USD Coin (USDC)
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
anchored·5EX7Af…YGi7Summary
USD Coin (USDC) is a US dollar-pegged stablecoin issued by Circle Internet Group, Inc., launched in September 2018 initially under the Centre Consortium co-founded with Coinbase, which was dissolved in August 2023 leaving Circle as sole issuer. USDC maintains full-reserve backing in cash and short-dated US Treasuries, publishes monthly third-party attestations, and is the first major stablecoin issuer to achieve compliance with both the US GENIUS Act and the EU's MiCA regulatory framework. Key risk factors include a documented depeg event in March 2023 linked to Silicon Valley Bank exposure, inherent centralization risks from Circle's contractual ability to freeze or blacklist addresses, and emerging competitive pressure from the Open USD consortium scheduled to launch in late 2026.
Connected Entities
1 entity · 7 linked investigationsConnected Through
1 shared actor · 7 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦USD Coin (USDC)token
Timeline(12 events)
1 September 2018
USDC launched by the Centre Consortium, a joint venture between Circle and Coinbase, on the Ethereum blockchain.
CNBC8 August 2022
OFAC sanctions Tornado Cash. Circle freezes approximately $75,000 in USDC linked to sanctioned addresses within hours; Circle CEO describes the compliance action as presenting a 'moral quandary.'
The Block10 March 2023
California regulators close Silicon Valley Bank. Circle discloses $3.3 billion in USDC reserves held at SVB. USDC falls to approximately $0.87 on secondary markets.
CNBC13 March 2023
Following FDIC announcement of full depositor protection at SVB, USDC returns to its $1.00 peg. No holder losses are recorded.
Decrypt21 August 2023
Circle and Coinbase dissolve the Centre Consortium. Coinbase acquires a minority equity stake in Circle. Circle becomes the sole issuer and governance authority of USDC.
CNBC1 April 2024
Circle files S-1 registration statement with the SEC in preparation for an initial public offering.
Yahoo Finance1 July 2024
Circle's French entity, Circle Mint France SAS, receives an Electronic Money Institution license from the ACPR, making Circle the first major stablecoin issuer to achieve MiCA compliance across the EU.
CNBC5 June 2025
Circle Internet Group, Inc. lists on the New York Stock Exchange (ticker: CRCL) at $31 per share, raising approximately $583 million in net proceeds.
Nasdaq18 July 2025
The GENIUS Act (P.L. 119-27) is signed into law in the United States, establishing the first federal stablecoin regulatory framework. USDC's existing structure is already compliant.
Congress.gov10 July 2026
Circle receives final OCC approval to establish First National Digital Currency Bank, N.A. (operating as Circle National Trust), placing the company under direct federal banking supervision.
BusinessWire13 July 2026
CoinShares publishes analysis identifying Open USD, a yield-sharing stablecoin backed by 140+ firms including Visa, Stripe, and Coinbase, as the most credible competitive threat to USDC since its inception. Circle shares fall over 17% on the day of announcement.
CoinDeskDecision Log
- hash: CeCQcTvN6DcBCXe2NYucwwnLHkdq4LjAGGfWkoWB44nX
This investigation is cryptographically anchored to the Solana blockchain (1 event). 0 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 10/7/2026, 1:18:13 AM
last updated: 10/7/2026, 1:18:23 AM
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