Comparison · 2026 edition
Circle (USDC and EURC) vs Paxos: stablecoin issuers compared 2026.
Circle (USDC and EURC) and Paxos side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
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Circle (USDC and EURC) and Paxos 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 3.6 (73), ranking 1 and 2 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) | Paxos |
|---|---|---|
| Score out of 5 | 4.3 | 3.6 |
| Score out of 100 | 86 | 73 |
| Overall rank | 1 of 11 | 2 of 11 |
| For payment and e-money firms (out of 100) | 83, rank 1 | 75, rank 2 |
| For exchanges and brokers (out of 100) | 87, rank 1 | 72, rank 3 |
| For corporate treasuries (out of 100) | 87, rank 1 | 73, rank 2 |
| Type | Dollar and euro stablecoin issuer | Dollar stablecoin issuer |
Each score with the evidence behind it.
| Criterion | Circle (USDC and EURC) | Paxos |
|---|---|---|
| Reserves | 5/5 Reserve holdings and mint and burn flows published weekly, with the BlackRock-managed reserve fund named. | 3/5 Monthly reserve composition reports; custodian banks not named on the pages read. |
| 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 KPMG LLP for USDG and USDP; audited financial statements not read. |
| Regulatory standing | 5/5 Licences in the US, EU, UK, Singapore, Bermuda and Abu Dhabi with numbers published. | 4/5 Regulated issuers in the US (OCC), Singapore (MAS), the EU (FIN-FSA under MiCA) and the UAE; licence numbers not on the pages read. |
| Redemption | 4/5 Direct institutional minting and redemption through Circle Mint; a five business day limit is published for EEA retail redemptions only. | 4/5 Direct redemption with a stated minimum basis; processing time not published. |
| 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 No redemption fee and the dormant account charge published in the terms; purchase fees shown only at order. |
| Currencies and networks | 5/5 38 networks and two currencies published. | 3/5 Seven named networks for USDG; 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) | Paxos |
|---|---|---|
| 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". | USDG page: "Monthly reserve reports". USDP page: "Paxos self-reports its portfolio composition 5 business days after month's end; these reports have not been subjected to independent review." Stablecoin terms: reserves held as cash at financial institutions licensed in Singapore by MAS or overseas, or short-term US dollar debt instruments. |
| 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." | USDG: "Attestation reports posted on or after February 27, 2026 are issued by KPMG LLP" under ISCA standards; earlier reports by Enrome LLP. USDP: KPMG LLP from 28 February 2025 under AICPA standards; earlier reports by WithumSmith+Brown. |
| 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. | USDG "is issued by Paxos Digital Singapore, which is a Major Payments Institution supervised by the Monetary Authority of Singapore" and "also issued by Paxos Issuance Europe under the supervision of FIN FSA and in compliance with MiCA". NYDFS trust charter granted 2015, converted in 2025 to an OCC charter as Paxos Trust Company, N.A. "Paxos is authorized to issue stablecoins in the US, UAE, Singapore and EU." |
| 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". | Stablecoin terms: redemption needs a Paxos account; requests are processed "according to the redemption schedule" after compliance checks; Paxos "may require a minimum amount for redemption ... equal to the minimum wire fee charged by your bank". |
| 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. | Stablecoin terms: "Paxos will not charge you fees for redeeming USD Stablecoins." Purchase shows "the commission or fee (if any)"; a monthly charge of "US $2.00" applies to dormant accounts with a balance and no activity for twelve months. |
| Currencies and networks | "USDC is natively supported on 38 blockchain networks as of September 16, 2026." Two currencies: USDC (US dollar) and EURC (euro). | USDG "is issued on Arbitrum, Ethereum, Ink, Mantle, Robinhood Chain, Solana, X Layer". One currency: US dollar (USDG, USDP, PYUSD). |
| 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 Paxos: reserves, regulatory standing, redemption and published fees.
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 paxos.com/usdg, paxos.com/usdg-transparency, paxos.com/usdp-transparency, paxos.com/stablecoin-terms-conditions, docs.paxos.com/stablecoin/usdg.
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
Payment firms and exchanges needing the widest licensing and network coverage.
Payment firms wanting free redemption and a Big Four attestation.
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