USDC
USDC is a US dollar stablecoin issued by Circle, backed by cash and cash-equivalent reserves and redeemable 1:1 for dollars through Circle. It runs on many blockchains, with Ethereum holding the largest share.
How it works
Circle Internet Financial, LLC issues USDC, and since 1 July 2024 Circle Internet Financial Europe SAS has been a second issuer. Circle's data showed 71.29 billion USDC in circulation on 28 October 2026, including 47.50 billion on Ethereum, 6.58 billion on Solana and 4.24 billion on Base.
Most of the reserve sits in the Circle Reserve Fund (USDXX), an SEC-registered government money market fund managed by BlackRock; the rest is cash, mostly at a handful of large banks. Circle discloses reserve holdings weekly, and a Big Four accounting firm provides monthly assurance that reserves exceed the USDC in circulation.
Only Circle Mint account holders can mint or redeem directly with Circle, at $1 per USDC less any fees; others trade through exchanges and partners. Circle Mint credits Ethereum deposits after 12 confirmations, about 3 minutes, and Solana deposits after 1 confirmation, about 200 milliseconds. Circle can block addresses and freeze USDC it associates with illegal activity.
Example
A firm sends 2,000,000 USDC on Solana to its Circle Mint account. The deposit is credited after one confirmation. Circle redeems at $1 per USDC, so the firm receives a $2,000,000 wire, less any applicable fees, which then follows normal bank cut-off times.
Frequently asked questions
Is USDC covered by deposit insurance?
No. Circle's terms state that USDC held in a Circle Mint account is not covered by FDIC or SIPC protection.
Which chains settle fastest into Circle Mint?
Circle's confirmation table lists about 200 milliseconds for Solana, about 400 milliseconds for Sei, about 500 milliseconds for Sui and under 1 second for chains such as HyperEVM, against about 3 minutes for Ethereum.
Where Polynopsis fits
Polynopsis reads USDC balances in wallets through their public addresses, read-only, alongside fiat balances at banks and payout partners.
Compared with
Related terms
Sources
- USDC Terms · Circle
- USDC and EURC transparency · Circle
- Circle stablecoin supply API (USDC and EURC by chain) · Circle
- Blockchain confirmations (Circle Mint) · Circle
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
Why it is called Polynopsis · About Polynopsis · Glossary · Corridor runway calculator