USD Coin
Stablecoin Profile
USD Coin (USDC) is a fiat-backed stablecoin pegged to USD, with $79.6B in circulating supply across 125 blockchain networks. Each USDC is backed by reserves held by the issuer, with parity attested via defillama. The peg has historically held within ±1% on most trading sessions, with reserve composition and attestation cadence the primary inputs to its credit-risk profile.
About USD Coin (USDC)
USDC is a fully regulated dollar digital stablecoin launched by Circle and Coinbase. USDC is fully backed by cash and short-dated U.S. government obligations, so that it is always redeemable 1:1 for U.S. dollars.
An eligible business can exchange USD for USDC and redeem USDC for USD through a Circle Account.
Issuer & attestation
USD Coin (USDC) is issued by Circle Internet Financial, operating under United States (Boston, MA) — regulated as a money transmitter in all 50 US states. Originally launched in 2018.
Reserve composition
Reserves held in short-dated US Treasuries via the Circle Reserve Fund (BlackRock-managed) plus cash at regulated US banks.
Notable peg events
USDC briefly depegged to roughly $0.87 in March 2023 after $3.3B in reserves were stuck at the failed Silicon Valley Bank. The peg was restored within 72 hours once the FDIC backstop was announced.
Reserve attestation reports
Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.
Recent supply activity
USD Coin (USDC) supply expanded by $332.4M (+0.42%) in the last 24 hours, expanded by $837.1M (+1.06%) over the past week, and expanded by $5.9B (+7.96%) over the past 30 days.
Expansion phase: minting activity has outpaced redemptions, with circulating supply growing 7.96% over the past month.
Supply History
Network distribution
USD Coin circulates across 117 blockchain networks. Ethereum hosts the largest share at 66.33%, followed by Solana at 10.61%. Katana has shown the strongest 30-day growth at +354.26%, suggesting fresh issuance or bridge inflows on that chain.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $52.8B | 66.33% | -0.20% | +10.01% |
| Solana | $8.4B | 10.61% | +5.03% | +3.84% |
| Hyperliquid L1 | $4.7B | 5.88% | +1.03% | +13.11% |
| Base | $4.3B | 5.44% | -0.32% | +4.52% |
| Arbitrum | $2.2B | 2.71% | +1.96% | -4.90% |
| Polygon | $1.8B | 2.27% | +1.43% | +14.95% |
| BSC | $1.3B | 1.61% | -0.00% | +0.02% |
| Avalanche | $598.4M | 0.75% | -0.39% | -16.43% |
| Sui | $404.2M | 0.51% | -14.15% | -8.85% |
| Aptos | $290.7M | 0.37% | -1.12% | -8.56% |
| Monad | $266.7M | 0.34% | -2.59% | +3.08% |
| StarkNet | $259.5M | 0.33% | +0.17% | -6.29% |
| Stellar | $238.5M | 0.30% | +0.99% | +13.87% |
| OP Mainnet | $213.9M | 0.27% | -0.95% | -11.08% |
| Ink | $186.6M | 0.23% | +0.98% | +78.50% |
| Fantom | $181.5M | 0.23% | -0.00% | +0.00% |
| Cronos | $179.4M | 0.23% | 0.00% | 0.00% |
| Noble | $162.5M | 0.20% | +1.03% | -4.60% |
| Katana | $106.3M | 0.13% | -22.56% | +354.26% |
| Sonic | $90.3M | 0.11% | -15.98% | -50.99% |
| XDC | $71.7M | 0.09% | +0.61% | -12.02% |
| Sei | $69.2M | 0.09% | +7.30% | +0.46% |
| Mantle | $65.6M | 0.08% | +1.56% | +157.53% |
| Hedera | $56.9M | 0.07% | +0.38% | -17.43% |
| Algorand | $54.8M | 0.07% | -8.23% | +9.18% |
| ZKsync Era | $52.9M | 0.07% | +0.05% | -1.02% |
| Near | $52.8M | 0.07% | 0.00% | +2.70% |
| Polkadot | $41.4M | 0.05% | +0.52% | -31.92% |
| Unichain | $40.3M | 0.05% | +0.65% | -2.76% |
| Linea | $33.5M | 0.04% | -0.68% | -3.02% |
| World Chain | $31.7M | 0.04% | -3.09% | +1.64% |
| Tron | $28.4M | 0.04% | 0.00% | -26.06% |
| Stacks | $27.7M | 0.03% | +3.31% | 0.00% |
| Osmosis | $27.3M | 0.03% | -0.83% | -1.03% |
| Scroll | $25.8M | 0.03% | +2.64% | -9.54% |
| Gnosis | $19.6M | 0.02% | -0.31% | -9.15% |
| Etherlink | $19.5M | 0.02% | +0.25% | +13.93% |
| Celo | $19.1M | 0.02% | 0.00% | +2.60% |
| Cardano | $17.4M | 0.02% | -1.75% | +364.42% |
| PulseChain | $14.8M | 0.02% | +1.42% | +4.44% |
| Abstract | $12.1M | 0.02% | +1.12% | -4.45% |
| Berachain | $11.6M | 0.01% | +0.33% | -11.71% |
| MultiversX | $8.7M | 0.01% | +0.13% | -2.05% |
| X Layer | $8M | 0.01% | 0.00% | +14.32% |
| XRPL | $7.7M | 0.01% | +7.59% | +36.26% |
| Flare | $6.7M | 0.01% | +0.05% | -9.71% |
| Movement | $6.4M | 0.01% | +95.85% | +114.99% |
| Plume Mainnet | $5.5M | 0.01% | +0.65% | -38.36% |
| Kava | $5.3M | 0.01% | -0.00% | -0.00% |
| Soneium | $5M | 0.01% | -1.72% | -44.86% |
| Metis | $4.4M | 0.01% | +0.06% | -8.51% |
| Flow | $4.3M | 0.01% | -1.58% | +12.06% |
| Canto | $4.1M | 0.01% | -0.04% | -0.07% |
| Moonriver | $3.9M | 0.00% | 0.00% | 0.00% |
| zkSync Lite | $3.8M | 0.00% | -0.00% | -0.42% |
| Fogo | $3.8M | 0.00% | -1.50% | -24.23% |
| Kaia | $3M | 0.00% | -0.23% | -4.10% |
| Immutable zkEVM | $3M | 0.00% | +0.22% | +21.89% |
| IoTeX | $2.5M | 0.00% | 0.00% | -1.67% |
| Mixin | $2.5M | 0.00% | 0.00% | 0.00% |
| Aurora | $2.4M | 0.00% | -0.00% | +0.19% |
| Taiko | $2.1M | 0.00% | +2.32% | +9.01% |
| Manta | $2.1M | 0.00% | -0.00% | +9.92% |
| KCC | $1.8M | 0.00% | 0.00% | -0.88% |
| Injective | $1.7M | 0.00% | +0.10% | +0.60% |
| ICP | $1.6M | 0.00% | -0.52% | +5.75% |
| Polygon zkEVM | $1.5M | 0.00% | 0.00% | -0.67% |
| Moonbeam | $1.4M | 0.00% | +3.49% | +0.35% |
| Story | $1.3M | 0.00% | -3.06% | -14.82% |
| Boba | $1.1M | 0.00% | +0.54% | +1.08% |
| Loopring | $1.1M | 0.00% | -0.28% | -18.52% |
| Wanchain | $1.1M | 0.00% | -0.00% | -1.15% |
| DFK | $881.4K | 0.00% | 0.00% | -1.77% |
| Mode | $881.1K | 0.00% | 0.00% | +2.58% |
| Perennial | $874.2K | 0.00% | +0.02% | +0.43% |
| Core | $823.8K | 0.00% | -0.01% | +1.19% |
| Lisk | $652.2K | 0.00% | 0.00% | -20.51% |
| Hemi | $551.3K | 0.00% | -0.17% | -57.50% |
| Meter | $527.3K | 0.00% | 0.00% | -0.55% |
| Telos | $509.5K | 0.00% | 0.00% | 0.00% |
| Zircuit | $449.2K | 0.00% | 0.00% | -13.34% |
| Dogechain | $400.4K | 0.00% | 0.00% | 0.00% |
| Arbitrum Nova | $339.3K | 0.00% | 0.00% | -7.49% |
| Nibiru | $296.6K | 0.00% | -0.74% | +30.64% |
| Apechain | $278.6K | 0.00% | -0.07% | -14.56% |
| Bob | $271.9K | 0.00% | 0.00% | -4.70% |
| OKExChain | $235.4K | 0.00% | 0.00% | 0.00% |
| Mantra | $235K | 0.00% | +0.14% | -11.88% |
| EDU Chain | $185.3K | 0.00% | 0.00% | -0.84% |
| Goat | $178.4K | 0.00% | -0.16% | -2.14% |
| Bsquared | $177.8K | 0.00% | 0.00% | 0.00% |
| Syscoin | $171.9K | 0.00% | 0.00% | 0.00% |
| Rootstock | $156.8K | 0.00% | +0.18% | +1.23% |
| ThunderCore | $155.2K | 0.00% | 0.00% | -4.18% |
| Fuse | $140.7K | 0.00% | -0.00% | -1.49% |
| Elastos | $127.7K | 0.00% | -6.90% | -5.40% |
| SXnetwork | $119.7K | 0.00% | 0.00% | 0.00% |
| Zkfair | $87.8K | 0.00% | 0.00% | 0.00% |
| Redbelly | $83.5K | 0.00% | 0.00% | -6.58% |
| Bitlayer | $79.8K | 0.00% | 0.00% | -0.37% |
| Oasis | $76.6K | 0.00% | -0.00% | -1.33% |
| Karura | $70.4K | 0.00% | 0.00% | 0.00% |
| Glue | $46.7K | 0.00% | -0.44% | -2.30% |
| Evmos | $45K | 0.00% | 0.00% | 0.00% |
| Shape | $34.2K | 0.00% | +5.23% | +14.80% |
| Corn | $31.2K | 0.00% | 0.00% | -54.03% |
| Waves | $23.6K | 0.00% | 0.00% | -0.87% |
| Theta | $22.4K | 0.00% | 0.00% | -0.46% |
| EthereumClassic | $11.1K | 0.00% | 0.00% | 0.00% |
| Morph | $1.2K | 0.00% | 0.00% | 0.00% |
| Superposition | $318.8 | 0.00% | 0.00% | +0.31% |
| Viction | $171.6 | 0.00% | 0.00% | 0.00% |
| Xai | $25 | 0.00% | 0.00% | 0.00% |
| Nero | $11 | 0.00% | 0.00% | 0.00% |
| Wemix | $3 | 0.00% | 0.00% | 0.00% |
| Ronin | $1 | 0.00% | 0.00% | 0.00% |
| REINetwork | $0.1 | 0.00% | 0.00% | 0.00% |
Peg stability history
USD Coin (USDC) is designed to trade at exactly 1.00 USD, with its peg defended through direct redeemability against off-chain reserves. Spot price currently sits at $0.9998, a -0.019% deviation from the target — well inside the stability band typical for reserve-backed dollar tokens.
How reserve-backed stablecoins defend their peg
Fiat-backed stablecoins maintain their peg through arbitrage: any time the secondary-market price drifts above $1.00, authorised participants mint new tokens by depositing dollars and sell them into the market; any time it drifts below, they buy on the open market and redeem 1:1 for dollars. The peg therefore depends entirely on (a) the reserves actually existing, (b) the issuer honouring redemption requests promptly, and (c) the issuer remaining solvent and unfrozen.
Practical implications for holders
- Counterparty risk is concentrated in the issuer and its banking partners — a banking failure (as in the March 2023 USDC / SVB episode) can cause short-term depegs even when the underlying reserves are sound.
- Reserve attestations are not full audits. Always read the firm name, scope, and date of the latest attestation report before treating the peg as risk-free.
- Redemption rights typically apply only to verified institutional partners, not to retail holders. Retail exposure is exited via secondary markets, where liquidity matters most during stress periods.
- Regulatory action against the issuer (NYDFS orders, OFAC freezes, court-ordered blacklists) can immediately impair specific addresses or even the entire token.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (reserve-backed) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
USD Coin (USDC) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare USD Coin to other fiat-backed stablecoins
Below are the largest fiat-backed stablecoins tracked on Mantapex alongside USD Coin (USDC). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Tether (USDT) | $184.1B | fiat-backed | 107 |
| World Liberty Financial USD (USD1) | $4.5B | fiat-backed | 8 |
| PayPal USD (PYUSD) | $4.1B | fiat-backed | 7 |
| BlackRock USD (BUIDL) | $2.5B | fiat-backed | 8 |
| Circle USYC (USYC) | $2.4B | fiat-backed | 2 |
Peg Stability
Chain Distribution
Resources & data sources
USD Coin (USDC) is tracked across major crypto data providers. The links below open USD Coin (USDC)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent USD Coin news
Latest reporting from major crypto news outlets covering USD Coin.
- Bitcoinist
Coinbase And Ethena Launch High Yield USDC Vault Powered By Morpho
Coinbase has added a higher-risk USDC yield vault connected to Ethena, Morpho and Steakhouse Financial.
- Crypto news
Ripple targets AI agents with XRP as USDC dominates payments
Ripple has introduced tools that let AI agents use XRP and RLUSD for payments at a time when USDC continues to dominate activity on the fast-growing x402 machine-payment network.
- Coindesk
Ripple wants AI agents to pay in XRP and RLUSD. The market is still mostly USDC
The XRPL AI Starter Kit gives developers tools for agent payments, but early x402 activity has clustered on Base and Solana. Ripple's bet is that XRPL's speed, low fees and RLUSD…
- AMBCrypto
$4B USDC flows to Hyperliquid – Liquidity signals HYPE's next move
Stablecoin flows could be the next catalyst for HYPE as liquidity surges across Hyperliquid.
- Crypto Economy
Sky Weighs Doubling USDC Liquidity Buffer to $800M as Stablecoin Demand Surges
The LITE-PSM-USDC-A module records reserves of 4.13 billion dollars in USDC, reflecting a 108% increase compared to October 2024. The technical proposal seeks to raise the…
- Crypto Economy
Largest USDC Transfer Ever: $4.4B Moved to Coinbase's Hyperliquid Deployer Wallet
The issuing firm Circle executed the largest transfer of the USDC stablecoin in the history of blockchain networks, moving approximately $4.397 billion to an address controlled by…
- NewsBTC
Sky Governance Proposal Seeks To Double USDC PSM Buffer To $800 Million
BA Labs has proposed doubling key Sky stablecoin system parameters as USDC reserves rise to 4.13 billion.
- Crypto Briefing
Circle's Dante Disparte says the open payments debate is over, and stablecoins won
Stablecoins' integration into traditional finance signals a shift towards a hybrid payment ecosystem, enhancing global financial accessibility. Circle's Dante Disparte says the…
Related stablecoins
Stablecoins comparable to USD Coin by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other fiat-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.
