// definition
USDC
USD Coin
Short definition
A Circle token targeting one US dollar per unit. Circle describes it as co-issued by Circle France in the EEA and Circle LLC elsewhere. Direct redemption depends on the relevant entity and its eligibility conditions. Circle’s documentation provides for deferrals if reserves cannot be rebalanced between the issuers.
risk atlas
Knowledge map
Intuition
The holder needs to identify the entity and procedure through which USDC becomes dollars in a bank account.
Why it matters now
The EBA’s October 14, 2026 designation provides for shared supervision with the ACPR from November 12. Circle separately describes possible deferrals if reserves cannot be rebalanced; this review does not establish that the mechanism has been activated.
Related analyses
- USDC: can the reserves follow the token?European supervision, reserves across issuers and redemption under stress.
- Stablecoins: from tokens to available dollarsReserves, fees, redemption delays and rights by issuer channel.
- Hyperliquid and on-chain tradfiPerpetuals, DEXs and bridges to traditional assets.
Related guides
- Stablecoins and the GENIUS ActReserves, licensed issuers, audits and supervision.
- MiCA, acronym by acronymARTs, EMTs, CASPs and European supervision.
Related datasets
- catalog.jsonMachine-readable catalogue of l0g surfaces.
- claims.jsonClassified claims with their evidence level.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
Signals using it
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- EBA: USDC significant designationOctober 14, 2026: supervisory split from November 12; full official release read.
- Circle France: MiCA redemptionSeptember 15, 2026, sections 1.4, 4.2 and 8: access, conditional processing and possible deferrals before a crisis plan.
- Circle France: USDC white paperSeptember 15, 2026 amendment, F.1(5) and F.4(1.4): issuer-disclosed rebalancing and temporary limits.
- Circle: USDC Terms outside the EEADecember 12, 2025, section 2: direct redemption requires an eligible Circle Mint account in good standing.
- FSB: cross-border vulnerabilitiesOctober 12, 2026, pp. 2–5: reserve mobility and data limits; no finding that an issuer has failed.