VENUEVERITAS

STABLECOIN EVIDENCE

USDC

Fiat-reserve backedPeg USDUSD Coin

Issuer-liability USD token backed by cash and short-term U.S. government instruments, largely via the BlackRock-managed Circle Reserve Fund (USDXX), plus bank deposits — not synthetic hedges.

Compare USDT vs USDCInspect primary evidence

Detail ready · Core-10 evidence

What backs this stablecoin?

Reserve composition from published evidence. Missing percentages are not inferred.

Reserve reportJul 31, 2026
AssuranceDeloitte & Touche LLP · Assurance report
Evidence stateCurrent verifiedFresh evidence ≠ safe
  • Overnight Treasury repo (inside Circle Reserve Fund)52.72B USD
  • Cash at regulated financial institutions10.61B USD
  • U.S. Treasuries inside Circle Reserve Fund7.18B USD
  • Cash inside Circle Reserve Fund1.00B USD
  • Other U.S. Treasuries (outside fund)499.42M USD

Inspect primary evidence

Backing Flow

Holder → issuer or protocol → backing → custody or hedge → verification. Unknown links stay labeled UNKNOWN.

HolderToken holder
IssuerCircle issuer entity
BackingReserve structure (fund + other reserves)
Backing assetsCash / Treasuries / overnight Treasury repo
VerificationDeloitte examination

Can you redeem it directly?

Exchange trading is not issuer redemption.

Direct issuer redemption

Eligibility restricted

Eligible
Circle Mint institutional path; EEA par redemption rights under MiCA for Circle SAS holders
KYC
Required
Minimum
Not published
Fee
Not published

Who controls what?

Who can mint, freeze, pause, upgrade, or govern — as evidence, not a safety score.

ControlPresentControllerEvidenceSource
MintYESCircle issuer / MintVERIFIED—
FreezeUNKNOWNUNKNOWNUNRESOLVED—
BlacklistUNKNOWNUNKNOWNUNRESOLVED—
PauseUNKNOWNUNKNOWNUNRESOLVED—
UpgradeUNKNOWNUNKNOWNUNRESOLVED—
GovernanceUNKNOWNUNKNOWNUNRESOLVED—

Mint

YES

ControllerCircle issuer / Mint

Freeze

UNKNOWN

ControllerUNKNOWN

Access Denied / legal-order tooling referenced in product docs

Blacklist

UNKNOWN

ControllerUNKNOWN

Pause

UNKNOWN

ControllerUNKNOWN

Upgrade

UNKNOWN

ControllerUNKNOWN

Governance

UNKNOWN

ControllerUNKNOWN

Corporate issuer control

How is the backing independently checked?

Report type matters.

Assurance report

Independent assurance / examination of a reserve assertion — not “audited” shorthand.

Provider
Deloitte & Touche LLP
Report
AICPA examination of management’s USDC reserve assertion
Report date
Jul 31, 2026
Covered assets
USDC reserve assets per management assertion
Covered liabilities
USDC in circulation (reconciling items disclosed)
Scope limitation
Point-in-time examination; not a financial-statement audit of Circle; website info may be out of scope

Inspect primary evidence

Financial-statement audit

Full financial-statement audit of an entity — not the same as a reserve attestation.

Provider
Unknown
Report
Circle corporate financial-statement audit exists as a separate concept — not a substitute for the USDC reserve examination
Report date
—
Covered assets
Unknown
Covered liabilities
Unknown
Scope limitation
Do not collapse FS audit into USDC reserve examination

Reserve history

Append-only verified snapshots only. No synthetic series.

Latest verified snapshot

Jul 31, 2026

Deloitte & Touche LLP USDC Examination Report (July 2026)

71.90B USD · circ 71.83B USD

Current verifiedFresh evidence ≠ safe

What does this stablecoin depend on?

Structural dependencies only.

  • Circle issuer entities
  • Banking rails
  • Circle Reserve Fund / BlackRock
  • Multi-chain deployments

Material history

Verified research-pack events only — not a sensational timeline.

  • Banking event2023-03SVB banking event — USDC temporary depeg / recovery (research pack)

Answer-first evidence blocks

What backs USDC?

As of 2026-07-31 Deloitte examination: Circle Reserve Fund holdings (Treasuries, overnight Treasury repo, fund cash) plus other Treasuries and cash at regulated financial institutions.

Who holds USDC reserves?

Reserves are held in the disclosed reserve structure (including BlackRock Circle Reserve Fund sleeve and bank cash). Named individual cash banks remain UNKNOWN in the examination extract.

Is USDC audited or attested?

Latest Core-10 pack uses an ASSURANCE_REPORT (Deloitte AICPA examination). Do not write “audited” as shorthand for that report. Corporate FS audit is a separate concept.

Can Circle freeze USDC?

Freeze / Access Denied tooling is referenced in product materials; capability mapped as UNKNOWN pending full per-chain control-plane evidence.

Who can redeem directly?

Eligibility-restricted Circle Mint path; EEA holders may have MiCA par redemption rights via Circle SAS. Exchange trading ≠ issuer redemption.

Regulatory structure

  • Circle SAS: ACPR EMI + AMF CASP — entity-scoped.
  • Never write: USDC is regulated.

Unresolved / open gaps

  • Named cash banks
  • Full control-plane map
  • Named cash banks UNKNOWN in examination PDF; fund sleeve associated with BlackRock USDXX.

Related evidence links

Stablecoin Evidence interface. No safety score. No investment recommendation. Unresolved evidence remains unresolved.