What Circle says
Circle says each USDC can be redeemed for one US dollar, and that cash and short-term assets cover every coin. Most of the reserve sits in the Circle Reserve Fund (USDXX), a US government money-market fund managed by BlackRock. The reserve mix on the page is dated 22 Oct 2026.
Circle says it publishes the reserves each week, including coins created and destroyed, and that a large accounting firm checks each month that the reserves are worth more than the USDC in circulation. The reports follow US attestation standards, and they have been issued since 2018. That is Circle's account. It is not a finding by the FCA. The FCA says stablecoin reserves vary in practice, and it does not name USDC here.
The newest 2026 examination file linked from the page is August. January to August are linked. September and October are not. The August file was not opened, so no figure is taken from inside it.
- Source: Transparency, Circle · read 26 Oct 2026
- Source: USDC examination report, Aug 2026, Circle (Aug 2026) · read 26 Oct 2026
- Source: Crypto: The basics, Financial Conduct Authority (first published 17 Feb 2023) · read 26 Oct 2026
Technical detail
Circle calls the fund an SEC-registered 2a-7 government money market fund, and calls the accountant a Big Four firm. The standards are those of the American Institute of Certified Public Accountants. A circulation number was only a script value on an empty line. The unit was not in the text that was saved, so it is not stated.