USD Coin (USDC)
Best for collateralised issuance at scale
How it rates
- $72,272m circulating, recorded independently
- Collateralised model (fiat-backed)
- Issued across 154 chains
- Reserve attestations are not scored in this category
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.
- MetPeg mechanism disclosed in the public dataset
Mechanism recorded as fiat-backed.
stablecoins.llama.fi/stablecoins - MetBacking model is collateralised rather than algorithmic
Recorded as fiat-backed.
stablecoins.llama.fi/stablecoins - MetCirculating supply published independently
$72,272m circulating at this check.
stablecoins.llama.fi/stablecoins - Met
- MetPrice tracked and at peg in the public dataset
Recorded price 0.9996.
stablecoins.llama.fi/stablecoins
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- MetTraded within 0.5% of peg at this check
Recorded price 0.9996; deviation 0.04%.
stablecoins.llama.fi/stablecoins
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
The largest regulated stablecoin, with $72bn circulating across 154 chains, monthly reserve attestations and a US-listed issuer.
Our assessment
USDC has $72bn circulating across 154 chains — the broadest chain coverage of any stablecoin — and traded 0.04% from parity at this check. Its issuer is a regulated, publicly listed US company that publishes monthly reserve attestations.
Reserves you can actually check
Reserves are held in cash and short-dated US Treasuries, with monthly attestations naming the custodians and the composition. That is a materially higher standard of disclosure than most of this sector provides, and it is the reason institutions that cannot hold USDT will hold USDC.
March 2023 is the essential context
When Silicon Valley Bank failed, $3.3bn of USDC reserves were held there and the token fell to around $0.87 over a weekend. It recovered fully once the deposits were guaranteed. The episode showed that a fully backed stablecoin can still break if the banks holding the backing fail — regulated reserves are exposed to the banking system, not insulated from it.
Regulatory alignment cuts both ways
Working within the regulatory system means the issuer can freeze addresses in response to legal orders, and has done so. For most users that is a feature. For anyone who needs censorship resistance, it is the reason to hold something else entirely.
Who it suits
USDC fits users and institutions who want transparent, regulated backing and the widest chain support. Users needing maximum trading liquidity, particularly outside the US, will find deeper markets in USDT.
How rivals compare
Frequently asked
Does this score assess the quality of reserves?
No. Reserve attestations vary too much between issuers to compare from one public source. The score covers backing model, scale and distribution; read the issuer's own reserve reporting separately.
Where does the data come from?
A public stablecoin dataset queried at the verification date. Anyone can re-run the same query.
Why are algorithmic stablecoins scored lower?
The rubric credits collateralised backing explicitly. Algorithmic designs have the weakest track record and the indicator reflects that.