What is USDC?
USDC is a US dollar stablecoin issued by Circle. Circle states that each USDC is backed by cash and cash-equivalent assets and can be redeemed one for one for US dollars. Example (round numbers): a Chilean agency invoices a US client 15,000 dollars payable in USDC on Solana. The client sends 15,000 USDC to the agency's Solana address, and the agency checks the token's contract address against Circle's published list before treating the payment as received.
- USDC is Circle's dollar stablecoin, redeemable one for one for US dollars through Circle.
- Most of the reserve is held in the Circle Reserve Fund, an SEC-registered 2a-7 government money market fund, with holdings disclosed weekly.
- A Big Four accounting firm provides monthly assurance that reserves exceed the USDC in circulation.
- USDC is natively issued on 38 blockchains as of 16 September 2026, each with its own contract address.
- Circle Internet Financial is licensed as a money transmitter by the New York State Department of Financial Services.
How USDC works
Institutions mint USDC by sending dollars to Circle and redeem it by returning tokens. Circle Mint, the platform for this, serves institutional customers such as exchanges, institutional traders, wallet providers, banks and consumer-app companies, funded by wire, SEPA and other bank transfers. Most businesses buy and sell USDC through those intermediaries instead.
| Point | What Circle publishes |
|---|---|
| Backing | 100% highly liquid cash and cash-equivalent assets |
| Where reserves sit | Mostly the Circle Reserve Fund (USDXX), managed by BlackRock, plus deposits at banks |
| Reporting | Holdings disclosed weekly; monthly assurance by a Big Four firm under AICPA standards; daily fund reporting by BlackRock |
| Networks | Natively issued on 38 blockchains as of 16 September 2026, including Ethereum, Solana, Base, Arbitrum, Polygon PoS and Stellar |
| Ethereum contract address | 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 |
| US license | Circle Internet Financial, LLC: money transmitter licensed by the New York State Department of Financial Services |
Sources: Circle, USDC; Circle, Transparency; Circle, contract addresses. As published on 29 October 2026.
Where a business meets it
Customers abroad may offer USDC instead of a wire. Before accepting, the business needs a lawful way to receive it, an address on the right network, records of the dollar value, and a route to dollars. See how to accept USDC payments and USDT vs USDC.
Common mistakes
- Accepting a lookalike token. Circle notes that X Layer also has a bridged token labeled USDC.e that is not issued or backed by Circle; accept only the contract addresses Circle lists.
- Mixing networks. USDC on Solana and USDC on Ethereum need different addresses; name the network on the invoice.
- No gas token. Sending USDC needs the network's own token to pay the network fee.
- Holding it as a deposit. USDC is not federally insured; convert balances you rely on.
Related terms and how Helm handles it
USDC is one kind of stablecoin. Helm lets a company receive, send and convert USDC and USDT to USD inside its account, where the company may lawfully use them.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Who issues USDC?
Circle. Circle Internet Financial, LLC is licensed as a money transmitter by the New York State Department of Financial Services and to engage in virtual currency business activity.
What backs USDC?
Circle states USDC is 100% backed by highly liquid cash and cash-equivalent assets, mostly held in the Circle Reserve Fund, an SEC-registered 2a-7 government money market fund, with holdings disclosed weekly. A Big Four accounting firm gives monthly assurance that reserves exceed the USDC in circulation.
Can a business redeem USDC for dollars directly with Circle?
Direct minting and redemption runs through Circle Mint, which is for institutional customers such as exchanges, banks and wallet providers. Most businesses convert USDC through a payment provider or exchange.
Which blockchains is USDC on?
Circle states USDC is natively issued on 38 blockchains as of 16 September 2026, including Ethereum, Solana, Base and Stellar. Each has its own contract address.
References
- Circle: USDC
- Circle: Transparency, USDC reserves and attestations
- Circle: USDC contract addresses
- Circle: Circle Mint
- Congressional Research Service: Stablecoin legislation, an overview of the GENIUS Act of 2025 (P.L. 119-27)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.