USD Coin (USDC) Review
Instrument-level reserve disclosure
of 10
The majority of USDC reserves sit in the Circle Reserve Fund, an SEC-registered 2a-7 government money market fund managed by BlackRock, with monthly attestations that disclose the CUSIP, maturity and fair value of every Treasury held.
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Backing
Short-duration US Treasuries and cash deposits in the US banking system
Reserve vehicle
Circle Reserve Fund, SEC-registered 2a-7 government money market fund
Fund manager
BlackRock Advisors, LLC
Attestation
Monthly, with instrument-level Treasury detail
Disclosure depth
CUSIP, maturity date and fair value per holding
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (10.0 + 8.0 + 7.0 + 9.0 + 9.0) ÷ 5 = 8.6.
Pros
- Attestations disclose CUSIP, maturity date and fair value of every Treasury obligation held
- Majority of reserves in an SEC-registered 2a-7 government money market fund
- Fund managed by BlackRock, and the structure is publicly documented
- Backed by short-duration US Treasuries and cash in the US banking system
Cons
- Retail redemption is generally intermediated rather than direct with the issuer
- Prudential supervision is spread across state money transmitter regimes rather than one named charter
- Reserve fund structure adds a layer between holder and underlying assets
The most granular disclosure in the category
Circle's attestations publish the CUSIP, maturity date and fair value of every Treasury obligation in the Circle Reserve Fund, plus the fair value of reverse repurchase agreements and the cash held. Where other issuers publish a category breakdown, this is instrument-level, and it is the reason USDC ties for the top transparency score.
An SEC-registered fund holding the reserves
The majority of reserves sit in the Circle Reserve Fund, a 2a-7 government money market fund registered with the SEC and managed by BlackRock. That brings a regulated fund structure and its own reporting obligations to bear on the backing.
Where it gives ground
Prudential oversight is less concentrated than a single named trust charter, and most holders acquire and redeem through intermediaries rather than directly with Circle.
How it compares
Ethena USDe
Synthetic dollar, and says so
Sky USDS
Crypto-collateralised with public collateral data
Tether (USDT)
The largest supply, the thinnest disclosure cadence
First Digital USD (FDUSD)
Bankruptcy-segregated reserves in a Hong Kong trust
Global Dollar (USDG)
Supervised in Singapore and under MiCA in Europe
PayPal USD (PYUSD)
Regulated issuer behind a consumer brand
Pax Dollar (USDP)
Cash-only reserves with unconditional redemption
Ripple USD (RLUSD)
Dual regulatory approval with a named custodian
Gemini Dollar (GUSD)
Named auditor, named regulator, named custodians
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
Frequently asked questions
What backs USDC?
Circle states USDC is backed by short-duration US Treasuries and cash deposits in the US banking system, with the majority held in the Circle Reserve Fund, an SEC-registered 2a-7 government money market fund managed by BlackRock.
How detailed are USDC attestations?
They disclose the CUSIP, maturity date and fair value of every Treasury obligation in the reserve fund, alongside reverse repurchase agreements and cash.
Nothing here is financial advice. Editorial policy · How we score · How we're funded.