Provider profile · 2026 edition
Circle (USDC and EURC) review 2026: scores, reserves and alternatives.
Circle issues USDC and EURC through regulated affiliates.
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Circle issues USDC and EURC through regulated affiliates.
Circle (USDC and EURC) scores 4.3 out of 5 (86 out of 100) in the Buckingham Intelligence Stablecoin Issuers Index 2026 and ranks 1 of 11. It is strongest for payment firms and exchanges needing the widest licensing and network coverage, with 5 out of 5 for reserves, regulatory standing and currencies and networks. Not published or not stated on the pages read: independent assurance.
Scores from the Stablecoin Issuers Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For payment and e-money firms | 83 | 1 of 11 |
| For exchanges and brokers | 87 | 1 of 11 |
| For corporate treasuries | 87 | 1 of 11 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
Payment firms and exchanges needing the widest licensing and network coverage.
What Circle (USDC and EURC) publishes on its own pages, read on 26 October 2026.
Circle issues USDC and EURC through regulated affiliates. It publishes reserve holdings weekly, monthly assurance from a Big Four firm, and licence numbers across the US, EU, UK, Singapore, Bermuda and Abu Dhabi. Businesses mint and redeem through Circle Mint. Its fee schedule could not be read, so redemption fees are not confirmed.
| Fact | What the provider publishes |
|---|---|
| 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". |
| 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." |
| 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. |
| 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". |
| 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. |
| Currencies and networks | "USDC is natively supported on 38 blockchain networks as of September 16, 2026." Two currencies: USDC (US dollar) and EURC (euro). |
| Date read | 26 October 2026 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
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.
Each score with the evidence behind it.
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
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| Paxos (USDG, USDP and PYUSD) | 3.6 | 2 of 11 | Payment firms wanting free redemption and a Big Four attestation |
| Tether (USDT) | 3.5 | 3 of 11 | Exchanges and large traders needing the most widely held dollar stablecoin |
| Agora (AUSD) | 3.3 | 4 of 11 | Fintechs and platforms wanting fee-free minting and a share of reserve income |
| Gemini (GUSD) | 3.1 | 5 of 11 | Firms already on Gemini wanting fee-free conversion and named reserve banks |
| StraitsX (XSGD, XUSD and XIDR) | 2.8 | 6 of 11 | Payment firms in Southeast Asia needing a Singapore dollar stablecoin |
| Quantoz (EURQ and USDQ) | 2.7 | 7 of 11 | European firms wanting free direct redemption without an existing account |
| Societe Generale-Forge (EURCV and USDCV) | 2.5 | 8 of 11 | European banks and institutions wanting a bank-group issuer with daily reserve disclosure |
| AllUnity (EURAU, CHFAU, SEKAU and USDAU) | 2.4 | 9 of 11 | European corporates wanting a no-code mint account and several currencies |
| Ripple (RLUSD) | 2.4 | 10 of 11 | Banks and brokers wanting a New York trust issuer |
| Monerium (EURe and GBPe) | 1.9 | 11 of 11 | Fintechs and wallets needing euro tokens linked to a named IBAN |
Side by side on every criterion, fact and award.
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