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[Circle]

USDC

Grade
B+
Date of Rating:
June 4th, 2023
Last Change:
June 4th, 2023
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
USDC Price
Last Update:
19/09/2026 04:01:00
$0.999735
Market Cap
$74,311,288,895
24h Volume
$22,790,827,017
Collater­alization
100%
Peg
USD
Backing
Fiat
Data provided by
Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
Core Team
  • Hidden Name
  • Hidden Name
Audits
Native Chains
  • Chain
Links
Full Report
Scoring Guidelines
[S]
[M]
[I]
[D]
[G]
[E]
0.00
0.00
0.00
0.00
0.00
0.00
Circle
B+
  • USDC is considered one of the safest stablecoins. It is issued by Circle and jointly promoted by Coinbase.
  • USDC’s reserves comprise short dated US Treasuries and cash deposits in fully segregated accounts. However, Circle's claims of USDC reserves being bankruptcy-remote are yet to be proven, making it less safe than its NYDFS-approved peers.
  • USDC is one of the most versatile stablecoins that is suitable for the general public, institutions and crypto traders due to its deep liquidity and wide market coverage on centralized and decentralized exc

USDC's rating can be upgraded from B+ to A- by:

  • establishing that USDC's reserves are bankruptcy-remote AND
  • incorporating transparent and reasonable timelines for redemption in the Terms of Service, similar to conditions imposed by the NYDFS on stablecoin issuers under its authority.

 

Circle
Stability

The Stability factor is evaluated on the following:

  1. Reserves Management - Quality, quantity, storage and segregation of reserve assets
  2. Market Feedback - Indicators of market's confidence in a stablecoin derived from price and trade data
  3.  Mechanism - Stabilization methods that protect the stablecoin 
Circle
Management

The Management factor is evaluated on the following:

  1. Restrictions - What deterrents exist to prevent key personnel of stablecoin projects from unethical and illegal behavior?
  2. Negative Track Record - Have key personnel been involved in scams, frauds or other illegal activities?
Circle
Implementation

This factor evaluates technical implementation using sub-factors that cover smart contract quality, oracle & bridge risk, supply integrity, and more.

This rating was published under a previous version of our methodology, which did not assign a standalone score to this factor.

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Circle
Decentralization

This factor evaluates censorship resistance using indicators like regulatory oversight, asset custody, and governance controls.

Decentralization is not a key objective for Circle Internet Group, who prioritizes compliance over decentralization. Therefore, this factor is not assessed.

Circle
Governance

The Governance factor for fiat-backed stablecoins is evaluated on the following:

  1. Holder Protection - What rules, statutes or code exist to protect interests of stablecoin holders
  2. Reserves Verification - What checks are done to ensure existence of reserves?
  3. Redemptions - Do issuers have transparent and reasonable redemption terms? 
Circle
Externals

This factor evaluates external feedback using indicators like prediction markets, social sentiment, perpetual futures, and more.

Currently, we do not assign a standalone score to this factor. An independent assessment of external feedback will be included in future iterations.