund managed by BlackRock. Further information on the Circle Reserve Fund (USDXX) and its holdings may be found on BlackRock’s website.
Balances
In circulation
Total 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
Deposits held as reserves for the benefit of USDC holders that are not held with Systemically Important Institutions ("SIIs", defined as globally or domestically significant financial institutions and national central banks).
Deposits at SIIs, held as reserves for the benefit of USDC holders.
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
2025 State of the USDC Economy