Onchain value $342.0bn0.18%
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Cryptoeconomics

News, data and analysis on tokenized assets, market design and digital economic systems.

Issuer

Circle Internet Group, Inc.

Issuer of USDC and EURC, listed on the New York Stock Exchange since 4 June 2025, most of whose reserve sits in a BlackRock-managed government money market fund; Coinbase receives 50% of residual reserve income.

Kind Issuer
Jurisdiction United States
Founded 2013
Stories filed 10

The profile

Issuer of USDC and EURC, founded in Boston in October 2013 by Jeremy Allaire and Sean Neville and listed on the New York Stock Exchange since 4 June 2025 under the ticker CRCL. Most of the USDC reserve sits in the Circle Reserve Fund, an SEC-registered 2a-7 government money market fund managed by BlackRock, with the remainder in cash at large banks; the reserve composition was last published for 23 July 2026. The economics of the token are shaped by distribution: Circle's registration statement disclosed that Coinbase receives 50% of residual reserve income, and Coinbase held roughly 20% of USDC in circulation in 2024, up from 5% in 2022. On 10 July 2026 the Office of the Comptroller of the Currency gave final approval for First National Digital Currency Bank, N.A., trading as Circle National Trust, which will provide fiduciary digital asset custody and may eventually manage the reserve itself.

Products and services

USDC
Dollar token backed by a reserve held mainly in an SEC-registered government money market fund managed by BlackRock, with the balance in bank cash.
Arc
Layer-1 blockchain using USDC as the gas asset and the Malachite consensus engine, with an onchain foreign exchange engine and opt-in shielded balances.
CCTP
Burn-and-mint transfer protocol that moves USDC natively between supported chains instead of issuing wrapped representations.

Coverage

Developments in which Circle Internet Group, Inc. is a named party, newest first.

On the record

FASB proposes when a stablecoin counts as a cash equivalent

The Financial Accounting Standards Board proposed illustrative examples for Topic 230 on 18 August 2026 setting out when a digital asset meets the existing definition of cash equivalents: an on-demand contractual redemption right, a direct right against the issuer, and segregated short-term liquid reserves held at least one for one. Comments close on 19 November 2026.

Standards United States Stablecoins Financial Accounting Standards Board: Proposed Accounting Standards Update, Statement of Cash Flows (Topic 230), 18 August 2026 ↗

Treasury proposes the GENIUS Act rules on stablecoin issuance and sale

The Treasury issued a notice of proposed rulemaking on 17 August 2026 implementing section 3 of the GENIUS Act, published the next day at 91 FR 53368 with comments due by 19 October. It would create 12 CFR part 1523, read section 18(a) to let qualifying foreign issuers issue in the United States, and treat market making in an unlawful issuance as participation in it.

Regulatory United States Stablecoins US Department of the Treasury: GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale, 91 FR 53368, 18 August 2026 ↗

OCC conditionally approves a national trust bank to issue USD1

Corporate Decision #1385 of 14 August 2026 grants preliminary conditional approval to charter World Liberty Trust Company, National Association, which would issue and redeem USD1, hold its reserve and custody digital assets as a fiduciary, assuming the issuer's role from BitGo Bank & Trust. Seven conditions attach, including $20m of tier 1 capital.

Regulatory United States Stablecoins US Office of the Comptroller of the Currency: Corporate Decision #1385, 14 August 2026 ↗

Circle's reserve income grows 5% as average USDC circulation grows 25%

Circle reported second-quarter 2026 revenue and reserve income of $701m on 5 August, up 7% year on year, with reserve income of $668m up 5% as a 66 basis point fall in the reserve return rate offset 25% growth in average USDC in circulation. USDC in circulation was $73.3bn at the quarter end and net income from continuing operations $48m.

Market United States Stablecoins Circle: Circle Reports Second Quarter 2026 Results ↗

Eleven institutions join Circle as founding validators of Arc

BlackRock, the DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa will run validators on Arc, Circle's layer-one network, ahead of a public mainnet set for 16 September 2026. BlackRock is expected to deploy BUIDL on it, and the DTCC to make it a supported blockchain for its tokenization service in the second half of 2027.

Institutional pilot United States Stablecoins Circle: Circle Announces Founding Validator Cohort and Major Integrations for Arc Ahead of September 16 Mainnet Launch ↗

Dinari opens 724 tokenized US stocks to US investors

Dinari opened trading in 724 tokenized US stocks, the S&P 500 among them, to eligible US investors on 4 August 2026, settled in USDC through self-custody wallets and running on Ethereum, Arbitrum, Base and Avalanche. Dinari Inc is an SEC-registered transfer agent; its affiliate Dinari Securities LLC is a FINRA member broker-dealer. It opened platform licences to US financial institutions the same day.

Product launch United States Equities Dinari: In an Industry First, Dinari Launches 724 Tokenized Stocks Available to Both U.S. Investors and Businesses ↗

Circle receives a New York limited purpose trust charter

The New York State Department of Financial Services granted Circle Internet Trust Company LLC, trading as Circle New York Trust, a limited purpose trust charter on 31 July 2026, permitting fiduciary, custody and asset-management services under the New York Banking Law. It sits alongside the national trust bank approval the Office of the Comptroller of the Currency gave Circle on 10 July 2026.

Regulatory United States Stablecoins Circle: Circle granted trust charter by the New York Department of Financial Services ↗

DTCC begins limited production trading on its tokenization service

DTCC began limited production trades on the DTC Tokenization Service in July 2026, covering Russell 1000 constituents, large index-tracking exchange-traded funds and US Treasury bills, notes and bonds, with commercial launch targeted for October 2026. More than 50 firms, among them BlackRock, Goldman Sachs, JPMorgan, Kraken and Circle, joined the industry working group; DTCC said tokenized holdings carry the same entitlements and ownership rights as assets held in conventional form.

Market United States Equities DTCC: DTCC advances development of new tokenization service ↗

Circle prices initial public offering ahead of New York Stock Exchange listing

Circle, the issuer of the USDC stablecoin, priced an upsized initial public offering of 34m Class A shares at $31 each, implying gross proceeds of about $1.05bn. Circle sold 14.8m shares and selling stockholders 19.2m, with trading due to begin on the New York Stock Exchange under the ticker CRCL on 5 June 2025.

Market United States Stablecoins Circle: Circle Announces Pricing of Upsized Initial Public Offering ↗

Circle issues USDC under the CENTRE issuer standard

Circle launched USD Coin as the first issuance under CENTRE's standard, which required members to back all tokens on a fully reserved basis, publish monthly attestations of reserves by certified public auditors, and hold a banking, money transmission or trust licence. Circle stated at launch that while it might be the first USDC issuer it would "certainly not be the last", establishing a multi-issuer model for a single dollar token.

Issuance United States Stablecoins Circle: Introducing USD Coin ↗

Official

www.circle.com ↗

Related

Analysis

Sources

  1. Circle: Circle Receives Final OCC Approval to Establish National Trust Bank circle.com · 25 Jul 2026
  2. Circle: Transparency and reserves circle.com · 25 Jul 2026
  3. Circle: Introducing Arc, an open Layer-1 blockchain for stablecoin finance circle.com · 25 Jul 2026
  4. Decrypt: Coinbase takes 50% share of Circle's residual USDC reserve revenue decrypt.co · 25 Jul 2026

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