Compare / USDC · EURC
One underlying. Different promises.
Two tokens can reference the same asset without giving holders the same rights.
USD CoinAs of 24 Oct 2026
What you getUSDC is an e-money token backed by an equal amount of US-dollar assets held by Circle SAS and redeemable 1:1 for US dollars. Confirmed
Who owes the holderEEA holders have a legal claim against Circle SAS as the EEA issuer of USDC. Confirmed
Holder rightsHolders outside the EEA must rely on Circle LLC's terms and have no right to seek redemption from Circle SAS. Confirmed
Regulator / licenceCircle SAS is an electronic money institution registered with the French ACPR under number 17788. Confirmed
Governing law and disputesDisputes about the public offer of USDC in the EEA go exclusively to the commercial courts of Paris, France. Confirmed
Redemption for moneyUSDC holders have a right of redemption at any time and at par value. Confirmed
Who may redeemThe right to redeem USDC at par applies to holders located in the European Economic Area. Confirmed
FeesCircle does not charge redemption fees for redeeming USDC for US dollars within the EEA. Confirmed
When redemption can be suspendedIf the ACPR triggers Circle SAS's Redemption Plan, individual redemption claims are suspended. Confirmed
Reserve assetsFor every USDC in circulation, Circle SAS or Circle LLC holds one US dollar or an equivalent amount of US-dollar assets in segregated accounts. Confirmed
CustodyReserves are held with regulated financial institutions in accounts segregated from Circle SAS's own funds, for the benefit of EEA holders. Confirmed
Attestation and its scopeAn accounting firm reviews the reserves monthly and confirms they match or exceed the USDC in circulation. Confirmed
Freezing and blockingCircle SAS may freeze USDC, temporarily or permanently, where it finds transactions likely linked to criminal offences. Confirmed
Issuing new tokensThe minting contract sets no fixed cap on USDC supply. Confirmed
Upgrading the contractUSDC on EVM chains, including Ethereum, uses upgradeable proxy contracts whose logic can be changed without changing the token address. Confirmed
Changing the termsUpdated terms of use take effect 30 days after email notice unless the customer objects before then. Confirmed
Contract code can be replaced (proxy)Yes — Proxy admin is a single-key account
Euro CoinAs of 24 Oct 2026
What you getAs a fully reserved e-money token, EURC is backed by an equivalent amount of euro-denominated assets held by Circle SAS and redeemable 1:1 for euros. Confirmed
Who owes the holderEURC holders have a legal claim against Circle SAS, the sole issuer of EURC. Confirmed
Holder rightsSending EURC to another address passes the right to redeem it for euros to the new holder, if that holder is eligible. Confirmed
Regulator / licenceCircle Internet Financial Europe SAS is a licensed electronic money institution authorized to issue USDC and EURC as regulated e-money tokens under MiCA regulation in the EEA. Claimed
Governing law and disputesDisputes about the public offer of EURC in the EEA go exclusively to the commercial courts of Paris, France. Confirmed
Redemption for moneyEURC holders have a right of redemption at any time and at par value. Confirmed
Who may redeemBuying or redeeming EURC directly from Circle (Circle Mint) is open only to institutions in supported jurisdictions. Confirmed
FeesHolders pay the network fees (for example gas on Ethereum and Base) when they use EURC. Confirmed
When redemption can be suspendedIf the ACPR triggers Circle SAS's Redemption Plan, individual redemption claims are suspended. Confirmed
Reserve assetsFor every EURC in circulation, Circle SAS holds one euro or an equivalent amount of euro assets in segregated accounts. Confirmed
CustodyReserves are held with regulated financial institutions in accounts segregated from Circle SAS's own funds, for the benefit of EURC holders. Confirmed
Attestation and its scopeAccounting firms review the reserves monthly and confirm they match or exceed the EURC in circulation. Confirmed
Freezing and blockingCircle SAS may freeze EURC, temporarily or permanently, where it finds transactions likely linked to criminal offences. Confirmed
Issuing new tokensThe minting contract sets no fixed cap on EURC supply. Confirmed
Upgrading the contractEURC on Avalanche, Base and Ethereum uses upgradeable proxy contracts (UUPS). Confirmed
Changing the termsCircle SAS may amend holders' rights and obligations and announces changes through the white paper or its redemption policy. Confirmed
Contract code can be replaced (proxy)Yes — Proxy admin is a single-key account
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