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Brief
Circle's dollar stablecoin, backed by cash and cash-equivalent reserves. The majority of reserves sit in the BlackRock-managed Circle Reserve Fund (USDXX), a separate fund from BUIDL. Circle also provides a smart-contract off-ramp for BUIDL shares into USDC.
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Primary sources
Checks cover the claims listed below. Other details may still need review.
- Circle: USDC reserve composition (opens in a new tab)
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- USDC reserves comprise cash and cash equivalents, with most in USDXX.
- BlackRock: Circle Reserve Fund (USDXX) (opens in a new tab)
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- USDXX is the Circle Reserve Fund, distinct from BUIDL.
- Circle: BUIDL share transfers for USDC (opens in a new tab)
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- April 11, 2024 announcement of a BUIDL-to-USDC smart-contract off-ramp.
- Circle: eight local-currency Mint on/offramps (opens in a new tab)
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- August 18 Mint expansion to eight currencies with in-product FX and regional eligibility.
- Circle: Mint France stablecoin payouts (opens in a new tab)
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- Circle Mint France opened its Payouts API to eligible European partners. Businesses can automate third-party USDC and EURC payouts to hosted wallets, extending Circle's institutional payment tools into Europe.
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Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20, erc-7528
- Jurisdiction
- US
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Milestones
How this player got here.
- Aug 2026Circle Mint expanded to eight local-currency on/offramps
- Jul 2026Mint France opened USDC and EURC third-party payouts
- Dec 2025Established as the dollar leg for Coinbase Wrapped Assets via CCIP bridges
- Jun 2025Circle IPO on NYSE accelerated USDC institutional adoption
- Mar 2025Crossed $60B market cap
- Jun 2024Native issuance on 14 chains
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Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
