USD Coin (USDC)
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anchored·5oUj6B…bgTJSummary
USD Coin (USDC) is a U.S. dollar-pegged stablecoin issued by Circle Internet Group, a publicly traded (NYSE: CRCL) and U.S.-regulated financial technology company. USDC is widely used across crypto markets and is backed by cash and short-duration U.S. Treasury securities, with reserves attested monthly by Grant Thornton. The token briefly lost its peg in March 2023 after Circle disclosed reserve exposure to the failed Silicon Valley Bank, and Circle has separately faced criticism and litigation over delays and refusals in freezing USDC linked to hacks and scams, alongside historical SEC scrutiny of Circle's former Poloniex subsidiary.
Connected Entities
11 entities · 59 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Stellar→mentioned with→Ethereum(60%)
- Circle→mentioned with→Ethereum(70%)
- Circle→mentioned with→USD Coin (USDC)(75%)
- Circle→mentioned with→Solana(80%)
- Circle→mentioned with→Tether(70%)
- Ethena→mentioned with→Ethereum(75%)
- USD Coin (USDC)→mentioned with→Poloniex(70%)
- USD Coin (USDC)→mentioned with→Polygon(60%)
- USD Coin (USDC)→mentioned with→Ethereum(80%)
- + 16 more
Connected Through
11 shared actors · 609 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □Solanaorganization
- ♦Coinbasetoken
- □Arbitrumorganization
Live On-Chain Activity
1 address watched · via HeliusTimeline(16 events)
2018
USDC launches, issued by Circle through the Centre consortium, backed by cash and cash-equivalent reserves attested monthly by Grant Thornton.
New levels of detail in the monthly USDC attestationJuly 2021
Circle discloses it received an SEC Enforcement Division subpoena requesting documents on its holdings, customer programs, and operations.
Decrypt9 August 2021
SEC fines Circle's former subsidiary Poloniex $10 million for operating an unregistered digital asset exchange from July 2017 to November 2019.
The BlockAugust 2022
Following U.S. Treasury sanctions on Tornado Cash, Centre/Circle blacklists dozens of associated Ethereum addresses, freezing over 75,000 USDC across 44 sanctioned addresses.
The Block10 March 2023
USDC depegs to as low as $0.87 after Circle discloses $3.3 billion of reserves were held at the failed Silicon Valley Bank.
DecryptMay 2025
Cetus Protocol is exploited for roughly $223 million; ZachXBT later alleges Circle blacklisted the relevant address only about a month afterward, after funds had been converted out of USDC.
The BlockMay 2025
A Walworth County, Wisconsin resident is persuaded by a romance scammer to convert savings into USDC and send it to a fraudulent wallet.
UnchainedMay 2025
Circle launches its IPO on the NYSE under ticker CRCL, pricing shares at $31, above the expected range.
Cointelegraph / Renaissance Capital5 June 2025
Circle completes its NYSE listing; shares close up 168% on the first trading day.
XTB Market AnalysisAugust 2025
A Walworth County court orders Circle to freeze the stolen USDC tokens; Circle complies by blocklisting the wallet.
UnchainedDecember 2025
A second Walworth County warrant directs Circle to invalidate the frozen USDC and reissue new tokens or provide a cash equivalent; Circle says it cannot do so technically.
UnchainedApril 2026
Walworth County, Wisconsin prosecutors file a misdemeanor criminal complaint against Circle alleging it disobeyed a court warrant over the stolen USDC.
BeInCryptoApril 2026
The Solana-based Drift Protocol is exploited for over $280 million; an attacker allegedly bridges roughly 232 million USDC from Solana to Ethereum via Circle's CCTP over six hours with none frozen.
The Block3 April 2026
On-chain investigator ZachXBT publicly accuses Circle of inconsistent, sometimes slow freezing of USDC tied to over $420 million in illicit funds across roughly fifteen cases since 2022.
The BlockJune 2026
Circle files a motion to dismiss the Walworth County criminal complaint, arguing it has no jurisdiction and no technical ability to reissue USDC that has left its control.
Unchained5 August 2026
Circle reports Q2 2026 results: USDC circulation of $73.3 billion (up 19% YoY) and $70.1 million in revenue.
KuCoin NewsDecision Log
- slot 455533967 · hash BTVwqDFVgSyQGuEJCirChP3zrTtFAvjuty7TT5c1aX6a
- slot 423949560 · hash 6WzQUpFLsPzHokbnNvfGHTXxqTLKKgXEbf5E91vCsZps
- slot 423949557 · hash 8BwSBuZBSod1NLbga1VP6p12v7Fks9Ptvko5JZvDXaMF
- slot 423422779 · hash 5puq3f4xgQ8aDacVT2YrdWZXh1YaNzLJvQS6s8eQ4Ae9
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 15 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/31/2026, 5:48:46 PM
last updated: 10/7/2026, 12:05:30 AM
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