USD Coin (USDC) is Circle's fully reserved US dollar stablecoin, redeemable one-to-one and backed by cash and short-dated US Treasuries held in the BlackRock-managed Circle Reserve Fund, custodied at BNY. Under the GENIUS Act a payment stablecoin pays no yield to holders, so USDC earns nothing on its own; yield comes only from a wrapper such as Coinbase USDC Rewards, Aave lending, or a DEX position. USDC scores 86/100 (Tier 2) on the RWTS Trust Score, the most regulated major stablecoin, NYDFS-supervised and MiCA-authorised, dinged only by the 2023 SVB depeg.
- Issuer / protocol
- Circle
- Jurisdiction
- United StatesNYDFS + EU MiCA (EMI)
- Backing
- Cash & short-dated U.S. Treasuries (Circle Reserve Fund)
- Redemption / lock-up
- None (1:1 redeemable via Circle / exchanges)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 2 — Treasury & Fiat-Backed
- Contract
- 0xA0b8…eB48
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Source: Big-4 monthly attestation. Point-in-time disclosure, not a live feed; weights move with issuance and policy.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Projections assume constant APY of 0.00%. Actual returns may vary. Not financial advice.
Beyond USDC's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $74.87B indicates deep on-chain liquidity. Lock-up: None (1:1 redeemable via Circle / exchanges).