Circle USYC
Best for independently tracked protocol
How it rates
- $3,005m recorded independently
- No audit report linked in the public dataset at this check
- No accounting methodology published at this check
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- Not metIndependent audit report linked publicly
No audit report linked in the public dataset at this check.
defillama.com/protocol/circle-usyc - Not met
- MetTracked by an independent analytics platform
Listed with published value and history.
defillama.com/protocol/circle-usyc - Not met
- PartialApplication reachable at a public address
Published at a documented URL; automated retrieval blocked at this check.
www.circle.com/usyc
- PartialApplication reachable without an account
Published at a documented URL; automated retrieval blocked at this check.
www.circle.com/usyc - MetProtocol economics published independently
Value and change history published.
defillama.com/protocol/circle-usyc - Not met
- Not met
- PartialNo account required to reach the application
Published at a documented URL; automated retrieval blocked at this check.
www.circle.com/usyc
- Met
- Met
- Met
- Met
- Met
- Met
- Not met
- Met
- Met
- Not met
- PartialApplication reachable
Published at a documented URL; automated retrieval blocked at this check.
www.circle.com/usyc - Met
- Not met
- Not met
- Met
A tokenised treasury product from a regulated issuer holding $3.01bn, with limited public protocol-level disclosure.
Our assessment
Circle USYC holds $3.01bn of tokenised treasury exposure from a regulated, listed issuer, and scores 5.4 in this comparison. As with BUIDL, the gap between the issuer's standing and the protocol score is the point worth explaining.
Corporate disclosure is not protocol disclosure
The issuer publishes audited financials and monthly reserve attestations for its stablecoin business. Those are strong controls. They do not tell a reader how this specific product's contracts work, whether they have been reviewed, or what happens to holders in a redemption freeze — which is what our protocol rubric asks.
Institutional products are documented privately
Products aimed at institutional treasury management are typically explained through direct relationships, term sheets and bilateral reporting rather than public pages. That serves the intended holders and leaves public evidence thin, which is exactly what our score records.
Read it as a yield instrument, not a stablecoin
USYC accrues yield into its price rather than tracking a dollar, so it will trade well above parity. Anyone treating it as a settlement asset has misunderstood the instrument — the same issuer's USDC is the product designed for that purpose.
Who it suits
USYC fits institutions wanting on-chain treasury yield from a regulated issuer, with documentation obtained directly. Users needing public evidence should compare Ondo or Spiko.
How rivals compare
Frequently asked
Does this score mean Circle USYC is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded data. Contract and custody risk are not tested by us.
Where do these figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Anyone can re-run the query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. It records what a user can reach, not a claim that no audit exists.