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Mantapex
USD Coin
USDCpeggedUSD
fiat-backed
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DeFiLlama peggedUSD Stable·$1.00·$79.6B mcap·125 chains

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.

Pegged to
USD
Stabilization model
Fiat-backed
Price source
defillama

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.

How minting & redemption work

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.

Issuer
Circle Internet Financial
Jurisdiction
United States (Boston, MA) — regulated as a money transmitter in all 50 US states
Founded
2018
Attestation cadence
Monthly
Attestation / audit firm
Deloitte (since 2023, previously Grant Thornton)

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.

24h change
+$332.4M
+0.42%
7d change
+$837.1M
+1.06%
30d change
+$5.9B
+7.96%

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.

ChainSupplyShare24h Δ30d Δ
Ethereum$52.8B66.33%-0.20%+10.01%
Solana$8.4B10.61%+5.03%+3.84%
Hyperliquid L1$4.7B5.88%+1.03%+13.11%
Base$4.3B5.44%-0.32%+4.52%
Arbitrum$2.2B2.71%+1.96%-4.90%
Polygon$1.8B2.27%+1.43%+14.95%
BSC$1.3B1.61%-0.00%+0.02%
Avalanche$598.4M0.75%-0.39%-16.43%
Sui$404.2M0.51%-14.15%-8.85%
Aptos$290.7M0.37%-1.12%-8.56%
Monad$266.7M0.34%-2.59%+3.08%
StarkNet$259.5M0.33%+0.17%-6.29%
Stellar$238.5M0.30%+0.99%+13.87%
OP Mainnet$213.9M0.27%-0.95%-11.08%
Ink$186.6M0.23%+0.98%+78.50%
Fantom$181.5M0.23%-0.00%+0.00%
Cronos$179.4M0.23%0.00%0.00%
Noble$162.5M0.20%+1.03%-4.60%
Katana$106.3M0.13%-22.56%+354.26%
Sonic$90.3M0.11%-15.98%-50.99%
XDC$71.7M0.09%+0.61%-12.02%
Sei$69.2M0.09%+7.30%+0.46%
Mantle$65.6M0.08%+1.56%+157.53%
Hedera$56.9M0.07%+0.38%-17.43%
Algorand$54.8M0.07%-8.23%+9.18%
ZKsync Era$52.9M0.07%+0.05%-1.02%
Near$52.8M0.07%0.00%+2.70%
Polkadot$41.4M0.05%+0.52%-31.92%
Unichain$40.3M0.05%+0.65%-2.76%
Linea$33.5M0.04%-0.68%-3.02%
World Chain$31.7M0.04%-3.09%+1.64%
Tron$28.4M0.04%0.00%-26.06%
Stacks$27.7M0.03%+3.31%0.00%
Osmosis$27.3M0.03%-0.83%-1.03%
Scroll$25.8M0.03%+2.64%-9.54%
Gnosis$19.6M0.02%-0.31%-9.15%
Etherlink$19.5M0.02%+0.25%+13.93%
Celo$19.1M0.02%0.00%+2.60%
Cardano$17.4M0.02%-1.75%+364.42%
PulseChain$14.8M0.02%+1.42%+4.44%
Abstract$12.1M0.02%+1.12%-4.45%
Berachain$11.6M0.01%+0.33%-11.71%
MultiversX$8.7M0.01%+0.13%-2.05%
X Layer$8M0.01%0.00%+14.32%
XRPL$7.7M0.01%+7.59%+36.26%
Flare$6.7M0.01%+0.05%-9.71%
Movement$6.4M0.01%+95.85%+114.99%
Plume Mainnet$5.5M0.01%+0.65%-38.36%
Kava$5.3M0.01%-0.00%-0.00%
Soneium$5M0.01%-1.72%-44.86%
Metis$4.4M0.01%+0.06%-8.51%
Flow$4.3M0.01%-1.58%+12.06%
Canto$4.1M0.01%-0.04%-0.07%
Moonriver$3.9M0.00%0.00%0.00%
zkSync Lite$3.8M0.00%-0.00%-0.42%
Fogo$3.8M0.00%-1.50%-24.23%
Kaia$3M0.00%-0.23%-4.10%
Immutable zkEVM$3M0.00%+0.22%+21.89%
IoTeX$2.5M0.00%0.00%-1.67%
Mixin$2.5M0.00%0.00%0.00%
Aurora$2.4M0.00%-0.00%+0.19%
Taiko$2.1M0.00%+2.32%+9.01%
Manta$2.1M0.00%-0.00%+9.92%
KCC$1.8M0.00%0.00%-0.88%
Injective$1.7M0.00%+0.10%+0.60%
ICP$1.6M0.00%-0.52%+5.75%
Polygon zkEVM$1.5M0.00%0.00%-0.67%
Moonbeam$1.4M0.00%+3.49%+0.35%
Story$1.3M0.00%-3.06%-14.82%
Boba$1.1M0.00%+0.54%+1.08%
Loopring$1.1M0.00%-0.28%-18.52%
Wanchain$1.1M0.00%-0.00%-1.15%
DFK$881.4K0.00%0.00%-1.77%
Mode$881.1K0.00%0.00%+2.58%
Perennial$874.2K0.00%+0.02%+0.43%
Core$823.8K0.00%-0.01%+1.19%
Lisk$652.2K0.00%0.00%-20.51%
Hemi$551.3K0.00%-0.17%-57.50%
Meter$527.3K0.00%0.00%-0.55%
Telos$509.5K0.00%0.00%0.00%
Zircuit$449.2K0.00%0.00%-13.34%
Dogechain$400.4K0.00%0.00%0.00%
Arbitrum Nova$339.3K0.00%0.00%-7.49%
Nibiru$296.6K0.00%-0.74%+30.64%
Apechain$278.6K0.00%-0.07%-14.56%
Bob$271.9K0.00%0.00%-4.70%
OKExChain$235.4K0.00%0.00%0.00%
Mantra$235K0.00%+0.14%-11.88%
EDU Chain$185.3K0.00%0.00%-0.84%
Goat$178.4K0.00%-0.16%-2.14%
Bsquared$177.8K0.00%0.00%0.00%
Syscoin$171.9K0.00%0.00%0.00%
Rootstock$156.8K0.00%+0.18%+1.23%
ThunderCore$155.2K0.00%0.00%-4.18%
Fuse$140.7K0.00%-0.00%-1.49%
Elastos$127.7K0.00%-6.90%-5.40%
SXnetwork$119.7K0.00%0.00%0.00%
Zkfair$87.8K0.00%0.00%0.00%
Redbelly$83.5K0.00%0.00%-6.58%
Bitlayer$79.8K0.00%0.00%-0.37%
Oasis$76.6K0.00%-0.00%-1.33%
Karura$70.4K0.00%0.00%0.00%
Glue$46.7K0.00%-0.44%-2.30%
Evmos$45K0.00%0.00%0.00%
Shape$34.2K0.00%+5.23%+14.80%
Corn$31.2K0.00%0.00%-54.03%
Waves$23.6K0.00%0.00%-0.87%
Theta$22.4K0.00%0.00%-0.46%
EthereumClassic$11.1K0.00%0.00%0.00%
Morph$1.2K0.00%0.00%0.00%
Superposition$318.80.00%0.00%+0.31%
Viction$171.60.00%0.00%0.00%
Xai$250.00%0.00%0.00%
Nero$110.00%0.00%0.00%
Wemix$30.00%0.00%0.00%
Ronin$10.00%0.00%0.00%
REINetwork$0.10.00%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.

Current price
$0.9998
Deviation from peg
-0.019%
Stability band
Tight (±0.1%)

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.

ChainContract addressVerify
Ethereum0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48Explorer

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.

StablecoinSupplyMechanismChains
Tether (USDT)$184.1Bfiat-backed107
World Liberty Financial USD (USD1)$4.5Bfiat-backed8
PayPal USD (PYUSD)$4.1Bfiat-backed7
BlackRock USD (BUIDL)$2.5Bfiat-backed8
Circle USYC (USYC)$2.4Bfiat-backed2

Across mechanism classes

If you're researching USDC as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.

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.

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.

Risk Warning

Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.