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ArcCircle—ArcCircle—USDCCircle—ArcCircle—

USDC

by CircleUS

ScalingStage 5 of 5

Around $74B in circulation as of September 2026, native on many chains.

Updated 10 Jul 2026Checked 25 Sep0 updates this week

Milestones

No announced next step
  1. USDC launched with CoinbaseSep 2018Complete.
  2. CCTP launchedApr 2023Complete.
  3. MiCA electronic-money licence in FranceJul 2024Complete.

Most important updates

  • 10 Jul 2026
  • 18 Jul 2025
  • 1 Jul 2024
  • 11 Mar 2023
  • 26 Sep 2018

Current obstacles

  • Bank-run riskIn March 2023 USDC briefly lost its $1 peg when $3.3B of reserves were stuck at failed Silicon Valley Bank.

Physics limits

  • Redemptions can outrun liquidityA $1 promise needs cash on demand. In a run, redemptions can outpace how fast even Treasuries turn into cash, and bank deposits above insurance limits can freeze, as in March 2023.
  • Blockchains can't see bank accountsWhether the reserves exist is an off-chain fact. No smart contract can check a bank balance, so holders must rely on auditors, attestations and regulators.
  • Crossing chains needs a trusted signerA chain can't cheaply verify another chain's history. Moving USDC relies on Circle's signed attestation, or on light-client proofs that are costly to run on-chain.

How it works

4 parts
US hundred-dollar notes: every USDC is backed by a dollar held in cash or short-term Treasuries, and redeeming burns the token
US hundred-dollar notes: every USDC is backed by a dollar held in cash or short-term Treasuries, and redeeming burns the tokenPhoto: Mackenzie Marco · Unsplash License (opens unsplash.com)
Minting

Dollars in, tokens out

Approved businesses send dollars to Circle, which creates the same number of USDC on a blockchain. Redeeming burns the tokens and returns dollars.

Reserves

Cash and short Treasuries

Most reserves sit in a BlackRock-managed money market fund of short US Treasuries and repos, plus bank cash, with monthly independent checks.

Cross-chain

CCTP burns and re-mints

To move USDC between chains, CCTP burns it on the source chain and Circle signs a message letting the destination chain mint the same amount.

Controls

Freezable by design

The token contract lets Circle freeze addresses on legal orders, which regulators require but which is a point of central control.

Update log

6 updates

Fri 10 Jul

  • Major: PressRegulatory

Fri 18 Jul 2025

  • Major: RegulatorRegulatory

Mon 1 Jul 2024

  • Minor: PressRegulatory

Wed 21 Feb 2024

  • Minor: BlogCommercial

Sat 11 Mar 2023

  • Major: PressOther

Wed 26 Sep 2018

  • Major: BlogCommercial

About Circle

The team behind USDC

Circle

USDC stablecoin, CCTP, Arc L1

Issuer of USDC, the second-largest dollar stablecoin, backed by cash and short-term US Treasuries, mostly in a BlackRock-managed fund. Listed on the NYSE in June 2025. Launched Arc, its own blockchain built for stablecoins, in Sept 2026.

  • NYSE IPO on 5 June 2025. The GENIUS Act set US federal stablecoin rules the next month.
  • Arc mainnet launched 16 Sept 2026 with USDC for fees. BlackRock and Visa are among its first validators.
  • CCTP moves USDC between chains by destroying it on one and creating it on the other, with no wrapped copies.

circle.com (opens circle.com)Company profile →

Founded
201313 yrs
Headquarters
United States
Status
Public
Listed
CRCL (opens google.com)NYSE
Valuation
public
Works in
CryptoStablecoins & payments
Coverage
2 programs · 12 updateslatest 24d agochecked 25 Sep
Partners
CoinbaseBlackRock (opens blackrock.com)Visa (opens visa.com)
Suppliers
BNY (opens bny.com)
People
Jeremy Allaire (opens en.wikipedia.org)Co-founder, Chairman & CEOHeath Tarbert (opens en.wikipedia.org)President
Primer