what's usd coin?
USD Coin (USDC) is a stablecoin cryptocurrency issued by Circle Internet Financial, designed to maintain a 1:1 peg with the United States dollar for stability in digital transactions. It serves as a bridge between traditional finance and blockchain ecosystems, enabling fast, low-cost global payments, trading, and DeFi applications. USDC operates as an ERC-20 token on Ethereum and is natively available on multiple blockchains including Solana, Polygon, Base, Aptos, and others, with significant transfer volume on Solana representing about 50% of all USDC activity. The token is fully backed by reserves of cash and cash equivalents, with monthly attestations by independent auditors like Grant Thornton to ensure transparency and redeemability. Key features include seamless integration with wallets like Backpack for yield farming campaigns on Aptos, support for cross-chain liquidity via Circle Gateway, and a circulating supply exceeding $75 billion as of recent minting events.
USDC issued $277.8M on Ethereum, reached $74B supply, and 50% stablecoin market share.
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Implements real-time proof of reserves using Chainlink oracles to pull BitGo reserves onchain continuously, with $5B in backing verifiable at any moment.
Allocated 2,000 USDC as prize pool for Binance's #BuildWithYou campaign, distributing 100 USDC to each of the top 20 entries, ending on 2026-03-10.
Integrated into Canza Finance's DeFi and real-world asset models to enable cross-border liquidity and structured financial access in emerging markets.
Minted 340,000,000 USDC at the USDC Treasury on February 26, 2026.
Circulation reached $75.3 billion by the end of 2025, representing a 72% increase.
Added as one of the supported spending currencies on the MetaMask Card, which launched nationwide in the US including New York, allowing users to spend directly from self-custodied wallets.
Integrated USDC and Cross-Chain Transfer Protocol (CCTP) on Morph Network.
Transaction volume reached $11.9T in Q4 2026, representing a 247% increase.
Generated $770M in revenue in Q4 2026, representing a 77% increase.
Paid out $461 million in yield to holders or partners, demonstrating yield distribution mechanism.
Integrated into Oobit wallet-to-bank transfer feature, enabling users to send USDC directly to bank accounts worldwide through DTR routing infrastructure with settlement via SEPA, ACH, and SPEI payment systems.
Enabled as collateral for real-world payments through Project 0's DeFi portfolio lending service, allowing borrowing USDC against DeFi portfolios.
Gains native support on BitMEX across Arbitrum, Base, and Optimism networks for low-fee movements.
Integrated as payment method for accessing 30+ AI models on Base chain.
Integrated as a payment option for Travala's global car rental service powered by CarTrawler, enabling bookings in over 150 countries.
Achieved $6.29 billion in weekly transaction volume across the WalletConnect Network, representing the top stablecoin by volume on that network.
Developers can now integrate crosschain USDC transfers using CCTP (Cross-Chain Transfer Protocol) in under 10 lines of code through Circle Bridge Kit.
Reached 50% stablecoin transaction market share as of Q4 2025.
USDC in circulation grew at a 40% compound annual growth rate through-cycle as of February 2026.
Generated $770M in revenue for FY2025, representing a 77% year-over-year increase.
Processed $12T onchain volume in Q4, reaching $11.9T for full year 2025, representing 247% year-over-year growth.
Circle reported Q4 profit and revenue exceeding analyst estimates, with earnings report on 2026-02-25 pre-bell to include USDC supply expansion levels.
Serves as settlement currency for Polymarket, a decentralized prediction market built on Polygon.
Entered limit-only mode for the USDC-AUD trading pair on Coinbase Exchange and Coinbase Advanced, allowing limit orders to be placed and canceled with potential matches while market orders cannot be submitted.
Launches spot trading pairs USDC-AUD, USDC-SGD, and USDC-CAD on Coinbase on February 24, 2026, entering auction mode with limit orders and a minimum 10-minute auction period.
Circle, the issuer of USD Coin, is supporting idOS Network as a backer.
Integrated into WisdomTree's tokenized money market fund platform to enable 24/7 trading and instant settlement for fund shares.
Minted $250M USDC on Solana on February 25, 2026, bringing 30-day total minting to $8.83B.
Integrated with Meta as a supported stablecoin, plans integration into Instagram and WhatsApp platforms for payments by late 2026.
Enabled as payment and instant funding source for stock and ETF trading on Coinbase's FINRA-registered broker-dealer, supporting 8,000+ securities with 24/5 commission-free trading, fractional share support, and USDC settlement.
Qualifies as near-cash equivalent under SEC net capital rules for broker-dealers with a 2% haircut under Rule 15C3-3, down from previous 100%, allowing 98% of balances to count as regulatory capital.
Minted $500 million USDC on Solana on February 23, 2026.
Hit 31.9 million transactions on Polygon in one week, representing 53% of all weekly USDC transfers across all chains.
Launched virtual cards feature allowing users to add cards to Google Pay and spend USDC instantly, with Apple Pay integration scheduled next.
Launched referrals feature.
Available as a borrowable asset in Sky Risk Capital vaults on Morpho, allowing stUSDS holders to borrow USDC.
Suffered losses in a $10M exploit on Stellar DeFi protocol YieldBlox where an attacker manipulated a USTRY price oracle to overborrow USDC and XLM, though validators froze most funds.
Has 8M USDC available to borrow on Aave on Mantle with a 1.46% borrow rate.
Launched Circle Gateway on testnet, enabling gas-free USDC transfers down to $0.000001 for nanopayments and AI agent transactions, with private beta now open for developers.
Issued $500 million USDC on Solana on February 20, 2026.
Earn rewards program available on USDC through Kraken.
Completed the world's first hackathon run entirely by AI agents.
Circulation reached $75.3B in Q4 2026, growing 72% year-over-year; total supply sits at $74B as of February 2026, growing 70% year-over-year.
Experienced a $1.5 billion decline in supply during February 2026, representing a 0.8% decrease.
Visa uses USDC to trial stablecoin payments, settling transactions with banks.
Offers up to 6% APY on USDC deposits on OKX in the EEA region, with daily payouts and 24-hour redemption terms.
Integrated into Altitude's Bill Pay feature on Solana, enabling users to pay bills directly using USDC from their stablecoin treasury.
Pre-deposits are live on Decibel exchange from 2026-02-19 through 2026-02-24, with participants eligible for Season 0 points, USDC-denominated rewards, priority access to Mainnet Beta, and early allocation to DLP vault.
Serves as default collateral on Decibel exchange (built on Aptos), where deposits are converted into USDCBL through onchain transactions, allowing the protocol to earn value on reserve assets.
Integrated into AnomaPay's shielded red envelope feature, enabling private payments on Base through Anoma's Multi Asset Shielded Pool using zero-knowledge proofs that conceal sender, receiver, amount, and asset type.
OCC rulemaking proposal targets Coinbase and Circle's USDC yield payment arrangement, proposing to ban yield and rewards, directly threatening revenue, with a March 1, 2026 deadline.
Bridged to Canton network as USDCx, a CIP-56 token that settles on Canton's Global Synchronizer.
Experiencing the highest percentage increase in $100K+ whale transactions on Optimism network.
Issued $500 million USDC on Solana approximately one hour before 2026-02-18 23:51 GMT.
Reached approximately $260M in assets supplied to RWA-backed lending markets on Morpho, making it the most used asset for RWA-backed lending on that platform.
Integrated with Coinbase One, offering 3.5% APY rewards on USDC with weekly BTC or USDC payments, daily accrual, and no minimum balance, starting 2026-02-19.
Enabled as a borrowable asset in Coinbase's crypto-backed loan offerings against XRP, DOGE, ADA, LTC, BTC, and ETH collateral. Available in Coinbase's onchain lending product on Base via Morpho, allowing borrows up to $100,000.
OKX launched a promotion offering up to $2,500 in USDC as a 5% deposit match for cash or crypto deposits of at least $1,000, available in Netherlands, Germany, Poland, and France, ending on 2026-02-27 or when the $135,000 pool is depleted, with rewards distributed over 12 cycles.
USDC/BYTES trading pair is now available on Supernova DEX.
Accepted as payment for Nansen's API on Base network via x402 integration, supported across Cloudflare infrastructure for agent payments.
Included as a supported asset in THORChain's newly launched limit order feature, allowing users to set target prices for swaps involving USDC.
Achieved $5.5 billion in weekly stablecoin volume, leading among stablecoins on Ethereum.
Integrated with Beep, Sui's first agentic finance protocol launched November 2025, for AI agent payments and settlements using Sui-native USDC. Integrated with Sui blockchain for free stablecoin transfers as part of its USDC/USDT integration.
Incurred approximately $1.78 million in bad debt across USDC, WETH, cbETH, and other assets on Moonwell protocol following an oracle exploit on February 18, 2026.
Maintains partnership with Coinbase granting Coinbase 100% of USDC interest income for assets on Coinbase platform (exchange, Prime, custody products) and 50% of reserve income on USDC held elsewhere (other exchanges, DeFi, wallets).
TVL on Orca doubled year-over-year as of February 2026.
Achieved $1 trillion in monthly transaction volume, with adoption up 78% year-over-year.
Burned $280 million USDC on Ethereum on February 17, 2026.
Achieved $64.3M in IBC (Inter-Blockchain Communication) transfer volume, ranking first among IBC assets.
Paired with Frax Finance frxUSD in Term USDC Meta Vault with DEX Liquidity on Curve Finance, now live.
Reached $8.83 billion USDC issued on Solana over the rolling 30-day period ending 2026-02-24.
Experienced among the fastest growth rates of native supply across blockchains on Sei as of February 11, 2026.
Integrated with Ch40sChain Credit Studio, enabling AI agents with ERC-8004 reputation to autonomously obtain cross-chain USDC liquidity.
CCTP V1 phase-out begins on July 31, 2026, making it legacy infrastructure.
CCTP V2 launched in March 2025, introducing Fast Transfer feature that cuts settlement time from 15 minutes to seconds and enabling post-transfer automation through Hooks functionality.
CCTP (Cross-Chain Transfer Protocol) moved $110 billion across 5.3 million transfers since April 2023.
Issued $250 million USDC on Solana on February 14, 2026.
Received an A- rating from Bluechip, outranking USD Coin (B+) and DAI (B+), with perfect scores in decentralization, management, and governance categories.
Achieved $94.9M in weekly IBC (Inter-Blockchain Communication) volume, ranking first among IBC assets.
Enabled as a loopable asset in Kamino's Stable Loops feature, allowing automated borrow/lend operations paired with PYUSD to capture rate spreads.
Paired with PYUSD in a 500M allocation via Spark-governed liquidity in January 2025.
Holds over $9 billion in stablecoin liquidity via USDS.
Reached $696 billion in total transaction volume on Solana.
Minted 500,000,000 USDC on Solana on February 13, 2026.
Issued $250 million USDC on Solana on February 12, 2026.
Reached nearly 100,000 unique holders on Sei as of February 11, 2026.
Integrates USDCx on Cardano by end of February 2026, enabling instant convertibility to USDC on Coinbase or Binance.
Endorsed an agent commerce platform, leading to an 8x price increase in agent tokens, and powers the open payment standard for OpenClaw agents.
Minted $500M USDC on Solana on February 12, 2026.
Reached 54% of large transaction volume on Solana versus 46% on Ethereum as of February 12, 2026.
Enabled instant tax refunds at Milan, Rome, and Venice airports February 2026, through Global Blue Group and Shift4 on Polygon.
Entered revenue-sharing agreement with Lighter protocol covering $920M of USDC deposited on their platform.
USDC reserves are managed by BlackRock with 40% in T-bills, 45% in overnight reverse repos, and 14-day average maturity.
USDC dropped to $0.88 when Silicon Valley Bank collapsed in March 2023, with Circle having $3.3 billion stuck there, recovering in approximately 2 days.
Combined trading volume for USDT and USDC reached $23 trillion in 2024, up 90% from 2023.
Zerohash integrated support for USDC stablecoin payments on Monad network.
Lenders on Arbitrum earn DRIP rewards through integration with Merkl on Dolomite.
Available for conversion to MegaUSD (USDM) via the Stargate bridge on MegaETH.
Added as a trading pair with BlackRock's BUIDL tokenized U.S. Treasury fund on Uniswap, enabling 24/7 liquidity.
Reached a record transaction volume of $33 trillion in 2025.