---
title: "Movement USDCx (USDCx) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdcx-movement/"
description: "Build-time stablecoin profile for Movement USDCx (USDCx). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-06"
---



# Movement USDCx (USDCx)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

USDCx is Movement's native dollar, issued through Circle's xReserve contract: deposit USDC, mint USDCx one-for-one, and move it back out via CCTP and Gateway without a third-party {{term:bridge}}bridge{{/term}}. The issuer is the key distinction. Movement's own team issues USDCx rather than Circle, so this is partner-issued plumbing whose solvency is borrowed from Circle's reserves and Circle's {{term:custody}}custody{{/term}} rather than owed by Circle to the holder. The report card reflects that borrowing directly. Backing sits near the top of the scale because the sole reserve is USDC locked in a Circle-deployed contract and the Movement token exposes no local free-mint path. The exit pillar is held back, and the N/A overall grade sits well below its parent: a single-chain deployment, one issuer-native burn-and-mint route back to Ethereum, and an implementation launched in March 2026. A child cannot rate above the asset it wraps, and USDCx cannot rate above USDC. Circle can freeze the USDC in reserve, and the Movement module is upgradeable by a 4-of-6 multisig with no timelock, so holder-level controls could be added later. Reconciliation against the reserve contract is observable on-chain, but no independent party is documented as checking it. The durable constraint is that USDCx is only ever as good as the wrapper, the route, and the parent underneath.

## Collateral

1:1 USDC held in a Circle-deployed xReserve smart contract; the underlying reserve is Circle USDC, whose backing is short-duration U.S. Treasuries and cash held by regulated custodians.

## Peg Mechanism

Users mint USDCx on Movement by depositing USDC into Circle's xReserve smart contract, which issues USDCx 1:1; redemption burns USDCx and releases the underlying USDC back to the user. xReserve also enables 1:1 transfers between USDCx and USDC across supported chains via Circle CCTP and Gateway without third-party bridges.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| movement | `0xba11833544a2f99eec743f41a228ca6ffa7f13c3b6b04681d5a79a8b75ff225e` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdcx-movement.