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Circle Internet Financial, LLC is the issuer of USDC. In Circle’s latest cited annual filing, dated December 31, 2025, about 88% of reserves were in the Circle Reserve Fund, a Rule 2a-7 government money-market fund managed by BlackRock; the fund’s assets were held in custody at BNY. The rest was typically cash in “for benefit of” (FBO) accounts, mainly at global systemically important banks (GSIBs).
You can verify those relationships by combining four documents: Circle’s dated Transparency & Stability page, Circle’s 2025 Form 10-K, the latest independent USDC reserve examination, and the daily fund disclosure referenced in the filing. Each source answers a different question, so no single page proves the entire reserve structure.
The short answer: issuer, manager, custodian and cash banks are different roles
USDC has one issuer: Circle Internet Financial, LLC. Circle entities create, redeem and administer the token. The issuer is not the same as the investment manager or the custody bank.
| Role | Entity identified in the cited disclosures | What the role covers |
|---|---|---|
| Issuer | Circle Internet Financial, LLC | Issues and redeems USDC, administers the reserve program and publishes disclosures. |
| Investment manager | BlackRock | Manages the Circle Reserve Fund, a Rule 2a-7 government money-market fund. |
| Custodian | BNY (BNY Mellon) | Holds the assets inside the Circle Reserve Fund; Circle also identified BNY as a primary custodian for USDC reserves. |
| Cash banks | Primarily GSIBs, plus additional operational banks | Hold the remaining reserve cash in accounts titled for the benefit of USDC holders. |
| Assurance provider | An independent Big Four accounting firm | Performs monthly third-party assurance and examines management’s reserve assertion against defined criteria. |
That distinction resolves two common misunderstandings. BlackRock manages a fund; it is not the USDC issuer. BNY holds fund assets as custodian; it does not create USDC. Circle remains responsible for issuance and redemption.
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Step-by-step: verify who holds the reserves
1. Start with Circle’s Transparency & Stability page
- Open Circle’s Transparency & Stability page.
- Locate the page’s dated “as of” line and record it. Do not treat an undated screenshot or search-result snippet as current reserve information.
- Review the sections for USDC circulation, reserve composition, weekly holdings, mint and burn flows, and links to monthly assurance reports.
- Read the redemption statement in context. Circle says: “USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always.”
The page is the best starting point for recency because it is refreshed more often than an annual filing. Its weekly holdings and circulation figures show what Circle is reporting at the stated date, while the linked assurance reports provide independent testing for specific month-end or report dates.
2. Confirm the legal issuer
- Find Circle’s corporate announcement identifying the issuer.
- Confirm the name exactly: Circle Internet Financial, LLC.
- Cross-check the issuer description in Circle’s 2025 Form 10-K. Circle’s announcement describes Circle Internet Financial, LLC as the sole issuer of USDC.
This step answers “Who actually issues USDC?” It is separate from asking where reserve assets are invested or safekept. A bank, asset manager or fund custodian can appear in the reserve chain without becoming the issuer.
3. Read the latest SEC filing for the manager and custodian
- Open Circle Internet Group’s 2025 Form 10-K and use the filing’s USDC-reserve sections rather than relying on summaries.
- Check the reporting date attached to each percentage. The cited allocation is a position as of December 31, 2025, not a promise that the same percentage applies throughout 2026.
- Record that approximately 88% of USDC reserves was in the Circle Reserve Fund, a Rule 2a-7 government money-market fund managed by BlackRock.
- Record that the assets inside that fund were held in custody at BNY.
- Record the filing’s description of the remainder: typically 10–20% as cash in FBO accounts, primarily at GSIBs, with a small fraction at additional banks.
- Read the account-language and encumbrance disclosures. The filing says reserves are held in accounts titled for the benefit of USDC holders and are not lent, borrowed against or encumbered, subject to the legal caveat described below.
The percentages describe the filing date and its “approximately” or “typically” qualifications. They should not be added as if they were a precise, permanent allocation: the fund share and cash share can move with redemptions, subscriptions, interest-rate conditions and operational transfers.
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- Open the latest independent USDC reserve examination linked from Circle’s transparency materials.
- Find the report date and the two figures headed USDC in Circulation and Fair Value of Assets Held in USDC Reserve.
- For the June 30, 2025 report, record 61,332,530,506 USDC in circulation and $61,397,784,739 in reserve assets.
- Compare the units correctly: the first number is a token amount; the second is a dollar fair-value amount measured at the report date.
- Note the difference: the reported reserve fair value exceeded reported circulation by $65,254,233 on that date.
- Read the accountant’s conclusion, not just the totals. The report says: “In our opinion, management’s assertion that the Fair Value of Assets Held in USDC Reserve is equal to or greater than USDC In Circulation as of the Report Dates in accordance with the criteria defined in the accompanying USDC Reserve Report is fairly stated, in all material respects.”
An examination supports the stated assertion at a defined date and under defined criteria. It is not a live, block-by-block guarantee that every future USDC can be redeemed under every market or legal condition.
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5. Check the daily fund-level disclosure
- Return to the 2025 Form 10-K and find the disclosure link for the BlackRock fund identified there as USDXX.
- Open the linked fund page and inspect its daily holdings or portfolio disclosure.
- Match the disclosure date to the date you are evaluating. The filing says this fund information is updated daily.
- Use the daily page to understand the fund’s portfolio, while using Circle’s transparency page and assurance report to evaluate the broader USDC reserve program.
Daily USDXX data has a narrower scope than a reserve examination. It can show what is inside the fund, but it does not by itself account for cash held in FBO accounts or prove the legal rights of token holders.
How the reserve structure works
Circle’s reserve standard limits eligible assets to a defined set of short-duration and cash instruments:
- U.S. Treasury securities with three months or less remaining maturity;
- Cash deposits at global banks;
- Overnight tri-party reverse repos fully collateralized by U.S. Treasuries;
- Government money-market funds; and
- Products whose underlying assets are limited to those categories.
This standard explains why the Circle Reserve Fund appears in the filing and why the fund’s portfolio matters. A government money-market fund can hold permitted government securities and related cash instruments while an investment manager handles day-to-day portfolio management. The custodian safeguards the fund’s assets; neither function changes who issues USDC.
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What each document can and cannot prove
| Verification source | Typical recency | Authority | Scope | Best use |
|---|---|---|---|---|
| Circle Transparency & Stability page | Dated page, with weekly holdings and flows | Issuer disclosure | Overall USDC circulation and reserve presentation | Establish the current “as of” date and find the latest supporting reports. |
| Circle Internet Group 2025 Form 10-K | Annual filing; cited position at December 31, 2025 | SEC filing | Reserve architecture, fund manager, custody, cash accounts and legal risk disclosures | Identify the entities and read management’s qualifications. |
| Independent examination report | Monthly report cycle; cited report dated June 30, 2025 | Independent accountant | Management’s assertion that reserve fair value met or exceeded circulation at report dates | Compare circulation with reserve fair value under the report criteria. |
| BlackRock USDXX disclosure | Daily, according to the filing | Fund-level portfolio disclosure | Assets held in the Circle Reserve Fund | Inspect current fund holdings without treating them as the complete reserve picture. |
Use all four in sequence. Recency tells you how old the information is; authority tells you who is making or testing the statement; scope tells you whether it covers the fund or all reserves; role clarity tells you whether a named entity is the issuer, manager, custodian or cash bank.
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Is USDC backed, audited or attested?
Circle’s materials describe monthly third-party assurance, and an independent accountant examines management’s reserve assertion. The June 30, 2025 report is an examination rather than a general-purpose audit of every aspect of Circle’s business. It tests whether the reserve assertion meets the criteria in the accompanying USDC Reserve Report at the specified report dates.
That distinction matters when reading headlines such as “USDC is audited.” A reserve examination provides evidence about the relationship between circulation and qualifying reserve assets at a stated date. It does not replace an audit of Circle’s full financial statements, guarantee the market value of every instrument under all conditions, or establish that a particular custodian will always be legally entitled to transfer assets in a failure scenario.
Custody, ownership and bankruptcy limits
The Form 10-K says reserves are held in accounts titled for the benefit of USDC holders and are not lent, borrowed against or encumbered. Those statements describe the intended operational and contractual arrangement. They do not eliminate legal uncertainty: Circle also says courts have not yet definitively ruled on how reserve assets would be treated if an issuer entered bankruptcy.
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- Where are assets recorded? The filing identifies the fund, its manager and BNY custody, plus separate cash accounts.
- Are the assets sufficient under the report criteria? The independent examination addresses this at its report dates.
- What happens in an insolvency or dispute? The filing identifies unresolved legal treatment, so no disclosure should be read as an absolute bankruptcy guarantee.
Common mistakes and how to avoid them
Mistake: calling BlackRock the issuer
BlackRock manages the Circle Reserve Fund. The issuer remains Circle Internet Financial, LLC. Always label the entity before describing its function.
Mistake: treating BNY as the only place reserves sit
BNY is the custodian for assets inside the Circle Reserve Fund and was announced as a primary custodian for USDC reserves. The filing separately describes cash in FBO accounts at multiple banks, so a fund-custody statement is not a complete map of every reserve dollar.
Mistake: presenting the December 31, 2025 allocation as a 2026 snapshot
The approximately 88% figure and the 10–20% cash description are dated disclosures. Check Circle’s newest dated transparency page and later filings before making a current-period claim.
Mistake: comparing unlike numbers
USDC in circulation is a token quantity; fair value of reserve assets is a dollar valuation. Compare the two only when they come from the same report date and criteria.
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Mistake: using a fund page to represent all reserves
The daily USDXX disclosure covers the Circle Reserve Fund. It does not substitute for Circle’s reporting on FBO cash, circulation, mint and burn activity, or the independent examination.
Mistake: assuming an attestation is a redemption guarantee
An examination tests a defined assertion. It does not remove market, operational, regulatory or insolvency risk, and it is not evidence that every redemption request will settle instantly in every circumstance.
A repeatable checklist for future checks
- Write down the “as of” date shown on Circle’s Transparency & Stability page.
- Confirm that Circle Internet Financial, LLC is identified as the sole issuer.
- Locate the newest SEC filing and record its reporting date before copying any percentage.
- Separate the investment manager, fund custodian and cash banks in your notes.
- Open the latest independent examination and copy both circulation and reserve-fair-value figures with their report date.
- Check whether the reserve fair value is equal to or greater than circulation under the accountant’s stated criteria.
- Use the daily USDXX disclosure for fund-level detail, not as a substitute for the full reserve picture.
- Read the legal caveats about FBO accounts, encumbrance and bankruptcy treatment before drawing a custody conclusion.
- When publishing or sharing your findings, attach every number to its date, source and scope.
What a properly worded conclusion looks like
A precise conclusion would say: Circle Internet Financial, LLC issues USDC; as reported for December 31, 2025, most reserves were in a Circle Reserve Fund managed by BlackRock and held in BNY custody, while the remainder was generally cash in FBO accounts at major banks; and the June 30, 2025 independent examination found reserve fair value greater than USDC in circulation under its defined criteria. That wording identifies each role, preserves the dates and avoids turning a dated disclosure into a permanent guarantee.
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