Comparison · 2026 edition
Circle (USDC and EURC) vs Gemini (GUSD): stablecoin issuers compared 2026.
Circle (USDC and EURC) and Gemini (GUSD) side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
WhatsApp and Telegram +44 7563 115980
[email protected]
Circle (USDC and EURC) and Gemini (GUSD) side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
In the Stablecoin Issuers Index, Circle (USDC and EURC) scores higher overall: 4.3 out of 5 (86 out of 100) against 3.1 (63), ranking 1 and 5 of 11. Circle (USDC and EURC) also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | Circle (USDC and EURC) | Gemini (GUSD) |
|---|---|---|
| Score out of 5 | 4.3 | 3.1 |
| Score out of 100 | 86 | 63 |
| Overall rank | 1 of 11 | 5 of 11 |
| For payment and e-money firms (out of 100) | 83, rank 1 | 65, rank 4 |
| For exchanges and brokers (out of 100) | 87, rank 1 | 58, rank 6 |
| For corporate treasuries (out of 100) | 87, rank 1 | 67, rank 4 |
| Type | Dollar and euro stablecoin issuer | Dollar stablecoin issuer |
Each score with the evidence behind it.
| Criterion | Circle (USDC and EURC) | Gemini (GUSD) |
|---|---|---|
| Reserves | 5/5 Reserve holdings and mint and burn flows published weekly, with the BlackRock-managed reserve fund named. | 4/5 Monthly reserve attestations with reserve banks named. |
| Independent assurance | 4/5 Monthly assurance by a Big Four firm, not named on the page, plus audited financial statements by Deloitte. | 4/5 Monthly attestations by BPM LLP plus a random-day examination each month. |
| Regulatory standing | 5/5 Licences in the US, EU, UK, Singapore, Bermuda and Abu Dhabi with numbers published. | 3/5 NYDFS regulation stated; one regulator, no licence number. |
| Redemption | 4/5 Direct institutional minting and redemption through Circle Mint; a five business day limit is published for EEA retail redemptions only. | 3/5 Redemption on Gemini at any time stated; no timing or minimum. |
| Published fees | 2/5 Minting stated as free; redemption and on-chain sending fees sit in a fee schedule that could not be read. | 4/5 Zero conversion fees for GUSD and US dollars published on the fee schedule. |
| Currencies and networks | 5/5 38 networks and two currencies published. | 1/5 One network and one currency. |
Each criterion is scored 0 to 5 against the best published offer in the Stablecoin Issuers Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 26 October 2026.
| Fact | Circle (USDC and EURC) | Gemini (GUSD) |
|---|---|---|
| Reserves | Transparency page: "USDC reserve holdings are fully disclosed on a weekly basis, along with associated mint/burn flows." Reserves split into bank deposits, deposits at systemically important institutions, overnight reverse Treasury repo and Treasuries under three months; Treasuries may be held in "the Circle Reserve Fund, a 2a-7 money market fund managed by BlackRock". | Reserves held as deposits in FDIC-insured banks and money market funds "invested only in U.S. Treasury obligations"; cash portion "may be held at State Street Bank and Trust Company, Goldman Sachs, or Fidelity" and may be eligible for FDIC pass-through insurance. |
| Independent assurance | "A Big Four accounting firm provides monthly third-party assurance that the value of USDC reserves are greater than the amount of USDC in circulation", prepared under AICPA attestation standards. USDC page: "Deloitte & Touche LLP is Circle's independent auditor and has audited Circle's financials since fiscal year 2022." | "Attestations of GUSD's reserves are published monthly by an independent registered accounting firm, BPM LLP. In addition to these monthly attestations, BPM LLP conducts attestation examinations on one randomly-selected business day each month." |
| Regulatory standing | Licences page: OCC national trust bank charter number 25361 (Circle National Trust); NYDFS limited purpose trust company; ACPR electronic money institution No. 17788 and AMF MiCA crypto-asset service provider authorisation No. E2026-005 (Circle Internet Financial Europe SAS); MAS Major Payment Institution No. PS20200630; FCA e-money No. 900480; Bermuda DAB licence No. 54786; ADGM FSRA permission 250035. Circle Internet Financial, LLC NMLS 1201441. | "GUSD has been fully regulated by the New York State Department of Financial Services (NYDFS) since 2018." No licence number on the page. |
| Redemption | USDC terms: Circle Mint account holders can "issue USDC for USD" and "redeem USDC for USD from Circle"; "Circle Mint is currently available only to institutions". MiCA redemption policy: EEA holders other than retail open a Circle Mint account; retail payout "should not take more than 5 business days". | "Gemini customers can always redeem 1 GUSD for $1 on Gemini at any time." Redemption time and minimum not published. |
| Published fees | USDC terms: "Circle will not charge you any fees for tokenizing USD for USDC, or receiving USDC"; fees apply to sending USDC on chain from Circle Mint per the Circle Product Fee Schedule. Redemption is at $1 "less fees where applicable". The fee schedule page did not load when read. | API fee schedule: GUSD/USD and USDC/GUSD pairs at 0.00% maker and taker fees in the lowest tier. GUSD page: convert USD to GUSD "fee-free" in the app. |
| Currencies and networks | "USDC is natively supported on 38 blockchain networks as of September 16, 2026." Two currencies: USDC (US dollar) and EURC (euro). | "GUSD is an Ethereum-based ERC-20 token." One currency: US dollar. |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by Circle (USDC and EURC): independent assurance.
Not published or not stated by Gemini (GUSD): redemption.
Facts read on 26 October 2026 from: circle.com/transparency, circle.com/usdc, circle.com/legal/usdc-terms, circle.com/legal/licenses, circle.com/legal/mica-redemption-policy, circle.com/pricing; and gemini.com/dollar, gemini.com/fees/api-fee-schedule.
Awards follow from the published scores and cannot be bought.
No award in this index.
From each provider's strongest criteria and published terms.
Payment firms and exchanges needing the widest licensing and network coverage.
Firms already on Gemini wanting fee-free conversion and named reserve banks.
Tell us what you need and where you operate.