Circle
Circle Internet Group, Inc.
Circle is the fintech that issues the USDC and EURC stablecoins through regulated affiliates and is among the global leaders in the sector: at the end of Q1 2026, USDC in circulation was ~$77 billion (+28% YoY), with ~$21.5 trillion in on-chain volume during the quarter. It provides infrastructure, APIs and network services for payments and blockchain applications aimed at fintechs, exchanges and enterprises. The company is listed on the NYSE (ticker CRCL) following its 5 June 2025 IPO and holds the reserves backing the stablecoins it issues, mostly in the BlackRock-managed Circle Reserve Fund, with monthly attestations.
Data & conditions
| Service type | Stablecoin infrastructure |
|---|---|
| Pricing model | Custom quote |
| Stablecoins | USDC, EURC |
| Custody model | qualified-custody |
| Customer type | Fintech, Enterprise, Developers, Platforms |
| Processed volume | $21.5T |
| Fund custody | Custodial (platform holds funds) |
| Supported countries | US, EEA, UK, APAC, LATAM |
| Regulator | NYDFS (US), ACPR (Francia, MiCA) |
| Segment | B2B |
| Funding / solidity | NYSE-listed (CRCL) since 5/6/2025 (IPO at $31/share). Q1 2026: USDC in circulation ~$77B (+28% YoY), USDC on-chain volume ~$21.5T (+263% YoY), total revenue and reserve income $694M (+20% YoY). EURC ~EUR 386M (May 2026). Reserves mostly in the BlackRock-managed Circle Reserve Fund (USDXX, a 2a-7 money-market fund) plus cash at G-SIB banks; monthly attestations (Deloitte). |
| MiCA / License status | NYDFS (New York)US state Money Transmitter LicensesMiCA EMI (Circle, ACPR France) USDC/EURC issued via regulated affiliates; EURC MiCA-compliant |
Strengths
- Leading USDC/EURC issuer (~$77B USDC in circulation, Q1 2026) with transparent reserves in the Circle Reserve Fund (BlackRock) and monthly attestations.
- NYSE-listed company (CRCL): public-company level of disclosure and scrutiny.
- No notable sovereignty advantage documented.
Weaknesses
- B2B infrastructure: developers integrate it, consumers use USDC indirectly.
- Centralized model: reserves and issuance depend on a single regulated issuer.
- Custodial: the platform holds your funds and can freeze or lose them.
- Subject to regulation (USDC/EURC issued via regulated affiliates; EURC MiCA-compliant): reporting to authorities and freezes on order.
Verdict
Score 4.7/5, outstanding profile. In its favour: leading USDC/EURC issuer (~$77B USDC in circulation, Q1 2026) with transparent reserves in the Circle Reserve Fund (BlackRock) and monthly attestations. The trade-off to weigh: b2B infrastructure: developers integrate it, consumers use USDC indirectly.
On the Sovereignty lens the score is 0.5/5 (weak): the strength is fund control (0.5/5).
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Can an individual use Circle directly?
Indirectly: an individual holds USDC or EURC via exchanges and wallets, but Circle's services and APIs are aimed at fintechs, exchanges and enterprises.
Who backs the value of USDC?
Circle holds reserves (cash and short-term government securities, mostly in the BlackRock-managed Circle Reserve Fund) backing each USDC in circulation, with monthly third-party attestations.
Sources
- Official service page Descrizione Data verified on Jul 17, 2026
- blackrock.com Data verified on Jul 17, 2026
- cnbc.com Data verified on Jul 17, 2026
Update history
- Commercial-data re-verification (2nd pass): added USDC in circulation ~$77B (Q1 2026, +28% YoY), USDC on-chain volume ~$21.5T (+263%), revenue/reserve income $694M, EURC ~EUR 386M (May 2026), reserves in the BlackRock Circle Reserve Fund (USDXX) + G-SIB cash with monthly attestations, IPO date 5/6/2025. Sources: Circle Q1 2026 results release, Transparency page, BlackRock fund page.