USD Coin (USDC) stablecoin analytics
Answer First
What is USD Coin (USDC)?
USDC is Circle's centralized dollar stablecoin, redeemable 1:1 and backed by short-term U.S. Treasuries, repos, and cash held in an SEC-regulated reserve fund. The static profile records its US Dollar peg mechanism as: Direct 1:1 redemption through Circle
Is USDC safe?
USDC holds an A+ Safety Score grade (90/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says USD Coin uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Independent Audit from Deloitte; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
USDC depeg history
Yes. USDC traded below its $1 target in March 2023 after Silicon Valley Bank failed and Circle disclosed reserve exposure to the bank. It recovered after authorities announced protection for SVB depositors. This historical recovery is not a guarantee of future peg stability.
Static Profile
Static stablecoin profile
USD Coin (USDC) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Sep 7, 2026
USDC is crypto's compliance-first reserve currency: cash and cash equivalents sit in the Circle Reserve Fund, managed by BlackRock and custodied at BNY Mellon, while monthly Deloitte examinations reconcile assets and liabilities. The curated composition is anchored to the June 30 examination and Circle's live transparency feed still resolves cleanly against it. Short-dated Treasuries carry most of the weight, with overnight reverse repo and bank deposits split by systemic importance underneath. Its on-chain...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- Cash and cash equivalents held in the Circle Reserve Fund (SEC-registered 2a-7 government money market fund), managed by BlackRock and custodied at BNY Mellon; assets include short-dated U.S. Treasuries, overnight Treasury repos, and cash
- Peg Mechanism
- Direct 1:1 redemption through Circle
- Jurisdiction
- United States / NYDFS / 50-state MTL / Virtual Currency License (BitLicense)
- Proof Of Reserves
- Independent Audit by Deloitte Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdc-circle
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
USDC quick answers
What is USD Coin (USDC)?
USDC is Circle's centralized dollar stablecoin, redeemable 1:1 and backed by short-term U.S. Treasuries, repos, and cash held in an SEC-regulated reserve fund. The static profile records its US Dollar peg mechanism as: Direct 1:1 redemption through Circle
Is USDC safe?
USDC holds an A+ Safety Score grade (90/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says USD Coin uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Independent Audit from Deloitte; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs USDC?
Pharos classifies USDC backing as Real-World Asset Backed. Collateral, per the static profile: Cash and cash equivalents held in the Circle Reserve Fund (SEC-registered 2a-7 government money market fund), managed by BlackRock and custodied at BNY Mellon; assets include short-dated U.S. Treasuries, overnight Treasury repos, and cash Reserve evidence: Independent Audit from Deloitte.
Can USDC be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for USDC, when applicable, appear in the dossier below.
Has USDC depegged?
Yes. USDC traded below its $1 target in March 2023 after Silicon Valley Bank failed and Circle disclosed reserve exposure to the bank. It recovered after authorities announced protection for SVB depositors. This historical recovery is not a guarantee of future peg stability.
