USD Coin (USDC) launched in September 2018, created by Circle originally in partnership with Coinbase under the Centre consortium (since folded back fully into Circle), as a US-dollar-pegged stablecoin positioned around regulatory compliance and reserve transparency as its main differentiator from Tether. Like USDT, it is not its own blockchain — it is issued across multiple chains, including Ethereum, Solana and others.
Category
stablecoin
Consensus mechanism
—
Launched
2018
Reserve composition and transparency
Circle publishes monthly attestation reports on USDC's reserves, historically composed of cash and short-dated US Treasury bills, and has generally been viewed as more conservative in its public reserve reporting cadence than some competitors — though 'attestation' is still distinct from a full financial-statement audit, and the exact current reserve mix should be checked against Circle's latest published report rather than assumed.
USDC briefly lost its 1:1 peg for a period in March 2023 after Circle disclosed a portion of its reserves were held at Silicon Valley Bank during that bank's collapse; the peg was restored once US authorities guaranteed depositor funds. This episode is a documented part of USDC's history and illustrates that stablecoin pegs, while designed to be stable, depend on issuer reserve management and are not risk-free by default.
Where it's used
USDC is widely used across DeFi protocols, as a settlement rail for institutional crypto activity, and increasingly for on-chain payments and payroll use cases, particularly on lower-fee chains. Regulatory frameworks such as the EU's MiCA have begun formally categorising stablecoins like USDC, which affects how it may be issued and used within regulated markets — check current MiCA compliance status for the specific issuer and market in question.
Tokenomics
| circulating-supply | — |
|---|---|
| max-supply | — |
| issuance-model | Minted and burned on demand by Circle against 1:1 reserve assets; not protocol-capped |
Last verified: 8 July 2026. before you rely on any figure — live circulating supply and market cap are never published here; check a live tracker.
Risks & criticisms
- USDC briefly de-pegged in March 2023 due to reserve exposure at a failed bank — a reminder that stablecoin pegs depend on issuer reserve management, not protocol guarantees.
- As with any stablecoin, holding USDC means holding Circle issuer/counterparty risk in addition to the underlying blockchain's smart-contract risk.
- Regulatory categorisation of stablecoins (including under MiCA in the EU) is an active, evolving area — verify current rules in your own market.
Where to buy
Related buying guide
→ USD Coin — related buying guideFrequently asked questions
Who issues USDC?
Circle, originally through the Centre consortium it formed with Coinbase, though Centre has since been wound down with Circle as the sole issuer.
Has USDC ever lost its US-dollar peg?
Yes, briefly in March 2023, after Circle disclosed reserve exposure to Silicon Valley Bank during its collapse; the peg was restored once US authorities guaranteed depositor funds.
Is USDC regulated under MiCA in the EU?
Stablecoins are subject to specific categorisation and requirements under the EU's MiCA framework — check the issuer's current MiCA authorisation status directly, as this area continues to evolve.