Audit log

Every state-changing event for USD Coin (USDC): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-31 17:48:50Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,422,779

   sig

   5oUj6B4xJgUb…WBPhbgTJcopyexplorer ↗

   hash

   5puq3f4xgQ8a…s8eQ4Ae9copysha256 → base58

   verifying row…full verify ↗

   canonical bytes (26227 B) ▸

   {"actor":"system:backfill","investigation_id":"42bff9bf-0f41-455a-bccf-b76ebe31c89c","kind":"publish","page_slug":"usd-coin","published_at":"2026-05-31T17:48:50.731Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"USD Coin (USDC)","sections":[{"content":"USD Coin (USDC) is a centrally-issued, fiat-collateralized stablecoin created by Circle Internet Group, Inc. and originally governed through the Centre Consortium, a joint venture between Circle and Coinbase Global. USDC launched on September 26, 2018, on the Ethereum blockchain and has since expanded to native issuance on 16 blockchains, including Solana, Avalanche, Arbitrum, Base, Polygon, and Stellar. As of May 2026, USDC has a circulating supply of approximately 75.8 billion tokens and has facilitated over $20 trillion in cumulative on-chain transfer volume. Circle was founded in October 2013 by Jeremy Allaire and Sean Neville in Boston, Massachusetts. Circle raised $110 million in venture capital in May 2018 to develop a USD-backed stablecoin, leading directly to USDC's creation. In August 2023, the Centre Consortium was dissolved, with Circle assuming sole governance of USDC; Coinbase received an undisclosed equity stake in Circle in exchange. Circle Internet Group went public on the New York Stock Exchange under the ticker CRCL on June 5, 2025, pricing shares at $31.00 and raising approximately $1.1 billion, in one of the strongest IPO performances of that year.","heading":"Overview and Background","severity":"low","sources":[{"credibility":2,"name":"USDC (cryptocurrency) - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/USDC_(cryptocurrency)"},{"credibility":2,"name":"Circle Internet Group - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Circle_Internet_Group"},{"credibility":2,"name":"Coinbase and Circle announce the launch of USDC — a Digital Dollar","type":"official","url":"https://www.coinbase.com/blog/coinbase-and-circle-announce-the-launch-of-usdc-a-digital-dollar"},{"credibility":2,"name":"Coinbase takes equity stake in Circle as USDC-focused Centre Consortium shutters — Fortune","type":"news_article","url":"https://fortune.com/crypto/2023/08/21/coinbase-circle-usdc-equity-centre-stablecoins/"},{"credibility":2,"name":"Circle IPO: Circle (CRCL) Debuts on NYSE, Trading as Much as 223% Higher Than IPO Price — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/06/05/circle-shares-open-at-69-on-nyse-debut-signaling-strong-appetite-for-stablecoin-issuers"}]},{"content":"On March 10, 2023, Circle disclosed that $3.3 billion of USDC's cash reserves were held as uninsured deposits at Silicon Valley Bank (SVB), which had been shut down by California regulators that day. The disclosed exposure represented approximately 8% of total USDC reserves at the time. Following the announcement, USDC lost its dollar peg on secondary markets, falling to approximately $0.87 by 2:00 AM ET on March 11, 2023 — a decline of roughly 13 cents from its target price. Circle suspended USDC minting and redemption operations over the weekend while banking infrastructure was unavailable. The depeg had a contagion effect on other stablecoins including DAI (which held significant USDC collateral) and BUSD. The Federal Deposit Insurance Corporation (FDIC) subsequently announced that all SVB depositors would be made whole, including those above the standard $250,000 insurance limit. Following this announcement, USDC recovered its $1.00 peg by approximately March 13, 2023. The event exposed a key operational risk for centrally-issued stablecoins: dependence on the solvency of specific banking counterparties for cash reserve custody. In response, Circle restructured its reserve composition to reduce concentration in any single banking institution.","heading":"March 2023 SVB Depeg","severity":"high","sources":[{"credibility":1,"name":"Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure — CNBC","type":"news_article","url":"https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html"},{"credibility":2,"name":"Crypto Market Reaction to Silicon Valley Bank and USDC Depeg — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/crypto-market-usdc-silicon-valley-bank/"},{"credibility":1,"name":"In the Shadow of Bank Runs: Lessons from the Silicon Valley Bank Failure and Its Impact on Stablecoins — Federal Reserve","type":"regulatory","url":"https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html"},{"credibility":3,"name":"Explaining the 2023 USDC Depeg — Cybrid","type":"news_article","url":"https://cybrid.xyz/blog/2023-usdc-depeg-explained"}]},{"content":"As of December 2024, USDC's reserves totaled approximately $41 billion in assets. The majority of reserves — approximately 80% — are held in the Circle Reserve Fund (ticker: USDXX), an SEC-registered 2a-7 government money market fund managed by BlackRock. The Circle Reserve Fund may hold cash, short-dated US Treasury securities, and overnight US Treasury repurchase agreements with leading global banks. The remaining portion is held as cash deposits at regulated financial institutions. Circle publishes weekly reserve disclosures and daily portfolio reporting via BlackRock. Monthly third-party attestations are performed by Deloitte & Touche LLP under AICPA agreed-upon-procedures standards. Each attestation confirms that, at the reporting date, USDC in circulation was matched or exceeded by reserve assets. Observers have noted that these are point-in-time attestations rather than full GAAS financial audits, which means they do not provide the same level of assurance as a full audit. Circle has not committed to a timeline for full annual audits. Reserve reports are publicly accessible at circle.com/transparency.","heading":"Reserve Composition and Attestation Transparency","severity":"medium","sources":[{"credibility":2,"name":"Transparency & Stability — Circle","type":"official","url":"https://www.circle.com/transparency"},{"credibility":2,"name":"USDC Reserve Report — December 2024 (Deloitte Attestation)","type":"other","url":"https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2024/2024%20USDC_Examination%20Report%20December%2024.pdf"},{"credibility":2,"name":"New Levels of Detail in the Monthly USDC Attestation — Circle Blog","type":"official","url":"https://www.circle.com/blog/new-levels-of-detail-in-the-monthly-usdc-attestation"},{"credibility":2,"name":"USDC Reserve Asset Composition — MacroMicro","type":"research","url":"https://en.macromicro.me/charts/134291/world-usdc-reserve-asset-composition"}]},{"content":"Circle holds a BitLicense from the New York State Department of Financial Services (NYDFS), which imposes reserve, capital, and compliance requirements. In July 2024, Circle became the first global stablecoin issuer to achieve compliance with the European Union's Markets in Crypto-Assets (MiCA) framework, receiving an Electronic Money Institution (EMI) license from France's Autorité de Contrôle Prudentiel et de Résolution (ACPR). This license permits Circle to issue USDC and EURC throughout the EU via regulatory passporting. In August 2021, Circle paid $10.4 million to settle an SEC enforcement action related to its former subsidiary Poloniex, a cryptocurrency exchange Circle owned from February 2018 to October 2019. The SEC found that Poloniex operated as an unregistered national securities exchange, facilitating trading of digital assets qualifying as securities. The settlement included $8.48 million in disgorgement, $404,000 in prejudgment interest, and a $1.5 million civil penalty. Poloniex did not admit or deny the findings. No direct enforcement actions have been brought against USDC itself or Circle's stablecoin operations by US regulators as of May 2026. The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), signed into law on July 18, 2025, establishes a federal regulatory framework for payment stablecoins and codifies requirements for reserve backing, monthly reserve disclosures, and third-party audits — requirements with which USDC's existing practices broadly align. Circle has publicly endorsed the GENIUS Act and submitted implementation comment letters to regulators.","heading":"Regulatory Status and Enforcement Actions","severity":"medium","sources":[{"credibility":1,"name":"SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2021-147"},{"credibility":2,"name":"Poloniex Agrees to $10M Settlement With SEC for Operating Unregistered Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2021/08/09/poloniex-agrees-to-10m-settlement-with-sec-for-operating-unregistered-exchange"},{"credibility":2,"name":"Circle is First Global Stablecoin Issuer to Comply with MiCA — Circle Pressroom","type":"official","url":"https://www.circle.com/pressroom/circle-is-first-global-stablecoin-issuer-to-comply-with-mica-eus-landmark-crypto-law"},{"credibility":1,"name":"EU MiCA law: Crypto firm Circle gets French license for stablecoin — CNBC","type":"news_article","url":"https://www.cnbc.com/2024/07/01/eu-mica-law-crypto-firm-circle-gets-french-license-for-stablecoin.html"},{"credibility":2,"name":"GENIUS Act: U.S. Stablecoin Law — Circle","type":"official","url":"https://www.circle.com/genius-act"}]},{"content":"USDC incorporates an on-chain blacklist mechanism that permits Circle to freeze tokens at specific Ethereum and other network addresses, rendering them non-transferable. Circle states it exercises this capability only in response to formal legal triggers such as court orders, OFAC sanctions designations, or law enforcement requests. As of the time of reporting, Circle had blacklisted approximately 372 addresses with roughly $109 million in frozen USDC — a smaller scale than Tether (USDT), which has blacklisted over 7,000 addresses. In August 2022, Circle froze approximately $75,000 in USDC held in Tornado Cash smart contract addresses within hours of the US Treasury sanctioning the cryptocurrency mixer under OFAC authority. This included USDC deposited in Tornado Cash's liquidity pools, which effectively locked funds belonging to users who had legitimately deposited assets prior to the sanction. Circle CEO Jeremy Allaire stated the company complied with sanctions obligations. Critics argued the on-chain freeze of smart contract addresses — rather than individual wallets — was overbroad and affected innocent users. In a separate incident in March 2024, Circle reversed the blacklisting of one wallet among sixteen addresses it froze following public criticism that the action was overbroad. The blacklist mechanism represents a meaningful counterparty control risk distinct from decentralized stablecoins; holders of USDC are subject to unilateral asset freezes at Circle's discretion or pursuant to regulatory orders.","heading":"Address Blacklisting and Censorship Risk","severity":"medium","sources":[{"credibility":2,"name":"Circle freezes USDC funds in Tornado Cash's US Treasury-sanctioned wallets — The Block","type":"news_article","url":"https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets"},{"credibility":2,"name":"Stablecoin Freezes 2023–2025: Data Analysis of USDT vs USDC — AMLBot","type":"research","url":"https://blog.amlbot.com/stablecoin-freezes-2023-2025-a-data-backed-analysis-of-usdt-vs-usdc-by-amlbot/"},{"credibility":2,"name":"Circle Unfreezes One of 16 Blacklisted USDC Crypto Wallets Following Backlash — CoinSpeaker","type":"news_article","url":"https://www.coinspeaker.com/circle-unfreezes-blacklisted-usdc-crypto-wallet-backlash/"},{"credibility":2,"name":"Onchain enforcement: A deep dive into stablecoin blacklisting — Range Security","type":"research","url":"https://www.range.org/blog/onchain-enforcement-a-deep-dive-into-stablecoin-blacklisting"}]},{"content":"Circle Internet Group completed its initial public offering on the New York Stock Exchange on June 5, 2025, under the ticker symbol CRCL. The company priced 34 million shares at $31.00 per share, raising approximately $1.1 billion. On its first day of trading, shares opened at $69 and closed at $83.23, representing a 168% gain over the IPO price. Shares subsequently reached an all-time high of $298.99 on June 23, 2025, before retracing. Circle reported $1.68 billion in revenue and reserve income for 2024, the majority of which is derived from interest earned on the US Treasury assets backing USDC reserves. Circle filed its S-1 registration statement with the SEC in 2024 and updated it through 2025. The company's revenue model is heavily dependent on prevailing interest rates, creating exposure if rates decline significantly. In August 2025, Circle conducted a secondary share offering of 10 million Class A shares at $130 per share.","heading":"Circle IPO and Corporate Structure","severity":"low","sources":[{"credibility":1,"name":"Circle Internet Group, Inc. — Form S-1/A — SEC EDGAR","type":"regulatory","url":"https://www.sec.gov/Archives/edgar/data/0001876042/000119312525132755/d737521ds1a.htm"},{"credibility":1,"name":"Circle Announces Pricing of Upsized Initial Public Offering — BusinessWire","type":"news_article","url":"https://www.businesswire.com/news/home/20250604831596/en/Circle-Announces-Pricing-of-Upsized-Initial-Public-Offering"},{"credibility":2,"name":"Circle IPO: Circle (CRCL) Debuts on NYSE, Trading as Much as 223% Higher Than IPO Price — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/06/05/circle-shares-open-at-69-on-nyse-debut-signaling-strong-appetite-for-stablecoin-issuers"},{"credibility":2,"name":"Unpacking Circle's IPO Filing and USDC's On-Chain Footprint — Coin Metrics","type":"research","url":"https://coinmetrics.substack.com/p/state-of-the-network-issue-307"}]},{"content":"As of May 2026, USDC has a circulating supply of approximately $75.8 billion, making it the second-largest stablecoin by market capitalization, behind Tether's USDT. USDC's market capitalization grew approximately 73% in 2025 and 78% in 2024. In November 2024, USDC's monthly transaction volume surpassed $1 trillion for the first time. According to data compiled by Visa, USDC overtook USDT in stablecoin transaction volume in August 2024, though it continues to trail Tether in total market capitalization. USDC operates natively on 16 blockchains, with particularly strong adoption on Ethereum, Solana, and Base. Circle's Cross-Chain Transfer Protocol (CCTP) enables native burning and minting across chains without reliance on third-party bridges. USDC faces competition from USDT (Tether), PayPal's PYUSD, Ethena's USDe, and potential new entrants following the passage of the US GENIUS Act, which may enable banks and fintechs to issue their own payment stablecoins.","heading":"Market Position and Competition","severity":"low","sources":[{"credibility":2,"name":"USDC Circulation Soars 78% in 2024 as Circle Secures Regulatory Approvals — CoinMarketCap","type":"news_article","url":"https://coinmarketcap.com/academy/article/usdc-circulation-soars-78percent-in-2024-as-circle-secures-regulatory-approvals-and-expands-partnerships"},{"credibility":3,"name":"USDC Market Capitalization Grew 73% in 2025 — Binance Square","type":"news_article","url":"https://www.binance.com/en/square/post/01-06-2026-2025-usdc-73-usdt-34724159903345"},{"credibility":2,"name":"Circle's USDC Outpaces Tether in 2024 Market Cap Growth — Brave New Coin","type":"news_article","url":"https://bravenewcoin.com/insights/circles-usdc-outpaces-tether-in-2024-market-cap-growth-signaling-intensified-stablecoin-competition"}]}],"sources_used":[{"credibility":2,"name":"USDC (cryptocurrency) — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/USDC_(cryptocurrency)"},{"credibility":2,"name":"Circle Internet Group — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Circle_Internet_Group"},{"credibility":2,"name":"Jeremy Allaire — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Jeremy_Allaire"},{"credibility":1,"name":"Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure — CNBC","type":"news_article","url":"https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html"},{"credibility":2,"name":"Crypto Market Reaction to Silicon Valley Bank and USDC Depeg — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/crypto-market-usdc-silicon-valley-bank/"},{"credibility":1,"name":"In the Shadow of Bank Runs: Lessons from SVB Failure and Its Impact on Stablecoins — Federal Reserve","type":"regulatory","url":"https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html"},{"credibility":1,"name":"SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2021-147"},{"credibility":2,"name":"Poloniex Agrees to $10M Settlement With SEC for Operating Unregistered Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2021/08/09/poloniex-agrees-to-10m-settlement-with-sec-for-operating-unregistered-exchange"},{"credibility":2,"name":"Transparency & Stability — Circle","type":"official","url":"https://www.circle.com/transparency"},{"credibility":2,"name":"USDC Reserve Report — December 2024 Deloitte Attestation","type":"other","url":"https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2024/2024%20USDC_Examination%20Report%20December%2024.pdf"},{"credibility":2,"name":"Circle is First Global Stablecoin Issuer to Comply with MiCA — Circle Pressroom","type":"official","url":"https://www.circle.com/pressroom/circle-is-first-global-stablecoin-issuer-to-comply-with-mica-eus-landmark-crypto-law"},{"credibility":1,"name":"EU MiCA law: Crypto firm Circle gets French license for stablecoin — CNBC","type":"news_article","url":"https://www.cnbc.com/2024/07/01/eu-mica-law-crypto-firm-circle-gets-french-license-for-stablecoin.html"},{"credibility":2,"name":"Circle freezes USDC funds in Tornado Cash's US Treasury-sanctioned wallets — The Block","type":"news_article","url":"https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets"},{"credibility":2,"name":"Stablecoin Freezes 2023–2025: Data Analysis of USDT vs USDC — AMLBot","type":"research","url":"https://blog.amlbot.com/stablecoin-freezes-2023-2025-a-data-backed-analysis-of-usdt-vs-usdc-by-amlbot/"},{"credibility":1,"name":"Circle Internet Group, Inc. — Form S-1/A — SEC EDGAR","type":"regulatory","url":"https://www.sec.gov/Archives/edgar/data/0001876042/000119312525132755/d737521ds1a.htm"},{"credibility":1,"name":"Circle Announces Pricing of Upsized Initial Public Offering — BusinessWire","type":"news_article","url":"https://www.businesswire.com/news/home/20250604831596/en/Circle-Announces-Pricing-of-Upsized-Initial-Public-Offering"},{"credibility":2,"name":"Circle IPO: CRCL Debuts on NYSE, Trading as Much as 223% Higher Than IPO Price — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/06/05/circle-shares-open-at-69-on-nyse-debut-signaling-strong-appetite-for-stablecoin-issuers"},{"credibility":2,"name":"Coinbase takes equity stake in Circle as USDC-focused Centre Consortium shutters — Fortune","type":"news_article","url":"https://fortune.com/crypto/2023/08/21/coinbase-circle-usdc-equity-centre-stablecoins/"},{"credibility":2,"name":"USDC Circulation Soars 78% in 2024 as Circle Secures Regulatory Approvals — CoinMarketCap","type":"news_article","url":"https://coinmarketcap.com/academy/article/usdc-circulation-soars-78percent-in-2024-as-circle-secures-regulatory-approvals-and-expands-partnerships"},{"credibility":2,"name":"GENIUS Act: U.S. Stablecoin Law — Circle","type":"official","url":"https://www.circle.com/genius-act"},{"credibility":2,"name":"Unpacking Circle's IPO Filing and USDC's On-Chain Footprint — Coin Metrics","type":"research","url":"https://coinmetrics.substack.com/p/state-of-the-network-issue-307"},{"credibility":2,"name":"Circle Unfreezes One of 16 Blacklisted USDC Crypto Wallets Following Backlash — CoinSpeaker","type":"news_article","url":"https://www.coinspeaker.com/circle-unfreezes-blacklisted-usdc-crypto-wallet-backlash/"}],"summary":"USD Coin (USDC) is a fiat-backed stablecoin issued by Circle Internet Group, pegged 1:1 to the US dollar and backed by cash and short-dated US Treasury instruments held in a regulated money market fund. First launched in September 2018 via the Centre Consortium (a joint venture with Coinbase), USDC is among the largest and most regulated stablecoins globally, with approximately $75.8 billion in circulation as of May 2026. The stablecoin has maintained a generally stable peg but experienced a significant temporary depeg to $0.87 in March 2023 following Circle's disclosure of $3.3 billion in deposits held at the failed Silicon Valley Bank.","timeline":[{"date":"2013-10-01","event":"Jeremy Allaire and Sean Neville co-found Circle Internet Group in Boston, Massachusetts.","source":"Circle Internet Group — Wikipedia","source_url":"https://en.wikipedia.org/wiki/Circle_Internet_Group"},{"date":"2018-05-15","event":"Circle announces plans for USDC after raising $110 million in venture capital to develop a USD-backed stablecoin on Ethereum.","source":"Circle Internet Group — Wikipedia","source_url":"https://en.wikipedia.org/wiki/Circle_Internet_Group"},{"date":"2018-09-26","event":"USDC officially launches on Ethereum via the Centre Consortium, a joint venture between Circle and Coinbase.","source":"Coinbase and Circle announce the launch of USDC — Coinbase Blog","source_url":"https://www.coinbase.com/blog/coinbase-and-circle-announce-the-launch-of-usdc-a-digital-dollar"},{"date":"2019-10-01","event":"Circle divests Poloniex cryptocurrency exchange, later resulting in an SEC enforcement action for Poloniex's operation of an unregistered securities exchange during Circle's ownership period.","source":"Poloniex Agrees to $10M Settlement With SEC — CoinDesk","source_url":"https://www.coindesk.com/policy/2021/08/09/poloniex-agrees-to-10m-settlement-with-sec-for-operating-unregistered-exchange"},{"date":"2021-08-09","event":"Circle agrees to pay $10.4 million to settle SEC charges that its former subsidiary Poloniex operated as an unregistered national securities exchange from 2017 to 2019.","source":"SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange — SEC.gov","source_url":"https://www.sec.gov/newsroom/press-releases/2021-147"},{"date":"2022-08-08","event":"US Treasury sanctions Tornado Cash under OFAC authority. Circle freezes approximately $75,000 in USDC held in Tornado Cash smart contract addresses within hours, drawing criticism that the freeze affected innocent users with pre-existing deposits.","source":"Circle freezes USDC funds in Tornado Cash's US Treasury-sanctioned wallets — 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":"Circle discloses $3.3 billion in cash reserves held at Silicon Valley Bank (SVB), which was shut down by California regulators the same day.","source":"Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure — CNBC","source_url":"https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html"},{"date":"2023-03-11","event":"USDC depegs to approximately $0.87 on secondary markets, the lowest level since its launch, as redemption demand surges and Circle suspends weekend operations.","source":"Crypto Market Reaction to Silicon Valley Bank and USDC Depeg — Chainalysis","source_url":"https://www.chainalysis.com/blog/crypto-market-usdc-silicon-valley-bank/"},{"date":"2023-03-13","event":"USDC recovers to $1.00 peg after FDIC announces all SVB depositors, including uninsured ones, will be made whole, securing Circle's $3.3 billion.","source":"Crypto Market Reaction to Silicon Valley Bank and USDC Depeg — Chainalysis","source_url":"https://www.chainalysis.com/blog/crypto-market-usdc-silicon-valley-bank/"},{"date":"2023-08-21","event":"Centre Consortium is dissolved. Circle assumes sole governance of USDC; Coinbase receives an undisclosed equity stake in Circle.","source":"Coinbase takes equity stake in Circle as USDC-focused Centre Consortium shutters — Fortune","source_url":"https://fortune.com/crypto/2023/08/21/coinbase-circle-usdc-equity-centre-stablecoins/"},{"date":"2024-07-01","event":"Circle becomes the first global stablecoin issuer to achieve MiCA compliance, receiving an Electronic Money Institution license from France's ACPR.","source":"EU MiCA law: Crypto firm Circle gets French license for stablecoin — CNBC","source_url":"https://www.cnbc.com/2024/07/01/eu-mica-law-crypto-firm-circle-gets-french-license-for-stablecoin.html"},{"date":"2025-06-05","event":"Circle Internet Group goes public on the New York Stock Exchange under ticker CRCL at $31.00 per share; shares surge 168% on the first day, closing at $83.23.","source":"Circle IPO: Circle (CRCL) Debuts on NYSE — CoinDesk","source_url":"https://www.coindesk.com/markets/2025/06/05/circle-shares-open-at-69-on-nyse-debut-signaling-strong-appetite-for-stablecoin-issuers"},{"date":"2025-07-18","event":"The GENIUS Act is signed into US law, establishing a federal regulatory framework for payment stablecoins with requirements aligning closely with USDC's existing practices.","source":"GENIUS Act: U.S. Stablecoin Law — Circle","source_url":"https://www.circle.com/genius-act"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision a723f830-fc1d-4049-b712-494c97b335d3copy