USDC (USD Coin) is a StablecoinStablecoinA cryptocurrency designed to keep a steady price, usually by tracking the US dollar or another currency. issued by the US company Circle. One USDC is meant to equal one US dollar, and Circle promises to redeem each USDC for one dollar. In October 2026 it was the world's second-largest stablecoin, after USDT.
How does USDC work?
For every USDC, Circle holds assets in a reserve. Most of it sits in a money market fund that invests in short-term US government debt, and the rest is cash at banks. An accounting firm attests to the reserve every month, and the reports are published.
USDC exists on dozens of blockchainsBlockchainA public ledger where transactions are grouped into blocks, each linked to the one before, so past records can't be altered without it showing., including Ethereum and Solana. On each network it is a TokenTokenA digital asset created with a smart contract on another cryptocurrency's blockchain, rather than on a blockchain of its own. managed by a smart contract.
In July 2024 Circle obtained an electronic money institution licence in France. Circle says that USDC has since been issued in line with MiCAMiCAThe EU regulation on markets in crypto-assets, in force in Iceland since 1 January 2026, which sets the same rules for crypto services across the EEA., which also applies in Iceland.
USDC at Myntkaup
USDC is the base currency of Myntkaup accounts. USDC can't be deposited or withdrawn on-chain at Myntkaup.
What to keep in mind
USDC is not a bank deposit, and no deposit guarantee covers it. Its price can also drift away from one dollar. In March 2023 it emerged that USD 3.3 billion of the reserve was stuck at Silicon Valley Bank, which had just failed. USDC briefly fell below 90 cents but regained its dollar peg a few days later.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.