{"investigation":{"slug":"usd-coin","entity_name":"USD Coin (USDC)","trust_score":71,"severity_base":null,"score_modifier":-7,"confidence":0.88,"status":"published","content_type":"investigation","summary":"USD Coin (USDC) is a U.S. dollar-pegged stablecoin issued by Circle Internet Group, a publicly traded (NYSE: CRCL) and U.S.-regulated financial technology company. USDC is widely used across crypto markets and is backed by cash and short-duration U.S. Treasury securities, with reserves attested monthly by Grant Thornton. The token briefly lost its peg in March 2023 after Circle disclosed reserve exposure to the failed Silicon Valley Bank, and Circle has separately faced criticism and litigation over delays and refusals in freezing USDC linked to hacks and scams, alongside historical SEC scrutiny of Circle's former Poloniex subsidiary.","sections":[{"content":"USDC is issued by Circle Internet Group (formerly Circle Internet Financial), a Boston-based company that completed an initial public offering on the New York Stock Exchange under ticker CRCL in June 2025, pricing shares at $31 and raising just over $1 billion. Circle has stated it holds a U.S. federal banking license granted by the Office of the Comptroller of the Currency for 'Circle National Trust' and has received approval from the New York State Department of Financial Services for 'Circle New York Trust.' As of Q2 2026, Circle reported USDC circulation of approximately $73.3 billion, up 19% year over year, with on-chain transaction volume reported at $14.8 trillion for the period. These figures come from Circle's own quarterly disclosures as a public company and are therefore subject to standard securities-reporting obligations.","heading":"Overview and Regulatory Standing","sources":[{"url":"https://www.xtb.com/en/market-analysis/circle-successfully-debuts-on-nyse","name":"Circle successfully debuts on NYSE","type":"news_article","credibility":2},{"url":"https://www.kucoin.com/news/flash/circle-q2-2026-revenue-hits-70-1m-usdc-circulation-grows-19-to-73-3b","name":"Circle Q2 2026 revenue hits $70.1M, USDC circulation grows 19% to $73.3B","type":"news_article","credibility":2}],"severity":"low"},{"content":"Since USDC's 2018 launch, Circle has published monthly reserve reports attested by the accounting firm Grant Thornton, intended to confirm that dollar-denominated reserves are at least equal to USDC in circulation. Beginning with the July 2022 attestation, Grant Thornton's reports have included additional detail such as CUSIPs, maturity dates and market values for individual Treasury bills, and the identities of financial institutions holding the cash portion of reserves. These are attestations, not full financial audits, which is a standard limitation across the stablecoin industry rather than a USDC-specific defect.","heading":"Reserve Composition and Attestation","sources":[{"url":"https://circle.com/blog/new-levels-of-detail-in-the-monthly-usdc-attestation","name":"New levels of detail in the monthly USDC attestation","type":"official","credibility":2}],"severity":"low"},{"content":"On March 10-11, 2023, USDC fell as low as $0.87 after Circle disclosed that $3.3 billion of USDC's roughly $40 billion in reserves remained held at Silicon Valley Bank (SVB) at the time California regulators closed the bank. Circle stated it would 'stand behind USDC' and cover any shortfall with corporate resources, and use external capital if necessary, to preserve 1:1 redeemability. Major exchanges including Coinbase and Binance temporarily suspended USDC conversions during the episode. U.S. regulators subsequently announced that all SVB depositors, insured and uninsured, would have access to their funds, which allowed USDC to recover its peg within days. Other dollar-pegged stablecoins (DAI, USDD, USDP) also briefly depegged in sympathy due to their own USDC exposure.","heading":"March 2023 Depeg During Silicon Valley Bank Collapse","sources":[{"url":"https://decrypt.co/123211/usdc-stablecoin-depegs-below-87-cents-amid-silicon-valley-bank-exposure","name":"USDC Stablecoin Falls to 87 Cents After Circle Discloses Exposure to Silicon Valley Bank","type":"news_article","credibility":2},{"url":"https://decrypt.co/123224/circle-to-stand-behind-usdc-cover-3-3-billion-shortfall-held-in-silicon-valley-bank","name":"Circle to stand behind USDC, cover $3.3 billion shortfall held in Silicon Valley Bank","type":"news_article","credibility":2},{"url":"https://www.financemagnates.com/cryptocurrency/svb-crisis-circle-escapes-usdc-depeg-with-regulatory-assurance/","name":"SVB Crisis: Circle Escapes USDC Depeg with Regulatory Assurance","type":"news_article","credibility":2}],"severity":"high"},{"content":"On-chain investigator ZachXBT, on April 3, 2026, publicly accused Circle of inconsistent and sometimes slow use of its ability to blacklist (freeze) wallet addresses holding USDC linked to hacks and scams, citing more than $420 million across roughly fifteen cases since 2022. The most prominent example cited was the April 2026 exploit of the Solana-based Drift Protocol, in which an attacker allegedly bridged approximately 232 million USDC from Solana to Ethereum via Circle's own Cross-Chain Transfer Protocol (CCTP) over more than 100 transactions across six hours, with no USDC frozen during that window, according to ZachXBT; Elliptic blockchain analytics reportedly suspected a North Korea-linked actor. ZachXBT also cited the May 2025 Cetus Protocol exploit (approximately $223 million), alleging Circle blacklisted the relevant address only about a month later, after funds had already been converted out of USDC. Circle responded publicly that it 'freezes assets when legally required, consistent with the rule of law and with strong protections for user rights and privacy.' These allegations rely substantially on one researcher's on-chain analysis as reported by crypto-industry outlets; Circle's freezing decisions in each individual case have not been independently adjudicated.","heading":"Allegations of Inconsistent and Delayed Freezing of Illicit USDC","sources":[{"url":"https://www.theblock.co/post/396296/blockchain-sleuth-zachxbt-accuses-circle-slow-usdc-freezes-420-million-illicit-funds","name":"Blockchain sleuth ZachXBT accuses Circle of slow USDC freezes across more than $420 million in 'illicit funds'","type":"news_article","credibility":2},{"url":"https://forklog.com/en/news/zachxbt-criticizes-circle-for-delays-in-freezing-420-million-in-illicit-usdc-funds","name":"ZachXBT criticizes Circle for delays in freezing $420 million in illicit USDC funds","type":"news_article","credibility":2}],"severity":"high"},{"content":"In April 2026, prosecutors in Walworth County, Wisconsin filed a misdemeanor criminal complaint alleging Circle 'did intentionally disobey, resist, or obstruct' a court warrant directing it to seize 381,235 USDC stolen from a local resident in a romance scam and turn over an equivalent amount to the county sheriff's office. According to the complaint, the victim was contacted via an unsolicited text by a scammer posing as 'Lenora' around May 2025 and was persuaded to convert savings into USDC and transfer it to a fraudulent wallet. A county court ordered Circle to freeze the tokens in August 2025, and Circle complied by blocklisting the wallet. A second warrant in December 2025 directed Circle to invalidate the frozen tokens and reissue new ones, or provide the cash equivalent, which Circle said it could not technically do. Circle moved to dismiss the complaint on June 30, 2026, arguing it has no mechanism to 'invalidate and reissue' USDC once it has left Circle's control for a third-party wallet, and that Wisconsin lacks jurisdiction because Circle and the tokens are based in Boston. An assistant district attorney was quoted stating that available legal tools 'are not keeping up with the tools the criminals are using.' This is an active, unresolved legal dispute; the characterization of Circle's conduct as obstruction is a prosecutorial allegation, not a judicial finding.","heading":"Wisconsin Criminal Complaint Over Refusal to Reissue Stolen USDC","sources":[{"url":"https://unchainedcrypto.com/circle-fights-to-dismiss-wisconsin-contempt-case-over-frozen-usdc/","name":"Circle fights to dismiss Wisconsin contempt case over frozen USDC","type":"news_article","credibility":2},{"url":"https://beincrypto.com/criminal-complaint-circle-usdc-scam/","name":"Circle Refused to Recover a Scam Victim's USDC, Wisconsin's Criminal Complaint Says","type":"news_article","credibility":2},{"url":"https://protos.com/circles-refusal-to-burn-and-reissue-stolen-usdc-angers-prosecutors-report/","name":"Circle's refusal to 'burn and reissue' stolen USDC angers prosecutors, report","type":"news_article","credibility":2}],"severity":"high"},{"content":"Multiple news reports describe USDC being used as the settlement asset in romance and investment scams, including cases in Wisconsin and a reported HK$25 million (~US$3.2 million) elaborate cryptocurrency scam against a retiree uncovered by a bank. In these cases, USDC's role is as a widely accepted, dollar-denominated transfer rail used by scammers after victims are socially engineered into converting cash to crypto; the reports do not allege any flaw in USDC's own technology or reserve backing. Separately, reports describe wallet-draining attacks in which users who had previously approved malicious smart-contract permissions had USDC (among other assets) later stolen, including a case where roughly $908,000 in USDC was drained nearly 16 months after an initial malicious approval. This reflects a general phishing/approval-exploit risk present across ERC-20 tokens, not a USDC-specific vulnerability.","heading":"USDC as a Vector in Romance and Investment Scams","sources":[{"url":"https://www.thestandard.com.hk/news/article/332140/Retiree-loses-over-25m-in-elaborate-cryptocurrency-scam-uncovered-by-bank","name":"Retiree loses over $25m in elaborate cryptocurrency scam uncovered by bank","type":"news_article","credibility":2},{"url":"https://kaukaunacommunitynews.com/2026/04/20/crypto-scam-losses-top-1-million-for-two-wisconsin-families/","name":"Crypto scam losses top $1 million for two Wisconsin families","type":"news_article","credibility":3}],"severity":"medium"},{"content":"Following the U.S. Treasury's August 2022 sanctioning of the Tornado Cash mixing protocol over alleged laundering of proceeds from crypto hacks attributed to North Korea's Lazarus Group, Centre (the USDC consortium then including Circle) blacklisted dozens of Ethereum addresses associated with Tornado Cash, freezing more than 75,000 USDC across 44 sanctioned addresses. Circle stated it 'conforms to sanctions compliance requirements' and blocked the addresses named in OFAC's designation. This episode is frequently cited, including by critics of stablecoins generally, as evidence that USDC balances can be frozen unilaterally by the issuer at the request of regulators, which some users regard as a centralization risk relative to permissionless cryptocurrencies, while others view it as expected regulatory compliance for a U.S.-regulated issuer.","heading":"Sanctions Compliance: Tornado Cash Freezes","sources":[{"url":"https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets","name":"Circle freezes USDC funds in Tornado Cash's US Treasury-sanctioned wallets","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Circle disclosed in 2021 that it received an investigative subpoena from the SEC's Enforcement Division in July 2021 requesting documents regarding its holdings, customer programs, and operations; Circle stated it would cooperate fully. Separately, on August 9, 2021, the SEC fined Poloniex $10 million (reported in some outlets as approximately $10.4 million with disgorgement and interest) for operating an unregistered digital asset exchange between July 2017 and November 2019. Circle had acquired Poloniex in 2018 for roughly $400 million and spun it out to a new ownership group, Polo Digital Assets, in late 2019, before the SEC action was announced; Poloniex settled without admitting or denying the SEC's findings. Circle later participated as an amicus in SEC v. Binance, arguing that dollar-pegged stablecoins like USDC should not be classified as securities because holders do not anticipate profit from holding them. No SEC enforcement action has been reported against Circle or USDC itself regarding the stablecoin's securities status.","heading":"SEC Scrutiny of Circle and Former Subsidiary Poloniex","sources":[{"url":"https://www.theblock.co/news/markets/2021-08-09-sec-hits-crypto-exchange-poloniex-with-10-million-fine-113866","name":"SEC hits crypto exchange Poloniex with $10 million fine","type":"news_article","credibility":2},{"url":"https://decrypt.co/82629/usdc-stablecoin-issuer-circle-cooperating-with-sec-investigation","name":"USDC Stablecoin Issuer Circle 'Cooperating' With SEC Investigation","type":"news_article","credibility":2}],"severity":"medium"}],"timeline":[{"date":"2018","event":"USDC launches, issued by Circle through the Centre consortium, backed by cash and cash-equivalent reserves attested monthly by Grant Thornton.","source":"New levels of detail in the monthly USDC attestation","source_url":"https://circle.com/blog/new-levels-of-detail-in-the-monthly-usdc-attestation"},{"date":"2021-07","event":"Circle discloses it received an SEC Enforcement Division subpoena requesting documents on its holdings, customer programs, and operations.","source":"Decrypt","source_url":"https://decrypt.co/82629/usdc-stablecoin-issuer-circle-cooperating-with-sec-investigation"},{"date":"2021-08-09","event":"SEC fines Circle's former subsidiary Poloniex $10 million for operating an unregistered digital asset exchange from July 2017 to November 2019.","source":"The Block","source_url":"https://www.theblock.co/news/markets/2021-08-09-sec-hits-crypto-exchange-poloniex-with-10-million-fine-113866","date_evidence":"SEC hits crypto exchange Poloniex with $10 million fine (article dated 2021-08-09 in URL and headline)"},{"date":"2022-08","event":"Following U.S. Treasury sanctions on Tornado Cash, Centre/Circle blacklists dozens of associated Ethereum addresses, freezing over 75,000 USDC across 44 sanctioned addresses.","source":"The Block","source_url":"https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets"},{"date":"2023-03-10","event":"USDC depegs to as low as $0.87 after Circle discloses $3.3 billion of reserves were held at the failed Silicon Valley Bank.","source":"Decrypt","source_url":"https://decrypt.co/123211/usdc-stablecoin-depegs-below-87-cents-amid-silicon-valley-bank-exposure","date_evidence":"USDC fell to 87 cents overnight, its lowest level ever, after Circle disclosed $3.3 billion of reserves remained at Silicon Valley Bank, which was closed by regulators on March 10, 2023"},{"date":"2025-05","event":"Cetus Protocol is exploited for roughly $223 million; ZachXBT later alleges Circle blacklisted the relevant address only about a month afterward, after funds had been converted out of USDC.","source":"The Block","source_url":"https://www.theblock.co/post/396296/blockchain-sleuth-zachxbt-accuses-circle-slow-usdc-freezes-420-million-illicit-funds"},{"date":"2025-05","event":"A Walworth County, Wisconsin resident is persuaded by a romance scammer to convert savings into USDC and send it to a fraudulent wallet.","source":"Unchained","source_url":"https://unchainedcrypto.com/circle-fights-to-dismiss-wisconsin-contempt-case-over-frozen-usdc/"},{"date":"2025-05","event":"Circle launches its IPO on the NYSE under ticker CRCL, pricing shares at $31, above the expected range.","source":"Cointelegraph / Renaissance Capital","source_url":"https://www.nbcnewyork.com/news/business/money-report/stablecoin-issuer-circle-prices-ipo-at-31-above-expected-range-ahead-of-nyse-debut/6289978/","date_evidence":"Circle, the issuer of USDC, launched an initial public offering (IPO) of 24 million shares of its Class A common stock on May 27","date_original":"2025-05-27"},{"date":"2025-06-05","event":"Circle completes its NYSE listing; shares close up 168% on the first trading day.","source":"XTB Market Analysis","source_url":"https://www.xtb.com/en/market-analysis/circle-successfully-debuts-on-nyse","date_evidence":"Circle Internet Group, the issuer of the USDC stablecoin, successfully completed its initial public offering (IPO) on June 5, 2025"},{"date":"2025-08","event":"A Walworth County court orders Circle to freeze the stolen USDC tokens; Circle complies by blocklisting the wallet.","source":"Unchained","source_url":"https://unchainedcrypto.com/circle-fights-to-dismiss-wisconsin-contempt-case-over-frozen-usdc/"},{"date":"2025-12","event":"A second Walworth County warrant directs Circle to invalidate the frozen USDC and reissue new tokens or provide a cash equivalent; Circle says it cannot do so technically.","source":"Unchained","source_url":"https://unchainedcrypto.com/circle-fights-to-dismiss-wisconsin-contempt-case-over-frozen-usdc/"},{"date":"2026-04","event":"Walworth County, Wisconsin prosecutors file a misdemeanor criminal complaint against Circle alleging it disobeyed a court warrant over the stolen USDC.","source":"BeInCrypto","source_url":"https://beincrypto.com/criminal-complaint-circle-usdc-scam/"},{"date":"2026-04","event":"The Solana-based Drift Protocol is exploited for over $280 million; an attacker allegedly bridges roughly 232 million USDC from Solana to Ethereum via Circle's CCTP over six hours with none frozen.","source":"The Block","source_url":"https://www.theblock.co/post/396296/blockchain-sleuth-zachxbt-accuses-circle-slow-usdc-freezes-420-million-illicit-funds","date_original":"2026-04-02"},{"date":"2026-04-03","event":"On-chain investigator ZachXBT publicly accuses Circle of inconsistent, sometimes slow freezing of USDC tied to over $420 million in illicit funds across roughly fifteen cases since 2022.","source":"The Block","source_url":"https://www.theblock.co/post/396296/blockchain-sleuth-zachxbt-accuses-circle-slow-usdc-freezes-420-million-illicit-funds","date_evidence":"Date of Accusation: April 3, 2026"},{"date":"2026-06","event":"Circle files a motion to dismiss the Walworth County criminal complaint, arguing it has no jurisdiction and no technical ability to reissue USDC that has left its control.","source":"Unchained","source_url":"https://unchainedcrypto.com/circle-fights-to-dismiss-wisconsin-contempt-case-over-frozen-usdc/","date_evidence":"Circle moved to dismiss the case on June 30, calling the complaint meritless","date_original":"2026-06-30"},{"date":"2026-08-05","event":"Circle reports Q2 2026 results: USDC circulation of $73.3 billion (up 19% YoY) and $70.1 million in revenue.","source":"KuCoin News","source_url":"https://www.kucoin.com/news/flash/circle-q2-2026-revenue-hits-70-1m-usdc-circulation-grows-19-to-73-3b","date_evidence":"Circle released its Q2 2026 financial results on August 5, 2026"}],"sources_used":[{"url":"https://www.kucoin.com/news/flash/circle-q2-2026-revenue-hits-70-1m-usdc-circulation-grows-19-to-73-3b","name":"Circle Q2 2026 revenue hits $70.1M, USDC circulation grows 19% to $73.3B","type":"news_article","archive_url":"http://web.archive.org/web/20261007040139/https://www.kucoin.com/news/flash/circle-q2-2026-revenue-hits-70-1m-usdc-circulation-grows-19-to-73-3b","credibility":2,"archive_timestamp":"2026-10-07T04:01:39+00:00"},{"url":"https://www.xtb.com/en/market-analysis/circle-successfully-debuts-on-nyse","name":"Circle successfully debuts on NYSE","type":"news_article","archive_url":"https://web.archive.org/web/20261007041221/https://www.xtb.com/en/market-analysis/circle-successfully-debuts-on-nyse","credibility":2,"archive_timestamp":"2026-10-07T04:12:21+00:00"},{"url":"https://www.nbcnewyork.com/news/business/money-report/stablecoin-issuer-circle-prices-ipo-at-31-above-expected-range-ahead-of-nyse-debut/6289978/","name":"Stablecoin 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bank","type":"news_article","archive_url":"http://web.archive.org/web/20260616151956/https://www.thestandard.com.hk/news/article/332140/Retiree-loses-over-25m-in-elaborate-cryptocurrency-scam-uncovered-by-bank","credibility":2,"archive_timestamp":"2026-06-16T15:19:56+00:00"},{"url":"https://kaukaunacommunitynews.com/2026/04/20/crypto-scam-losses-top-1-million-for-two-wisconsin-families/","name":"Crypto scam losses top $1 million for two Wisconsin families","type":"news_article","archive_url":"http://web.archive.org/web/20260508090850/https://kaukaunacommunitynews.com/2026/04/20/crypto-scam-losses-top-1-million-for-two-wisconsin-families/","credibility":3,"archive_timestamp":"2026-05-08T09:08:50+00:00"},{"url":"https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets","name":"Circle freezes USDC funds in Tornado Cash's US Treasury-sanctioned 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