News, data and analysis on tokenized assets, market design and digital economic systems.
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.
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.
Developments in which Circle Internet Group, Inc. is a named party, newest first.
The European Commission opened a two-part consultation on revising the Markets in Crypto-Assets Regulation in May 2026, with responses due by 30 August 2026. The review's central question is how to treat stablecoins issued simultaneously inside and outside…
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.
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.
Circle said it had obtained an electronic money institution licence from France's ACPR, allowing Circle Internet Financial Europe SAS to issue USDC and EURC under MiCA. It was the first global stablecoin issuer to bring its euro and dollar tokens within the EU regime.
USDC traded below one dollar after Circle disclosed that $3.3bn of its cash reserves, about 8% of the total, was held at Silicon Valley Bank. Circle later reported the reserve as 77% short-dated US Treasury bills, $32.4bn, and 23% cash, $9.7bn, custodied at BNY Mellon.
MoneyGram began letting customers convert cash to and from USDC at its retail agent locations, using the Stellar network for settlement. The service opened in Canada, Kenya, the Philippines and the United States, with wider availability planned.
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.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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