Compare · Publication ready
What is actually behind USDT vs USDC?
Evidence decomposition only. No safer / best / winner / recommended framing.
Backing
Fiat-reserve backed
Fiat-reserve backed
Issuer
Tether International, S.A. de C.V.
Circle entities (U.S. path) / Circle Internet Financial Europe SAS (EEA EMT)
Peg
USD
USD
Reserve disclosure
Jun 30, 2026 · 9 categories · Current verified
Jul 31, 2026 · 5 categories · Current verified
Assurance
Assurance report (BDO Advisory Services S.r.l.)
Assurance report (Deloitte & Touche LLP) · Financial-statement audit
Redemption
Eligibility restricted · Eligible counterparties per Tether Terms / RID
Eligibility restricted · Circle Mint institutional path; EEA par redemption rights under MiCA for Circle SAS holders
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
Tether International authorized as Stablecoin Issuer and DASP under El Salvador CNAD (entity-scoped). Never write: USDT is regulated.
Circle SAS: ACPR EMI + AMF CASP — entity-scoped. Never write: USDC is regulated.
Evidence recency
Current verified · verified Aug 29, 2026
Current verified · verified Aug 29, 2026
Allowed evidence conclusions
- More detailed published reserve composition (where evidence differs)
- More recent reserve evidence (where dates differ)
- More explicit direct redemption terms
- More complete issuer / legal-entity evidence
- More explicit control-plane disclosure
Evidence compare only. No safety ranking. Unresolved states preserved.