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Circle Internet Financial
Issuer of USDC and EURC and, via its Hashnote acquisition, the tokenized-treasury yield coin USYC.
Market cap
Onchain supply
Coins issued
Reserve disclosure
Coins issued
Peg currencies
Domicile
Founded
Licences
Regulatory regime
Regulatory status
Issuing platform
Transparency
| Coin | Peg | Type | Onchain supply | Chains | Share |
|---|---|---|---|---|---|
| USD | Fiat-backed (USD) | Awaiting onchain sync | — | ||
| USD | RWA-backed | 2.3B USYC | 87% | ||
| EUR | Fiat-backed (non-USD) | 349.4M EURC | 13% |
| Network | Supply | Share |
|---|---|---|
| $2.6B | 85% | |
| $383.5M | 13% | |
| $59.0M | 2% | |
| $5.5M | 0% |
$3.77B
deployed across 52 markets on 16 protocols, from 2 of Circle's 3 coins
Lower bound: Circle's coins' combined balance inside lending markets DIA reads on-chain directly. Excludes DEX liquidity, CDP collateral, any coin without a matched market, and any market on a chain or protocol DIA does not yet track.
Circle is the issuer against which the rest of this map's disclosure standards are calibrated. It publishes monthly reserve reports examined by an outside firm, it names the entity that issues in each jurisdiction, and it documents its contract addresses in developer documentation rather than leaving them to be discovered from explorers.
None of that makes it uniquely safe. It makes it uniquely checkable, which is the property this map is built to measure, and it is the reason a coin published by Circle can be rated on evidence rather than on reputation.
Sources: Circle, transparency page, Circle, EURC product page
Circle publishes examination reports over the reserves behind its coins, signed by a named firm and dated. The EURC report covering the reserve as of 30 June 2026 was signed on 29 July 2026, which is the kind of interval that lets a reader judge how current a document actually is rather than trusting a described cadence.
Two distinctions matter when reading them, and they apply to every attestation on this map rather than only to Circle's.
The first is that an examination covers the reserve, not the token supply. It counts what sits on one side of the balance on a date. The number of tokens in existence against it is only observable onchain, which is the half DIA reads.
The second is the assurance boundary. Part of any attestation is explicitly outside the opinion the firm gives, and a careful reader attributes each fact to the correct side of that line rather than treating a signed document as though every sentence in it had been examined.
Sources: EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF), Circle, transparency page
Circle states that Circle Internet Financial Europe SAS is a licensed electronic money institution authorised to issue USDC and EURC as regulated e-money tokens under MiCA in the EEA. That is a different legal person from the group as a whole, and DIA records the issuing entity and the asserting entity separately wherever they differ.
That separation is not a technicality. Several coins on this map are issued by one entity and attested on behalf of another, and a reader who reads only the brand will miss which company actually owes them redemption.
Authorisation and reserve disclosure remain separate fields here. Circle happens to score well on both, which makes it a poor guide to how often the two travel together. They frequently do not.
Sources: Circle, EURC product page, EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF)
DIA reads Circle's coins from contract state on the chains it indexes. Circle publishes its contract addresses in developer documentation, which makes the coverage question answerable rather than a matter of hunting through explorers, and DIA reads an address rather than accepting the published list as a supply figure. Holding an address and having read it are two different states, and where a coin page shows fewer chains than the issuer documents, the figure is a floor rather than a total.
Where a coin is deployed across many chains, DIA reports per chain rather than a single total, and withholds a cross chain sum wherever bridging between deployments would cause that sum to double count.
The result on Circle's coins is that our reads and the issuer's own published figures can be set against each other by anyone. That is the intended outcome for every coin on this map. It is currently achievable on very few of them.
Sources: Circle developer docs, EURC contract addresses, Circle, transparency page
Circle publishes examination reports over its reserves, signed by a named firm and dated. The EURC report covering the reserve as of 30 June 2026 was signed on 29 July 2026. An examination is not a full financial audit, and part of any attestation sits explicitly outside the opinion the firm gives, so each coin page records what was actually covered.
Circle states that Circle Internet Financial Europe SAS is a licensed electronic money institution authorised to issue USDC and EURC as regulated e-money tokens under MiCA in the EEA. That is a different legal person from the group as a whole, and DIA records the issuing entity separately from the entity making reserve assertions.
No. An examination counts what sits in the reserve on a date and says nothing about the token side. The number of tokens in existence is only observable onchain, which is the half DIA reads directly from contract state, on the chains it indexes.