Compare · Publication ready
What is actually behind USDC vs EURC?
Evidence decomposition only. No safer / best / winner / recommended framing.
Backing
Fiat-reserve backed
Fiat-reserve backed
Issuer
Circle entities (U.S. path) / Circle Internet Financial Europe SAS (EEA EMT)
Circle Internet Financial Europe SAS
Peg
USD
EUR
Reserve disclosure
Jul 31, 2026 · 5 categories · Current verified
Jul 31, 2026 · 2 categories · Current verified
Assurance
Assurance report (Deloitte & Touche LLP) · Financial-statement audit
Assurance report (Deloitte & Touche LLP)
Redemption
Eligibility restricted · Circle Mint institutional path; EEA par redemption rights under MiCA for Circle SAS holders
Eligibility restricted · Par redemption right under MiCA; operational via Circle Mint
Control
Mint: Yes · Freeze: Unknown · Blacklist: Unknown · Pause: Unknown · Upgrade: Unknown · Governance: Unknown
Mint: Yes · Freeze: Unknown · Blacklist: Unknown · Pause: Unknown · Upgrade: Unknown · Governance: Unknown
Regulation
Circle SAS: ACPR EMI + AMF CASP — entity-scoped. Never write: USDC is regulated.
Circle SAS ACPR EMI + AMF CASP — entity-scoped. Never write: EURC is regulated as a brand.
Evidence recency
Current verified · verified Aug 29, 2026
Current verified · verified Aug 29, 2026
Allowed evidence conclusions
- Different peg currency (USD vs EUR) — disclose
- More detailed published reserve composition
- More recent reserve evidence
Evidence compare only. No safety ranking. Unresolved states preserved.