What is USDC (USD Coin)?
USD Coin (USDC) fact sheet with live price · reviewed November 4, 2026
USDC (USD Coin) is a dollar stablecoin issued by Circle, a US company listed on the New York Stock Exchange. It's designed to always be worth $1 and is backed by cash and short-term US government assets, mostly held in a BlackRock-managed fund. It's widely used in crypto apps, trading and payments.
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Key facts
| Launched | September 2018 |
|---|---|
| Issued by | Circle Internet Group (launched with Coinbase) |
| Type | Dollar stablecoin, issued as a token on many blockchains |
| Backing | Cash at banks and the Circle Reserve Fund, a government money market fund managed by BlackRock |
| Reserves (September 30, 2026) | About $73.5 billion, per Circle's quarterly SEC filing |
| Checked by | Monthly reserve attestations by a Big Four accounting firm |
| Biggest test | Briefly fell to about $0.88 in March 2023 during the Silicon Valley Bank failure, then recovered |
Who runs it
Circle issues and redeems USDC. It's a regulated US company (licensed in New York and elsewhere) whose shares have traded on the NYSE since June 2025, so it publishes audited financial statements with the SEC. Circle can freeze USDC at particular addresses, for example under a court order.
What it's used for
Trading, DeFi lending and borrowing, and sending dollars quickly across borders. It's common in regulated US apps and in the EU, where Circle's USDC is authorized under the MiCA rules.
How it works
Circle issues USDC when approved customers deposit dollars and destroys it when they redeem. Most of the backing sits in the Circle Reserve Fund (an SEC-registered money market fund holding short-term Treasuries and repos), and the rest in cash at large banks. Circle publishes weekly reserve figures and monthly reports checked by an accounting firm. See stablecoins explained.
Where things stand (November 2026)
Circle's filing for the quarter to September 30, 2026 showed about $73.5 billion held for USDC holders. The US GENIUS Act takes effect on January 18, 2027, and USDC is expected to be among the first coins regulated under it; in December 2025 Circle received conditional approval from the OCC for a national trust bank.
Risks to know
- It's not a bank deposit or FDIC insured.
- If a bank holding part of the reserves fails, USDC can trade below $1, as it did briefly in March 2023.
- Circle can freeze USDC at specific addresses.
- Choose the right network when sending; USDC exists on many chains.
Buying and storing it
If you decide to buy, use a regulated exchange you reach directly, check fees with the true cost calculator, and store long-term holdings in a wallet you control, with the seed phrase written down offline. Read how to buy crypto safely. This page isn't a recommendation to buy.
Questions
Is USDC safer than USDT?
USDC's reserves are held in cash and short-term Treasury-based assets with monthly reports; USDT also holds gold, bitcoin and loans. Both carry issuer risk.
Does USDC pay interest?
Not by itself. Some exchanges pay rewards for holding it, funded by their own arrangements; that adds the exchange's risk.
How do I turn USDC into dollars?
Most people sell it on an exchange. Direct redemption with Circle is for approved business customers.
Compare USD Coin
See it side by side, with live data: Tether vs. USD Coin. Track it in the private portfolio tracker.
Where to next
Sources
- USDC transparency (Circle)
- Circle Internet Group Form 10-Q for the quarter ended September 30, 2026 (SEC)
- OCC finalizes GENIUS Act stablecoin rules (Decrypt)
- Stablecoins (ethereum.org)
Facts checked against the sources listed, as of November 4, 2026. Live price data by CoinGecko. Educational only; not financial advice. How we write and check pages.