What Does Circle Actually Do?
Circle creates and manages stablecoins, USDC, and EURC. The company claims both stablecoins are redeemable at 1:1 for the corresponding fiat currency. Circle holds reserves in cash and short-term US government bonds (Treasuries) to support this backing. It holds the bulk of USDC reserves via the Circle Reserve Fund, which BlackRock manages
For transparency and security, Circle’s reserves undergo monthly checks by Deloitte, with public attestations that confirm the strength of the reserves and that they are enough to cover the amount of USDC in circulation.
How We Scored Circle?
Circle is not a crypto exchange or brokerage. So, we customized our review methodology to score it based on what it offers: issuance, redemption, multichain infrastructure, and institutional-grade compliance.
Overall Score Summary
Quick Verdict
Circle is the company behind the USDC stablecoin, currently the second-largest stablecoin by market cap, according to CoinGecko. Circle is not a crypto exchange. So, it has a different user profile.
Its main product, Circle Mint, caters to businesses such as fintechs, exchanges, payment processors, and treasury teams. These businesses use Circle to mint and redeem USDC and EURC at scale. Circle’s services extend beyond issuing stablecoins. It also provides infrastructure for stablecoins.
This infrastructure includes services like CCTP, Circle Wallets, and the Circle Payment Network. Circle is developing its layer 1 blockchain, Arc, which is especially designed for stablecoins.
Circle achieved a major milestone in 2025 by becoming a public company following its listing on the NYSE in June 2025. Regulatory compliance and transparency are a strong part of Circle’s pitch.
However, the company made headlines in 2023 after USDC temporarily lost its $1 peg following Circle’s ties to the failed Silicon Valley Bank in 2023. The situation showed that regulated companies like Circle can face risk from the traditional banking system.
- Circle has a deep US/EU regulatory footprint.
- Strong transparency, with monthly third-party attestations
- Broad multichain USDC availability makes access easy.
- Offers growing payments/FX infrastructure (CPN, StableFX, Gateway).
- Circle’s product is not retail-focused or for low-volume business.
- The onboarding is a full KYB process and could take longer depending on jurisdiction and specific requirements.
How to Open a Circle Mint Account?
- First, begin by understanding the ideal user profile for Circle Mint. Eligible applicants are businesses like banks and credit unions, payment processors and money transmitters, crypto exchanges, custodians, brokerages and OTC desks, and investment firms such as hedge funds and VC firms.
- Once you understand and fit the profile, check the requirements of the application process. Part of this process includes submitting key company documents, financial or regulatory licenses, and independent audit evidence.
Overall, the required documents would depend on your business type and your jurisdiction.
Security, Regulation and Track Record
Licensing and regulatory compliance are part of Circle’s pitch. The company operates with an OCC national trust charter, a NYDFS BitLicense, FinCEN MSB registration. It also holds money transmitter licenses across 46 US states.
Circle’s license also stretches into the EU. The Circle Mint Europe SAS holds an EMI license under MiCA, granted by France’s ACPR in July 2024. Overall, Circle claims to have over 55 licenses across the US, EU, UK, Canada, Bermuda, UAE, Japan, and Singapore.
Circle faced its biggest test in 2023 when $3.3 billion of its reserves were held at Silicon Valley Bank during its collapse. During that time, USDC briefly lost its dollar peg, which it eventually recovered. Following that incident, Circle has taken a diversified approach.
Final Verdict - Should You Use Circle?
If you’re a fintech, financial institution, or developer that needs a regulated, transparent stablecoin infrastructure provider, Circle stands out. It has licenses across key markets like the UK, US, Singapore, EU, UAE, and Canada.
It also offers attestations and public company disclosure. Circle has never been hacked, and aside from the 2023 USDC depeg, Circle has had a strong track record.
Did you find this review helpful?
Our Review Methodology
At CoinGape, we take our review methodologies seriously. Our recommendations are based on hands-on testing and objective evaluation criteria, with a clear separation between editorial analysis and commercial relationships.
Each platform included in this guide is reviewed using a consistent framework designed to reflect how the platform performs in real-world business use cases.
1. Hands-On Testing
We create merchant accounts and process real transactions on every gateway we review. This allows us to evaluate onboarding, checkout experience, settlement flow, and overall usability from a business perspective.
2. Fee Verification
All fees are verified directly through official documentation and test transactions. We assess percentage-based fees, fixed charges, conversion costs, and note any hidden or conditional fees where applicable.
3. Security Assessment
We evaluate security features, custody models, compliance certifications, and platform track record. This includes reviewing publicly reported incidents, regulatory positioning, and available security controls.
4. Support Testing
We contact customer support with real queries to assess response times, clarity, and effectiveness across available channels such as email, live chat, or documentation.
