Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
24.5% of USD stablecoin supply · 2nd of 70 USD stablecoins with supply
Peg today
below $1 · 53 USD stablecoins with $1M+ supply, priced today: median 15 bps from $1
Chains
1st of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
1st of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Aave V3 · 3.79% base, 0% rewards
USDC is a USD stablecoin issued by Circle, launched on 26 Sep 2018.
Circle was the first global stablecoin issuer to comply with the EU's MiCA framework, after France's ACPR granted it an e-money institution licence in July 2024. BlackRock manages the Circle Reserve Fund, which holds most of the USDC reserve, and publishes the fund's portfolio daily. Circle's parent, Circle Internet Group, has traded on the New York Stock Exchange under the ticker CRCL since June 2025.
USDC is a US dollar stablecoin issued and redeemed by Circle Internet Financial, LLC and Circle Internet Financial Europe SAS, both subsidiaries of Circle Internet Group, Inc. Circle describes it as "a digital dollar backed 100% by highly liquid cash and cash-equivalent assets" and redeemable 1:1 for US dollars.
Where the reserve sits
The reserve sits in two places. The majority is held in the Circle Reserve Fund, a government money market fund registered under Rule 2a-7 of the Investment Company Act of 1940. Circle Internet Financial, LLC owns 100% of the equity interests in that fund, held on behalf of USDC holders. The remainder sits in segregated accounts at regulated financial institutions, unencumbered and separated from Circle's general corporate funds.
Sources: Circle Transparency and Stability page, Circle pressroom: Circle is First Global Stablecoin Issuer to Comply with MiCA, EU's Landmark Crypto Law, Circle pressroom: Circle Announces Pricing of Upsized Initial Public Offering
At least 71.4B USDC in circulation, counting only the chains DIA could read.
DeFiLlama counts material supply on Fantom ($181.4M), which DIA does not read yet. The figure above leaves that chain out, so it is a floor, and supply growth over 30 days or longer is not shown.
The total is circulating supply: 73.6B USDC read from the contracts, less 2.1B USDC that Circle holds unissued in its own treasury wallets on Algorand, Hedera, Solana, Polkadot, read onchain in the same snapshot. Each chain row takes those wallets off the chain that holds them. The supply chart draws contract supply, which still includes the treasury.
BSC, Cardano, Tempo, RISE, Etherlink, Flow, Manta, Rootstock, Base, Arbitrum, Polygon, Avalanche, Optimism hold bridged supply: each token there is backed by Ethereum supply, or by a custodian holding it. The total counts each token once, so bridged supply shows on the chain that holds it, marked “bridged from” its source, and comes off the source chain's row. Base also holds native supply, so its row includes 5.2M USDC bridged from Ethereum (USDbC). Arbitrum also holds native supply, so its row includes 46.1M USDC bridged from Ethereum (USDC.e). Polygon also holds native supply, so its row includes 1.1B USDC bridged from Ethereum (USDC.e). Avalanche also holds native supply, so its row includes 31.1M USDC bridged from Ethereum (USDC.e). Optimism also holds native supply, so its row includes 18.6M USDC bridged from Ethereum (USDC.e).
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
71.4B USDC
24.5% of all USD stablecoin supply, #2 of 70
Read on 47 chains. Not yet read on Fantom, so this is a floor.
Circulating. Excludes 2.1B USDC held unissued in Circle’s treasury.
Ethereum 62.5% · other chains 37.5%
Ethereum44.7B USDC · 62.5%
Solana6.7B USDC · 9.3%
Hyperliquid L16.4B USDC · 8.9%
Base4.4B USDC · 6.1%
Arbitrum2.5B USDC · 3.5%
Polygon1.7B USDC · 2.3%
BSCbridged from Ethereum1.6B USDC · 2.2%
Arc1.1B USDC · 1.5%
Avalanche380.8M USDC · 0.5%
Stellar301.0M USDC · 0.4%
Sui300.8M USDC · 0.4%
Aptos238.7M USDC · 0.3%
Monad200.0M USDC · 0.3%
Optimism162.9M USDC · 0.2%
Algorand107.5M USDC · 0.2%
Sonic93.3M USDC · 0.1%
Noble87.1M USDC · 0.1%
Near76.5M USDC · 0.1%
XDC60.1M USDC · <0.1%
Ink50.0M USDC · <0.1%
Cardanobridged from Ethereum39.0M USDC · <0.1%
X Layer34.5M USDC · <0.1%
Sei31.4M USDC · <0.1%
Polkadot31.2M USDC · <0.1%
Tron27.9M USDC · <0.1%
Starknet27.3M USDC · <0.1%
Tempobridged from Ethereum26.7M USDC · <0.1%
RISEbridged from Ethereum25.6M USDC · <0.1%
Hedera24.5M USDC · <0.1%
Linea24.0M USDC · <0.1%
Morph22.5M USDC · <0.1%
Unichain19.6M USDC · <0.1%
World Chain16.1M USDC · <0.1%
Celo15.7M USDC · <0.1%
Etherlinkbridged from Ethereum15.0M USDC · <0.1%
Pharos11.2M USDC · <0.1%
Injective10.7M USDC · <0.1%
zkSync10.6M USDC · <0.1%
Cronos8.5M USDC · <0.1%
XRPL5.0M USDC · <0.1%
Plume4.2M USDC · <0.1%
Codex4.2M USDC · <0.1%
Plasma3.4M USDC · <0.1%
Flowbridged from Ethereum2.3M USDC · <0.1%
Mantabridged from Ethereum1.2M USDC · <0.1%
Rootstockbridged from Ethereum301.4K USDC · <0.1%What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 63.0% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Ethplorer.
9,167,443holders on Ethereum
1st of 43 USD stablecoins on Ethereum
| USDC | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 3.3% | 16.5% |
| Top 10 | 16.6% | 53.3% |
| Top 50 | 30.6% | 56.9% |
| Top 100 | 36.6% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
The balance held by addresses on the USDC issuer's blacklist, as of 2 Nov 2026.
Frozen balance
1.0B USDC across 7 chains
Frozen with a balance
addresses currently frozen with a balance
Blacklisted
blacklisted addresses, whatever they hold
Current balances of addresses on the issuer's blacklist, read from the token contracts on each chain. Reported next to supply, not subtracted from it. Blacklisted addresses include entries that hold nothing.
USDC's typical daily move over the last 90 days was 1.7 bps, steadier than 62 of 66 other USD stablecoins.
By default USDC sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much USDC's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
1.7 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDC's daily swings around $1 were smaller than those of 62 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 USDC | −4 bps (−0.04%) | 2.0 bps | 1.7 bps | −12 bps (−0.12%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$10.2B of USDC is supplied to 434 lending markets on 35 protocols, 13.8% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USDC is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed USDC again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Maple's institutional credit pools are counted. Their supply rates and loans outstanding come from Maple's own API. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of USDC, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USDC.
Both figures are averages across markets, weighted by how much USDC each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare USDC with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$10.18B13.8% of supply
supplied to 434 lending markets on 35 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
91%
Borrowed
share of supplied USDC now on loan
5.58%
Average supply APY
weighted by USDC balance in each market
By protocol
Ethereum, Hyperliquid L1, Monad, Optimism, Polygon, Unichain, World Chain38%$3.86BBaseUSDC / cbBTC$1.83B4.80%89%BaseUSDC / USDe$382.4M3.83%85%EthereumUSDC / cbBTC$243.3M4.23%87%ArcUSDC / cirBTC$183.2M2.15%90%EthereumUSDC / PT-reUSD-10DEC2026$140.5M8.28%88%EthereumUSDC / WBTC$138.9M4.33%88%BaseUSDC / WETH$106.9M4.79%88%BaseUSDC / mGLO$93.4M5.42%91%BaseUSDC / cbXRP$65.6M7.06%90%EthereumUSDC / weETH$41.8M4.33%84%EthereumUSDC / wstETH$34.4M4.23%87%MonadUSDC / aHYPER$32.6M7.90%90%EthereumUSDC / wFalconX$30.6M5.22%86%MonadUSDC / PT-USDat-14JAN2027$29.9M7.59%90%EthereumUSDC / USPC$23.4M5.26%91%EthereumUSDC / PST$23.0M8.39%91%EthereumUSDC / fxSAVE$21.8M2.04%73%EthereumUSDC / mF-ONE$21.7M7.14%90%EthereumUSDC / PT-USD3-17DEC2026$20.6M7.08%85%BaseUSDC / cbETH$17.9M4.81%88%EthereumUSDC / apyUSD$17.2M4.19%90%EthereumUSDC / PT-USD3-17DEC2026$15.4M7.64%91%EthereumUSDC / dCOMPNo withdrawable balance$14.4M49.17%100%EthereumUSDC / wstETH$13.7M4.23%87%EthereumUSDC / USD3$13.6M4.64%75%EthereumUSDC / strUSD$12.8M8.62%90%EthereumUSDC / steakEURCV$12.4M4.33%87%EthereumUSDC / PT-sUSDS-26NOV2026$11.1M4.21%89%EthereumUSDC / WETH$10.4M4.23%87%EthereumUSDC / OETH$10.0M7.20%90%MonadUSDC / earnAUSD$9.9M6.99%89%Hyperliquid L1USDC / WHYPE$9.4M5.26%88%EthereumUSDC / savUSD$9.1M5.93%87%BaseUSDC / SOL$8.7M4.32%82%Hyperliquid L1USDC / kHYPE$8.7M5.21%87%BaseUSDC / mGLO$8.7M5.39%90%EthereumUSDC / mM1-USD$8.6M8.77%91%EthereumUSDC / AA_FalconXUSDC$8.3M4.20%84%EthereumUSDC / reUSD$8.0M5.83%88%EthereumUSDC / siUSD$7.7M7.45%90%EthereumUSDC / PT-USDat-14JAN2027$7.7M9.08%91%EthereumUSDC / wsrUSD$7.5M5.38%90%Hyperliquid L1USDC / kHYPE$6.4M5.20%87%EthereumUSDC / wUSCC$6.4M4.72%90%EthereumUSDC / aguaUSDCgc$6.1M8.21%90%EthereumUSDC / stUSDS$6.1M4.11%90%World ChainUSDC / WBTC$5.5M1.03%92%EthereumUSDC / PT-sUSDE-26NOV2026$5.3M3.53%90%BaseUSDC / JitoSOL$5.1M4.11%78%EthereumUSDC / v-wmtUSDC$4.4M6.00%89%EthereumUSDC / PT-siUSD-7JAN2027$3.8M7.36%91%BaseUSDC / savUSD$3.7M6.58%90%EthereumUSDC / nOPAL$3.7M7.44%91%World ChainUSDC / WETH$3.7M7.13%93%EthereumUSDC / PT-apyUSD-18JUN2026$3.6M20.57%92%BaseUSDC / sUSN$3.4M5.09%90%BaseUSDC / cbZEC$3.2M6.46%90%EthereumUSDC / rETH$3.1M5.08%91%EthereumUSDC / CarryTradeUSDTRYLeverage$3.1M11.80%88%EthereumUSDC / PT-apyUSD-5NOV2026$3.0M4.94%85%EthereumUSDC / PRIME$2.9M4.21%90%BaseUSDC / cbDOGE$2.9M6.01%87%EthereumUSDC / mHyperBTC$2.8M10.82%91%BaseUSDC / cbADA$2.5M6.56%90%BaseUSDC / wstETH$2.4M4.79%89%EthereumUSDC / nALPHA$2.4M5.65%91%EthereumUSDC / LBTC$2.3M4.21%83%EthereumUSDC / wJAAA$2.2M3.91%90%ArbitrumUSDC / WBTC$2.2M3.72%91%EthereumUSDC / CARRY$2.1M5.56%86%EthereumUSDC / PT-trUSD-26NOV2026$2.0M8.60%90%BaseUSDC / cbADA$2.0M0.73%42%MonadUSDC / aHyperBTC$1.9M9.46%91%MonadUSDC / USPC$1.9M6.34%92%EthereumUSDC / etrUSD$1.8M8.56%90%BaseUSDC / cbETH$1.8M4.88%90%EthereumUSDC / oTFY$1.8M17.26%95%BaseUSDC / cbXRP$1.7M6.51%93%EthereumUSDC / WBTC$1.7M4.23%87%EthereumUSDC / PT-apxUSD-5NOV2026$1.4M1.87%71%World ChainUSDC / WLD$1.3M9.40%91%EthereumUSDC / sUSN$1.2M8.06%90%EthereumUSDC / cbBTC$1.2M4.23%90%ArbitrumUSDC / wstETH$1.2M3.58%91%BaseUSDC / cbHYPE$1.0M2.59%60%BaseUSDC / cbLTC$927K6.50%90%MonadUSDC / PT-reUSD-10DEC2026$919K8.09%87%EthereumUSDC / weETH$873K4.38%88%EthereumUSDC / PT-strUSD-26NOV2026$755K8.60%90%BaseUSDC / cbETH$738K3.64%91%PolygonUSDC / WBTC$730K12.25%91%EthereumUSDC / PT-sUSDD-26NOV2026$721K4.57%90%EthereumUSDC / wstETH$718K14.85%94%EthereumUSDC / nvPRIME$696K3.76%80%BaseUSDC / superOETHb$681K5.11%88%EthereumUSDC / cbBTC$672K5.08%87%World ChainUSDC$658KHyperliquid L1USDC / UBTC$653K5.23%88%EthereumUSDC / tBTCNo withdrawable balance$644K23.89%99%EthereumUSDC / MORPHO$610K7.14%90%Hyperliquid L1USDC / WHYPE$568K5.22%89%ArcUSDC / syrupUSDCNo withdrawable balance$545K12.79%100%EthereumUSDC / ROY-ST-apyUSD$508K3.12%95%EthereumUSDC / ssftUSD$500K6.72%90%BaseUSDC / HOME$500KOptimismUSDC / WBTC$483K5.89%90%EthereumUSDC / yoUSD$464K2.73%95%BaseUSDC$445KEthereumUSDC / ONDO$423K7.14%90%EthereumUSDC / PT-apxUSD-11FEB2027$418K4.19%86%BaseUSDC / cbXRP$405K1.35%93%MonadUSDC / syzUSD$398K8.64%90%EthereumUSDC / StockMarketTRBasisTrade$396K8.51%90%BaseUSDC / uniBTC$395K11.01%85%EthereumUSDC / mHYPER$375K4.55%89%EthereumUSDC / PT-apyUSD-11FEB2027$364K3.17%83%EthereumUSDC / YFI$337K8.93%89%BaseUSDC / yoUSD$293K17.47%94%MonadUSDC / PT-srUSDat-14JAN2027$284K10.65%91%EthereumUSDC / PGNGI+$274K7.81%91%EthereumUSDC / AUTO$273K10.52%92%EthereumUSDC / LsETH$258K2.83%86%EthereumUSDC$249KEthereumUSDC / srRoyUSDCNo withdrawable balance$228K84.80%100%EthereumUSDC / mAPOLLO$223K1.90%90%Hyperliquid L1USDC / wstHYPE$214K5.15%87%EthereumUSDC / stBRL$204K0.43%94%EthereumUSDC / syzUSD$201K4.17%90%EthereumUSDC / SYRUP$193K7.14%90%MonadUSDC / FUSDLP$186K2.97%90%ArbitrumUSDC / WETH$184K3.58%91%MonadUSDC / wstETH$182K7.15%95%ArbitrumUSDC / sUSDS$181K3.58%91%EthereumUSDC / wmGLO$139K5.07%92%EthereumUSDC / reUSDe$138K13.23%91%EthereumUSDC / yoUSD Edge$129K4.22%95%BaseUSDC / AERO$106K14.51%91%ArbitrumUSDC / XAUt0$104K3.69%91%Hyperliquid L1USDC / WHYPE$99K4.15%90%EthereumUSDC / USP$96K6.67%88%BaseUSDC / GRO$94K6.23%90%MonadUSDC / WMON$92K17.65%94%EthereumUSDC / srUSD$80K0.06%71%MonadUSDC / wstETH$73K0.28%93%EthereumUSDC / fxSAVE$70K9.02%82%ArcUSDC / sUSDai$69K4.87%90%EthereumUSDC / NGI+$69K6.33%90%EthereumUSDC / PT-apyUSD-27AUG2026$61K<1%EthereumUSDC / Ultra_USD$61K5.59%67%PolygonUSDC / WETH$52K10.37%86%BaseUSDC / LBTC$52K4.79%87%BaseUSDC / sjEURNo withdrawable balance$51K2.49%100%EthereumUSDC / edgeUSDx$50K11.49%81%EthereumUSDC / nBASIS$50K1.90%90%EthereumUSDC / nFALCON$50K1.54%90%MonadUSDC / XAUt0$49K1.13%57%ArcUSDC / WETH$48K2.13%86%MonadUSDC / WBTC$47K1.63%81%EthereumUSDC / PT-sUSDat-14JAN2027$45K2.20%55%UnichainUSDC$43KEthereumUSDC / PT-fxSAVE-29OCT2026$40K3.30%74%OptimismUSDC / sUSDC$39K5.58%91%BaseUSDC / WELL$37K<1%ArbitrumUSDC / sUSDai$37K9.46%85%ArbitrumUSDC / syrupUSDCNo withdrawable balance$36K13.97%100%MonadUSDC / mHYPER$33K4.03%94%BaseUSDC / PT-apxUSD-18JUN2026$31K<0.01%<1%ArbitrumUSDC$31KBaseUSDC / cbZEC$30K6.54%85%EthereumUSDC / syrupUSDC$29K4.21%88%EthereumUSDC / USD0++$29K0.02%33%EthereumUSDC / SPX$29K13.87%93%ArbitrumUSDC / sUSDe$28K21.69%91%UnichainUSDC / WBTC$27K16.92%94%BaseUSDC / deSPXA$25K5.46%90%BaseUSDC / YFI$24K6.66%89%EthereumUSDC / PT-srUSDat-14JAN2027$24K6.70%76%BaseUSDC / eqBLOCK-SLOBR12$24K13.40%90%EthereumUSDC / UNI$23K7.34%92%EthereumUSDC / mHYPER$22K7.59%90%PolygonUSDC$20KEthereumUSDC / sUSDat$20K6.86%82%BaseUSDC / PT-sjEUR(jEURx)-2026/10/13$20K<0.01%<1%BaseUSDC / mBASIS$18K19.98%94%ArbitrumUSDC / thBILL$17K31.05%93%UnichainUSDC / WETH$17K10.17%91%BaseUSDC / weETH$16K4.99%90%EthereumUSDC / WETH$16K0.29%93%Hyperliquid L1USDC / PT-kHYPE-24SEP2026$15K5.03%89%OptimismUSDC$15KBaseUSDC / stkWELL$15K8.12%49%BaseUSDC / cbHYPE$14K0.01%2%EthereumUSDC / weETH$14K3.97%99%ArbitrumUSDC / GLV [WBTC-USDC]$13K6.63%13%EthereumUSDC / WOUSD$13K<0.01%<1%EthereumUSDC / PT-stcUSD-29JAN2026$12K59.46%95%EthereumUSDC / PEPE$12K13.86%93%EthereumUSDC / PWrUSDC-hyper$11KEthereumUSDC / sPOL$10K0.03%43%EthereumUSDC / sUSDe$10K0.09%90%EthereumUSDC / PT-apxUSD-27AUG2026$10K<0.01%<1%Hyperliquid L1USDC / PT-kHYPE-19MAR2026$9K0.08%87%MonadUSDC / cbBTC$8K6.81%85%MonadUSDC / FUSDLP$8K3.45%90%EthereumUSDC / iUSD$7K6.33%88%ArcUSDC / PST$7K4.47%88%BaseUSDC / weETH$7K12.47%78%MonadUSDC / WETH$7K1.82%90%Hyperliquid L1USDC / hbUSDT$7K81.45%97%BaseUSDC / KTA$6K10.62%90%PolygonUSDC / WPOL$6K11.64%90%BaseUSDC / SPCXc$6K5.78%91%BaseUSDC / wbCOIN$6K0.03%46%EthereumUSDC / PT-srUSDe-15JAN2026$5K11.45%86%OptimismUSDC / WETH$5K18.36%93%BaseUSDC / sjEUR$5K<0.01%<1%BaseUSDC / jEUR$5K<0.01%<1%ArbitrumUSDC / GM:ETH/USD[WETH-USDC]No withdrawable balance$5K1000.00%100%BaseUSDC / TOSHI$4K11.27%87%EthereumUSDC / PT-cUSDO-20NOV2025$4K<0.01%<1%BaseUSDC / doginme$4K0.82%81%EthereumUSDC / GOLDX$4K4.66%86%BaseUSDC / AAPLc$3K6.04%91%EthereumUSDC / EIGEN$3K<0.01%<1%EthereumUSDC / cUSDOUSDC$3K<0.01%2%EthereumUSDC / PT-reUSD-25JUN2026$3K20.36%91%BaseUSDC / PT-sjEUR(jEURx)-2027/01/13No withdrawable balance$2K3.37%100%BaseUSDC / HOME$2KEthereumUSDC / PT-apxUSD-18JUN2026$2K<0.01%<1%BaseUSDC / rETH$2K0.11%90%EthereumUSDC / wbravUSDC$2K<0.01%<1%EthereumUSDC / n-st-mAPOLLO$2KBaseUSDC / uSUI$2K<0.01%<1%EthereumUSDC / USD0USD0++$2K3.44%82%EthereumUSDC / PT-USDat-27AUG2026$1K0.02%<1%EthereumUSDC / PT-USDG-28MAY2026$1K21.52%92%ArbitrumUSDC / PT-thBILL-18JUN2026$1K<0.01%<1%BaseUSDC / WMTX$1K<0.01%<1%EthereumUSDC / srmHYPER$1K48.24%92%BaseUSDC / USDS$1K22.81%84%EthereumUSDC / PT-lvlUSD-29MAY2025$1K4.77%90%BaseUSDC / GOOGLc$1K5.78%90%EthereumUSDC / COMP$1K7.14%90%EthereumUSDC / hsUSDf$1KEthereumUSDC / stGLD$1K0.01%5%EthereumUSDC / stMXN$1K<0.01%1%
Base, Ethereum, Ink, Linea, Monad, Optimism, Polygon, Sonic30%$3.06BEthereumUSDC$2.35B3.87%94%ArbitrumUSDC$202.6M2.76%81%BaseUSDC$186.7M6.03%92%MonadUSDC$130.3M4.21%92%InkUSDC$69.4M4.21%73%AvalancheUSDC$66.6M7.68%94%PolygonUSDC$25.4M3.85%69%BSCUSDC$12.9M3.50%87%OptimismUSDC$9.7M10.21%97%PolygonUSDC$3.3M1.31%88%SonicUSDC$1.3M0.20%93%LineaUSDC$1.1M6.41%93%OptimismUSDC$1.1M0.20%27%ArbitrumUSDC$998K8.07%96%BaseUSDbC$150K1.49%73%
12%$1.24BEthereumUSDC$930.2M5.12%99%EthereumUSDCNo withdrawable balance$281.9M5.48%100%EthereumUSDCNo withdrawable balance$30.0M100%
4%$455.7MSolanaUSDC$455.7M5.72%93%Optimism, Polygon4%$422.9MEthereumUSDC$374.6M3.29%90%EthereumUSDC$19.7M2.89%79%ArbitrumUSDC$14.5M3.20%88%BaseUSDC$9.0M5.38%91%OptimismUSDC$3.3M1.64%43%PolygonUSDC$1.2MArbitrumUSDC$470K1.70%43%BaseUSDbC$65K0.60%30%3%$309.6MSolanaUSDC$134.7M4.05%87%SolanaUSDC$64.0M6.35%91%SolanaUSDC$31.5M4.88%95%SolanaUSDC$20.0M4.05%92%SolanaUSDC$19.6M4.80%88%SolanaUSDC$8.0M4.56%85%SolanaUSDC$5.7M5.02%91%SolanaUSDC$5.1M4.66%84%SolanaUSDC$5.0M4.01%95%SolanaUSDC$4.4M6.24%96%SolanaUSDC$3.6M5.61%92%SolanaUSDCNo withdrawable balance$1.5M7.18%100%SolanaUSDC$1.2M8.13%92%SolanaUSDC$1.1M0.04%4%SolanaUSDC$1.0M1.72%46%SolanaUSDC$880K2.82%87%SolanaUSDC$509K4.65%81%SolanaUSDC$412K4.05%82%SolanaUSDC$270K6.92%59%SolanaUSDCNo withdrawable balance$259K7.18%100%SolanaUSDC$258K2.49%55%SolanaUSDC$159K4.05%91%SolanaUSDC$117K4.05%86%SolanaUSDC$104K6.76%92%SolanaUSDC$29K5.17%64%SolanaUSDC$27K4.06%92%SolanaUSDC$21K1.43%22%SolanaUSDC$5K14.35%84%SolanaUSDC$5K3.43%87%
BSC, Base, Ethereum, Hyperliquid L1, Linea, Optimism, Polygon, Sei, Solana, Sonic, Stellar, Sui, Tron8%$830.8MEthereumUSDC$140.5M5.92%90%EthereumUSDC$135.6M4.69%84%ArbitrumUSDC$62.9M4.30%82%SuiUSDC$55.8M2.35%68%EthereumUSDC$53.3M8.46%94%Hyperliquid L1USDC$52.0M6.68%92%StellarUSDC$51.5M5.80%76%EthereumUSDC$50.5M3.94%94%BSCUSDC$33.0M5.20%88%SuiUSDC$24.7M6.36%89%EthereumUSDC$20.5M0.50%30%SolanaUSDC$20.0M4.57%85%AvalancheUSDC$16.6M5.40%89%EthereumUSDC$10.3M4.14%85%AvalancheUSDC$8.6M1000.00%80%SolanaUSDC$8.0M7.30%95%AvalancheUSDCNo withdrawable balance$7.8M0.18%100%EthereumUSDC$7.5M63%BaseUSDC$7.4M16.23%EthereumUSDC$7.2M4.42%89%BaseUSDC$6.8M4.62%87%BaseUSDC$6.4M2.87%80%EthereumUSDC$5.4M3.29%78%ArbitrumUSDC$3.7M7.09%79%AptosUSDC$3.3M3.74%68%EthereumUSDC$3.0M3.87%86%EthereumUSDC$2.8M3.34%82%EthereumUSDC$2.6M6.80%91%EthereumUSDC$2.6M5.15%89%PolygonUSDC$2.6M<0.01%50%EthereumUSDC$2.0M10.12%92%SuiUSDC$1.6M4.31%64%EthereumUSDCNo withdrawable balance$1.5M17.49%100%EthereumUSDCNo withdrawable balance$1.2M100%AvalancheUSDC.e$953K1.26%38%EthereumUSDC$786K2.80%57%SuiUSDC$781K6.18%88%EthereumUSDC$704K2.76%83%PolygonUSDC$680K4.06%89%EthereumUSDC$589KEthereumUSDC$489KBaseUSDC$462K17.20%99%SolanaUSDC$436K7.38%56%SeiUSDC$432K26.91%91%EthereumUSDC$431K0.71%35%BSCUSDC / USD1$403KEthereumUSDC$366K6.25%91%BaseUSDC$336K8.15%88%BSCUSDC$264K2.54%85%ArbitrumUSDC$250K6.13%81%BSCUSDC / BTCB$243K1.96%87%AvalancheUSDC$232K4.70%77%SonicUSDC$217K10.06%89%EthereumUSDC$187K1.60%63%AvalancheUSDC.e$177K1.85%38%BSCUSDC / slisBNB$157K2.73%94%BaseUSDbC$135K0.05%9%OptimismUSDC$119K2.58%75%EthereumUSDC$104K<0.01%<1%Hyperliquid L1USDC$99K0.10%16%EthereumUSDCNo withdrawable balance$96K14.24%100%ArbitrumUSDC$91KAvalancheUSDCNo withdrawable balance$87K33.06%99%ArbitrumUSDC$82K6.28%74%BaseUSDC$75K2.70%51%SolanaUSDC$75K1.23%21%BaseUSDCNo withdrawable balance$67K10.52%100%BaseUSDCNo withdrawable balance$65K4.08%100%BaseUSDC$62K1.26%40%AvalancheUSDCNo withdrawable balance$54K94.62%99%SolanaUSDC$53K6.48%51%AvalancheUSDC$46K3.63%83%StellarUSDC$43K5.85%80%EthereumUSDC$42K<0.01%<1%SonicUSDC$39K6.85%71%SolanaUSDC$38K6.99%18%EthereumUSDC$38KBaseUSDCNo withdrawable balance$34K16.18%100%ArbitrumUSDC$34K3.00%87%TronUSDCOLD$33K2%EthereumUSDC$31K<0.01%<1%BaseUSDC$28K7.55%95%SonicUSDC$26K6.79%52%EthereumUSDC / sfrxETH$24K4.86%74%EthereumUSDC$21K4.48%83%EthereumUSDC$19K<0.01%<1%LineaUSDC$17K1.37%40%BSCUSDC / WBNB$16K3.03%94%ArbitrumUSDC$16K2.54%57%EthereumUSDCNo withdrawable balance$16K9.90%100%BaseUSDC$15K0.73%31%ArbitrumUSDC$14K2.40%51%EthereumUSDC$14K<0.01%<1%EthereumUSDC$13K<0.01%<1%StellarUSDC$13K0.46%70%ArbitrumUSDC$11K4.66%70%EthereumUSDC$11K1.87%46%SolanaUSDC$10K1%BaseUSDCNo withdrawable balance$8K19.93%100%BaseUSDbC$8K11%BaseUSDC$8KArbitrumUSDC$8K14.87%86%BaseUSDC$6K2.91%76%StellarUSDC$5K0.05%15%EthereumUSDC$5K0.05%2%SolanaUSDC$5K0.01%2%BaseUSDC$4K3.43%92%BSCUSDC / wBETH$4K2.03%90%AvalancheUSDC$4K1.99%48%SonicUSDC$4K34.43%91%BaseUSDC$3K3.92%90%SolanaUSDC$3K<1%SolanaUSDC$3K5%EthereumUSDC$3K<0.01%<1%AvalancheUSDC$3K<0.01%<1%EthereumUSDC$3K<0.01%2%EthereumUSDCNo withdrawable balance$3K15.19%100%EthereumUSDC$2K<0.01%<1%SolanaUSDC$2K<1%SolanaUSDC$2K<1%EthereumUSDC$2K<0.01%<1%SolanaUSDC$2K<1%ArbitrumUSDC$1K<0.01%<1%StellarUSDC$1K0.06%17%BSCUSDC$1K7.24%90%SolanaUSDC$1K64%SolanaUSDC$1KSolanaUSDC$1K36.51%43%EthereumUSDC$1KEthereumUSDCNo withdrawable balance$1K18.00%100%EthereumUSDC$1K1.45%52%AvalancheUSDC$1KUSDC in lending markets, by chain, largest first. The bar is each chain's share of USDC's lending balance.
Ethereumin 177 lending markets54%$5.45BBasein 81 lending markets27%$2.76BSolanain 46 lending markets8%$793.9MArbitrumin 28 lending markets3%$289.6MMonadin 19 lending markets2%$208.8MArcin 5 lending markets2%$183.9MAvalanchein 13 lending markets1%$101.1MSuiin 4 lending markets1%$82.8M
Polygon, Optimism, World Chain, Aptos, Sonic, Linea, Sei, Unichain, TronOther (13 chains)3%$312.6MAmong 41 USD stablecoins in lending markets
Top 5 USDC pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
3.79% | 4.38% | OrganicStable | Ethereum | +0.00% | $2.3B | Lending | ||
5.12% | 5.16% | OrganicStable | Ethereum | +0.00% | $1.2B | Lending | ||
6.65% | 4.93% | OrganicStable | Hyperliquid L1 | +0.00% | $600.9M | Lending | ||
4.79% | 4.79% | LP fees · IL riskStable | Base | +0.00% | $561.3M | LP | ||
4.30% | 4.30% | OrganicStable | Base | +0.00% | $501.0M | Lending |
USDC is designed to be backed by cash and money-market assets.
What Circle publishes
Circle publishes a monthly USDC Reserve Report with an accompanying Independent Accountants' Report. Circle's transparency page states that "a Big Four accounting firm provides monthly third-party assurance" and separately names Deloitte & Touche LLP as Circle's independent auditor since fiscal 2022.
The monthly report is an examination engagement, not an audit of Circle's financial statements. An examination gives an opinion on one narrow management assertion about the reserve, at the report dates.
What Circle does not disclose
Circle does not name which banks hold the segregated cash portion of the reserve. The overnight repurchase agreement line in the monthly report names no counterparties.
Sources: Circle Transparency and Stability page, Circle, USDC examination report, July 2026
Ethereum0xbae20765…80b46f3bblocklistable::blocklist(&signer,address)pausable::pause(&signer,Object<PauseState>)treasury::mint(&signer,u64)Stablecoin upgrade_policy=compatible0xff970a61…bddb5cc8blacklist(address), unBlacklist(address) +1paused()eip1967-transparent0xaf88d065…268e5831blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x36000000…00000000blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xa7d7079b…c1a4c6640xb97ef9ef…d9c48a6eblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xd9aaec86…1710b6camint(address,uint256)eip1967-transparent0x833589fc…bda02913blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x8ac76a51…32cd580dmint(uint256)eip1967-transparent0xceba9300…8b32118cblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xd996633a…1f5037cfblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x3d7f2c47…49999d2dblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x98d2919b…686ad74cblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xa0b86991…3606eb48blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x796ea11f…aa8f00f9mint(address,uint256)0xf1815bd5…14045d14blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x7f27352d…38d8ee52blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x00000000…0006f89aNo control settled on this deployment.
0xb88339cb…32ba630fblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xa00c59ff…c371235ablacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x2d270e68…2161eaedblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x17621186…821ee1ffblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xb73603c5…165016fbmint(address,uint256)0x754704bc…5aafb603blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xcfb1186f…33bc372bblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy17208628f8…e36133a1blocklistmint1 full-access key, upgrade0x0b2c639c…d097ff85blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x7f5c764c…17c31607blacklist(address), unBlacklist(address) +1paused()mint(address,uint256)0xc879c018…cdac1815blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x2d661c89…84f5f67fblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x222365ef…965aa7afblacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x3c499c54…3d5c3359blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x2791bca1…9aa84174No control settled on this deployment.
0xe436820b…38262739blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x74c9f2b0…7389de67blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xe15fc38f…2bf42392blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacyEPjFWdd5Au…ZwyTDt1vfreezeAuthoritymintAuthority0x29219dd4…d4038894blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x20c00000…c60e8b50No control settled on this deployment.
TEkxiTehnz…N966rdz8blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x078d782b…0ef57ad6blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x79a02482…b4cd24d1blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xfa2958cb…49ca8eb1blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0xb6ceceab…92933061blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1zeppelinos-legacy0x1d17cbcf…a16538d4zeppelinos-legacyContract controls are not read on Algorand, Cardano, Noble, Polkadot, Starknet, Stellar, Sui and XRPL yet.
Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · pause · mint · upgrade
Independent reserve attestations are published monthly.
In the EEA, USDC is issued by Circle Internet Financial Europe SAS. It is licensed by the Autorité de contrôle prudentiel et de résolution as an electronic money institution under ACPR register number 17788.
The MiCA redemption policy gives holders "a right of redemption of their Circle Coins at any time and at par value," subject to eligibility criteria. For retail holders, Circle states the redemption process should take no more than five business days once verifications are complete. Redemption is conditional on identity verification, transaction monitoring and asset freeze checks. Third party bank and conversion fees can apply, and Circle France disclaims responsibility for them.
Sources: Circle Europe MiCA Redemption Policy
Reserve attestation
Attested by Deloitte & Touche LLP · last report 31 Aug 2026
Recognised regimelicence tier of Circle
The freeze function
USDC carries an issuer freeze function. Circle can restrict a holder's balance from access to comply with a law, regulation or legal order, and the monthly reserve report discloses the restricted amount as Access Denied Tokens. A holder's balance is contingent on Circle not being ordered to freeze it.
Contract supply overstates backed supply
Circle deducts Tokens Allowed But Not Issued, Access Denied Tokens and Circle Gateway pending burns before arriving at circulation for reserve purposes. Anyone summing raw contract totals across chains will overstate the backed float.
Repo exposure inside the reserve
The reserve is not purely Treasury bills. A material share sits in overnight repurchase agreements. That is exposure to the repo counterparty chain, mitigated by overcollateralization.
Redemption runs through Circle
Redemption at par runs through Circle, not through the chain. Outside the EEA it runs through a Circle Mint account, and holders without one exit through secondary markets, where the price can trade away from $1 regardless of reserve adequacy. In the EEA, retail holders can redeem with Circle France without a Mint account.
Sources: Circle Transparency and Stability page, Circle Europe MiCA Redemption Policy
USDC is issued and redeemed by Circle Internet Financial, LLC and Circle Internet Financial Europe SAS, both subsidiaries of Circle Internet Group, Inc.
The majority of the reserve sits in the Circle Reserve Fund, a Rule 2a-7 government money market fund. The remainder sits in segregated accounts at regulated financial institutions.
Circle publishes a monthly USDC Reserve Report with an Independent Accountants' Report. It is an examination engagement giving an opinion on one management assertion about the reserve. It is not an audit of Circle's financial statements.
Yes. Circle can restrict USDC from holder access to comply with a law, regulation or legal order, and discloses the restricted amount as Access Denied Tokens in its monthly reserve report.
In the EEA, USDC is issued by Circle Internet Financial Europe SAS, licensed by the French ACPR as an electronic money institution under register number 17788.
Contract supply, includes issuer treasury
317 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 30 Sep 2026), Ethplorer (from 1 Oct 2026), Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
USDCSource: DeFiLlama and CoinGecko prices Updated