StableRegistry Trust Score™
Automated rating based on regulatory status, audit quality, and transparency.
Methodology: Scores are calculated algorithmically based on verifiable public data. See Methodology for full details. Not investment advice.
Verification Matrix
Comparing issuer claims against independent third-party data and regulatory filings.
| Metric | Issuer Claim | External Verification | Status |
|---|---|---|---|
| Reserve Verification Verified: February 1, 2026 | $42.50B Attested Source: Attestation (January 15, 2026) | On-Chain Assets Match Claims Source: StableRegistry Proof-of-Reserve | Verified Match |
| MiCA Authorization (EU) | Compliant Source: Issuer Statement | Authorized CASP Source: ESMA Register | Verified Match |
| NYDFS Status (USA) | Regulated Source: Issuer Statement | BitLicense (Standard) Source: NYDFS Database | Verified Match |
Key Facts
- Peg Currency
- USD
- Backing Type
- Cash & US Treasuries
- Audit Frequency
- Monthly (Grant Thornton)
- Reserve Ratio
- 100.20%
Global Regulatory Status
Reserve & Custody
Reserve Custodians
SVB collapse caused USDC to depeg to approximately $0.87 before federal backstop restored parity. USDC Reserve Report March 2023 is primary source.
Rapid re-allocation of cash balances over the reporting period. Circle's March 15, 2023 operations update describes re-initiating services with alternative banking partners.
According to the USDC Reserve Report March 2023, Customers Bank was disclosed as a USDC reserve cash-holding institution as of March 6, 2023 and March 31, 2023. Current status beyond March 2023 requires confirmation from later monthly reports.
Termination reason remains unclear in narrative until primary announcement is found.
The reserve report describes it as 'New York Community Bank, a division of Flagstar Bank, N.A.'
Termination reason is not established by this reserve report; treat as 'unclear' pending primary disclosures. Silvergate Bank voluntarily liquidated in March 2023.
Reserve Attestation
USD Coin
Reserve Composition
Redemption
- Direct Redemption
- Yes
- Minimum Amount
- $100
- Fee
- 0.00%
- Processing Time
- 1 business day
- KYC/AML required
- Accredited investors only for large amounts
Chain Support
Legal & Enforcement History
SEC
•InvestigationFebruary 15, 2023
Key Allegations
- •Rumored Wells Notice to Circle regarding USDC; issuer issued public denial; reporter subsequently issued correction
Resolution
According to Bloomberg reporting dated February 23, 2023 and social media posts from reporter Eleanor Terrett, rumors circulated in February 2023 that Circle had received an SEC Wells Notice. Circle publicly denied receiving a Wells Notice, and a correction was issued by the reporter. No primary SEC document has been identified in this research set confirming a Wells Notice was issued to Circle related to USDC.
Historical Timeline
5 events from 2023 to 2024
2023
USDC Depeg - Silicon Valley Bank Collapse ($3.3B Exposure)
According to Circle's disclosure dated March 10, 2023, USDC lost its $1.00 peg following the collapse of Silicon Valley Bank (SVB), where Circle held approximately $3.3 billion in reserves. USDC traded as low as $0.87 on March 11, 2023, before recovering to $1.00 after federal regulators announced SVB depositors would be made whole.
Silicon Valley Bank Collapse and Depeg Event
According to Circle's disclosure dated March 10, 2023, USDC lost its $1.00 peg following the collapse of Silicon Valley Bank, where Circle held approximately $3.3 billion in reserves. USDC traded as low as $0.87 before recovering after federal regulators announced depositors would be made whole.
resolvedSEC
Investigation
Rumored Wells Notice to Circle regarding USDC; issuer issued public denial; reporter subsequently issued correction
SEC Wells Notice Rumor and Denial
According to Bloomberg reporting dated February 23, 2023 and social media posts from reporter Eleanor Terrett, rumors circulated in February 2023 that Circle had received an SEC Wells Notice. Circle publicly denied receiving a Wells Notice, and a reporter subsequently issued a correction. No primary SEC document has been identified confirming a Wells Notice was issued to Circle related to USDC.
resolved2024
End of Minting Support on Tron Blockchain
According to Circle's announcement dated February 2024 and reported by Reuters on February 21, 2024, Circle ceased support for USDC on Tron, stopping minting immediately while allowing institutional customers to transfer or redeem until February 2025. Retail redemption and transfer continued via exchanges. The decision followed concerns about the Tron network's risk profile. Subsequent exchange actions (e.g., Binance discontinuing Tron-based deposit/withdrawal support) followed Circle's decision.
resolvedFinancial Incidents
1 incident recordedUSDC Depeg - Silicon Valley Bank Collapse ($3.3B Exposure)
CriticalMarch 10, 2023
According to Circle's disclosure dated March 10, 2023, USDC lost its $1.00 peg following the collapse of Silicon Valley Bank (SVB), where Circle held approximately $3.3 billion in reserves. USDC traded as low as $0.87 on March 11, 2023, before recovering to $1.00 after federal regulators announced SVB depositors would be made whole.
Details
On March 10, 2023, Silicon Valley Bank (SVB) was closed by California regulators and the FDIC was appointed receiver. According to Circle's disclosure on March 10, 2023, the company held approximately $3.3 billion of USDC's $40 billion reserve portfolio at SVB. Following the bank's closure, USDC began trading below its $1.00 peg, reaching a low of approximately $0.87 on March 11, 2023, per CoinGecko and CoinMarketCap data. The depeg triggered widespread market stress, with USDC trading at significant discounts on decentralized exchanges and causing contagion effects on DAI and other stablecoins with USDC collateral exposure. On March 12, 2023, the Federal Reserve, Treasury Department, and FDIC announced that all SVB depositors would be made whole through a systemic risk exception, preventing losses to Circle's reserves. USDC returned to its $1.00 peg on March 13, 2023. According to Circle's subsequent attestations, the company subsequently diversified its banking relationships.
Customer Impact
USDC holders who sold during the depeg realized losses of up to 13% (selling at $0.87 vs $1.00). Those who held through the event experienced no loss after the federal backstop was announced. DeFi protocols with USDC collateral faced liquidations and protocol stress.
Issuer Response
Circle disclosed the SVB exposure on March 10, 2023, and confirmed on March 11 that the company would cover any shortfall using corporate resources if deposits were not recovered. Following the federal backstop announcement, USDC regained its peg. Circle subsequently diversified banking relationships and increased transparency about reserve custody arrangements.
Sources
Banking Relationships
3 active, 5 terminated
Active Relationships
Bank of New York Mellon
ActiveAccording to the USDC Reserve Report March 2023, BNY Mellon was disclosed as a USDC reserve cash-holding institution as of March 6, 2023 and March 31, 2023. Per Circle's reserve structure disclosures post-March 2023, Circle held 'substantially all' of the cash portion with a single global systemically important bank (GSIB) while maintaining smaller balances at transaction banking partners. Large balances exceed FDIC limits; FDIC insurance does not scale to disclosed reserve size.
Cross River Bank
ActiveAccording to the USDC Reserve Report March 2023, Cross River Bank was disclosed as a USDC reserve cash-holding institution as of March 31, 2023. Circle's March 15, 2023 operations update describes re-initiating services with 'alternative banking partners' for wire operations, though the specific partner was not named in that disclosure.
Customers Bank
ActiveAccording to the USDC Reserve Report March 2023, Customers Bank was disclosed as a USDC reserve cash-holding institution as of March 6, 2023 and March 31, 2023. Current status beyond March 2023 requires confirmation from later monthly reports.
Terminated Relationships
Citizens Trust Bank
TerminatedAccording to the USDC Reserve Report March 2023, Citizens Trust Bank was present in the March 6, 2023 reserve cash bank list but absent from the March 31, 2023 list. No termination reason was disclosed in the reserve report.
Termination reason remains unclear in narrative until primary announcement is found.
New York Community Bank
TerminatedAccording to the USDC Reserve Report March 2023, New York Community Bank (described as 'a division of Flagstar Bank, N.A.') was present in the March 6, 2023 reserve cash bank list but absent from the March 31, 2023 list. No termination reason was disclosed in the reserve report.
The reserve report describes it as 'New York Community Bank, a division of Flagstar Bank, N.A.'
Silvergate Bank
TerminatedAccording to the USDC Reserve Report March 2023, Silvergate Bank was present in the March 6, 2023 reserve cash bank list but absent from the March 31, 2023 list. The reserve report itself does not state the reason for the absence.
Termination reason is not established by this reserve report; treat as 'unclear' pending primary disclosures. Silvergate Bank voluntarily liquidated in March 2023.
Signature Bank
TerminatedAccording to the USDC Reserve Report March 2023 and joint regulatory statement dated March 12, 2023, Signature Bank appears in the March 6, 2023 reserve cash bank list but is absent from the March 31, 2023 list. The New York Department of Financial Services closed Signature Bank on March 12, 2023. Regulators announced a systemic risk exception; depositors were made whole.
Rapid re-allocation of cash balances over the reporting period. Circle's March 15, 2023 operations update describes re-initiating services with alternative banking partners.
Silicon Valley Bank
TerminatedAccording to Circle's public statements and the USDC Reserve Report dated March 2023, Circle stated approximately $3.3 billion of USDC reserves remained at SVB after wires initiated to move balances were not processed before the bank failure on March 10, 2023. SVB appears in the March 6, 2023 reserve cash bank list and is absent from the March 31, 2023 list. Federal regulators invoked a systemic risk exception for SVB; depositors were made whole.
SVB collapse caused USDC to depeg to approximately $0.87 before federal backstop restored parity. USDC Reserve Report March 2023 is primary source.
Audit History
No auditor change history on record
Current auditor: Grant Thornton
Historical Controversies
According to Circle's disclosure dated March 10, 2023, USDC lost its $1.00 peg following the collapse of Silicon Valley Bank, where Circle held approximately $3.3 billion in reserves. USDC traded as low as $0.87 before recovering after federal regulators announced depositors would be made whole.
According to Bloomberg reporting dated February 23, 2023 and social media posts from reporter Eleanor Terrett, rumors circulated in February 2023 that Circle had received an SEC Wells Notice. Circle publicly denied receiving a Wells Notice, and a reporter subsequently issued a correction. No primary SEC document has been identified confirming a Wells Notice was issued to Circle related to USDC.
According to Circle's announcement dated February 2024 and reported by Reuters on February 21, 2024, Circle ceased support for USDC on Tron, stopping minting immediately while allowing institutional customers to transfer or redeem until February 2025. Retail redemption and transfer continued via exchanges. The decision followed concerns about the Tron network's risk profile. Subsequent exchange actions (e.g., Binance discontinuing Tron-based deposit/withdrawal support) followed Circle's decision.
Related Stablecoins
Issuer
- NY BitLicense
- Money Transmitter Licenses (multiple states)
- EU MiCA CASP (in progress)