$USDC Issuer: Jointly initiated by Circle and Coinbase, Circle is responsible for operations and reserve management, and is currently the second largest stablecoin in the market (as of 2025, with a market value only behind USDT).

• Reserve Mechanism: Committed to 100% reserve support, reserve assets include cash, short-term U.S. Treasury bonds, and other highly liquid assets, with regular audit reports (such as monthly reserve proofs) published to maintain currency stability.

Market Performance and Applications

• Market Value and Liquidity: In 2024, Circle's revenue was approximately $1.7 billion, with USDC's market value briefly surpassing $50 billion, primarily circulating in cryptocurrency exchanges (such as Coinbase, Binance) and DeFi (Decentralized Finance) protocols (such as Uniswap, Aave) for trading, lending, staking, and other scenarios.

• Policy Impact: After the U.S. Senate passed stablecoin-related legislation in 2025, USDC, as a compliant stablecoin representative, saw its issuer Circle's stock price soar (with an increase of over 31% during the week of June 16), enhancing market recognition of compliant stablecoins.