What is USDC's quality score?

USDC (Circle) scores 88/100 on OnChain Benchmark's Stablecoin Quality Rating — Verified Capital, as of Oct 10, 2026 (methodology v1.5-stablecoin).

How is USDC's quality score calculated?

OnChain Benchmark scores USDC across four equally weighted dimensions, each out of 25: reserve quality (23/25), redemption depth (24/25), transparency (19/25), holder concentration (not published — holder base too large or too widely distributed to measure to ground truth). The 88/100 composite reflects the three measured dimensions, renormalized. The full rubric is published at onchainbenchmark.com/methodology.

What does Verified Capital mean?

Under OnChain Benchmark methodology v1.5-stablecoin, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). USDC scores 88/100, placing it in Verified Capital. Note that one of four dimensions cannot yet be measured for this instrument: Its holder base is too large or too widely distributed to measure to ground truth, so the concentration figure is not published. The composite reflects the three measured dimensions, renormalized.

OCB — Quality Rating · Stablecoins

USDC Quality Rating

Q: How concentrated is USDC's ownership?

OnChain Benchmark does not publish a holder-concentration figure for USDC. Its holder base is too large or too widely distributed to measure to ground truth, so the concentration figure is not published. USDC's composite reflects its other measured dimensions.

USDC (Circle) scores 88/100 on OnChain Benchmark's Stablecoin Quality Rating — rated Verified Capital (methodology v1.5-stablecoin, as of Oct 10, 2026).

Latest onchain read Oct 10, 2026

Updated daily

Quality score

of 100 · Verified Capital

Dimensions measured

of 4

Outstanding supply

$73.31B

as of Oct 10, 2026

Chains

with measured supply

Why USDC scores 88

The biggest gap in USDC's score is that its reserve reports are voluntary.

The three measured dimensions total 66 of a possible 75. Rescaled to 100, that is 88.

Composite

88 / 100

Dimension	Score	Why it scored this
Transparency The reserve reports are current and regular, but they're voluntary rather than required by a regulator. Upgrade factorCircle already owns a federally chartered trust bank (Circle National Trust); issuing USDC, or managing its reserves, through it would qualify (up to 23).	19 / 25	The reserve reports are current and regular, but they're voluntary rather than required by a regulator. Upgrade factorCircle already owns a federally chartered trust bank (Circle National Trust); issuing USDC, or managing its reserves, through it would qualify (up to 23).
Reserve Quality The reserves are cash and Treasury bills, but they're confirmed by an auditor's report rather than visible onchain. Upgrade factorReserves anyone can verify onchain (25).	23 / 25	The reserves are cash and Treasury bills, but they're confirmed by an auditor's report rather than visible onchain. Upgrade factorReserves anyone can verify onchain (25).
Redemption Depth It is easy to exit. The shortfall is onchain trading depth: about $158.51M can be sold within 1% of the peg. Upgrade factorMore onchain liquidity: $500.00M or more tradable within 1% of the peg (25).	24 / 25	It is easy to exit. The shortfall is onchain trading depth: about $158.51M can be sold within 1% of the peg. Upgrade factorMore onchain liquidity: $500.00M or more tradable within 1% of the peg (25).
Holder Concentration Its holder base is too large or too widely distributed to measure to ground truth, so the concentration figure is not published.	— / 25	Its holder base is too large or too widely distributed to measure to ground truth, so the concentration figure is not published.

OCB Instrument

Outstanding supply

Measured onchain daily, summed across every chain the fund is issued on. Latest reading $73.37B.

Source: OCB Quality Ratings · USDC · onchainbenchmark.comMeasured daily · Oct 10, 2026

OCB Instrument

Rating history

USDC’s quality rating, measured daily.

Source: OCB Quality Ratings · USDC · onchainbenchmark.comRecomputed daily · Oct 10, 2026

Rating changes

Each move and the dimension behind it

On record

0 rating actions · 1 methodology change

Date	Type	Change	Detail
Aug 5, 2026	Methodology update	Institutional-grade → Verified Capital	Criteria change (v1.3-stablecoin → v1.4-stablecoin), not a rating action. The band moved because the scoring methodology was revised, not because the instrument changed.

Key facts

Issuer, rubric and methodology

Issuer: Circle
Asset class: Stablecoins
Rubric: Stablecoin Quality Rating
Methodology: v1.5-stablecoin
Last scored: Oct 10, 2026
What it is: Fiat-backed stablecoin issued by Circle, redeemable 1:1 for USD with daily reserve attestations.

Chains

Share of measured supply by chain

With measured supply

Chain	Contract	Share of measured supply
Ethereum	0xA0b869…06eB48Explorer ↗	66.2%
Solana	EPjFWdd5…yTDt1vExplorer ↗	10.5%
Hyperliquid	0xb88339…Ba630f	9.2%
Base	0x833589…A02913Explorer ↗	6.0%
Arbitrum	0xaf88d0…8e5831Explorer ↗	3.6%
Polygon	0x3c499c…5c3359Explorer ↗	0.8%
Arc	0x360000…000000Explorer ↗	0.7%
Avalanche	0xB97EF9…c48a6EExplorer ↗	0.6%
Stellar	USDC:GA5…K4KZVNExplorer ↗	0.5%
Sui	0xdba346…::USDCExplorer ↗	0.4%
Aptos	0xbae207…b46f3bExplorer ↗	0.4%
Monad	0x754704…afb603Explorer ↗	0.3%
Optimism	0x0b2C63…97Ff85Explorer ↗	0.2%
Noble	uusdcExplorer ↗	0.1%
NEAR	17208628…6133a1Explorer ↗	0.1%
Algorand	31566704Explorer ↗	<0.1%
Sei	0xe15fC3…f42392Explorer ↗	<0.1%
Celo	0xcebA93…32118CExplorer ↗	<0.1%
BNB Chain	0x8AC76a…Cd580dExplorer ↗	Bridged — counted on source chain
BOB	0xe75D0f…a058F0Explorer ↗	Bridged — counted on source chain

Supply scope: Sum across all 18 chains covered — Ethereum, Solana, Hyperliquid, Base, Arbitrum, Polygon, Arc, Avalanche, Stellar, Sui, Aptos, Monad, Optimism, Noble, NEAR, Algorand, Sei, Celo.

Evidence

Verified facts behind the rating

A sample of the verified facts behind USDC’s score. The full diligence trail is in the terminal.

Facts shown

Dimension	Fact	Finding	Verified	Source
Disclosure Quality	Contract address	Contract address verified on Polygon: 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359 (Polygon deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources
Disclosure Quality	Contract address	Contract address verified on Base: 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913 (Base deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources
Disclosure Quality	Contract address	Contract address verified on Ethereum: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 (primary deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources
Disclosure Quality	Contract address	Contract address verified on Avalanche: 0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E (Avalanche deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources
Disclosure Quality	Contract address	Contract address verified on Arbitrum: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831 (Arbitrum deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources
Disclosure Quality	Contract address	Contract address verified on Solana: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v (Solana deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources

Cite this rating

Reference USDC’s rating

Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.

Plain

OnChain Benchmark (2026). USDC Quality Rating: 88/100 (Verified Capital), as of Oct 10, 2026. Methodology v1.5-stablecoin. https://onchainbenchmark.com/instruments/usdc

Harvard

OnChain Benchmark (2026) 'USDC Quality Rating', OnChain Benchmark, Verified Capital, 88/100, methodology v1.5-stablecoin. Available at: https://onchainbenchmark.com/instruments/usdc (Accessed: Oct 10, 2026).

BibTeX

@misc{ocb_usdc_2026,
  author = {{OnChain Benchmark}},
  title = {{USDC Quality Rating}},
  year = {2026},
  note = {88/100, Verified Capital, methodology v1.5-stablecoin},
  url = {https://onchainbenchmark.com/instruments/usdc}
}

Full diligence trail

The interactive terminal shows every verified fact behind USDC's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.

Open in the terminal →Read the methodology →

Dimension

Score

Transparency

The reserve reports are current and regular, but they're voluntary rather than required by a regulator.

Upgrade factorCircle already owns a federally chartered trust bank (Circle National Trust); issuing USDC, or managing its reserves, through it would qualify (up to 23).

19 / 25

Reserve Quality

The reserves are cash and Treasury bills, but they're confirmed by an auditor's report rather than visible onchain.

Upgrade factorReserves anyone can verify onchain (25).

23 / 25

Redemption Depth

It is easy to exit. The shortfall is onchain trading depth: about $158.51M can be sold within 1% of the peg.

Upgrade factorMore onchain liquidity: $500.00M or more tradable within 1% of the peg (25).

24 / 25

Holder Concentration

Its holder base is too large or too widely distributed to measure to ground truth, so the concentration figure is not published.

— / 25

Date

Type

Change

Aug 5, 2026

Methodology update

Institutional-grade → Verified Capital

Chain

Share of measured supply

Ethereum

66.2%

Solana

10.5%

Hyperliquid

9.2%

Base

6.0%

Arbitrum

3.6%

Polygon

0.8%

Arc

0.7%

Avalanche

0.6%

Stellar

0.5%

Sui

0.4%

Aptos

0.4%

Monad

0.3%

Optimism

0.2%

Noble

0.1%

NEAR

0.1%

Algorand

<0.1%

Sei

<0.1%

Celo

<0.1%

BNB Chain

Bridged — counted on source chain

BOB

Bridged — counted on source chain

Dimension

Finding

Verified

Disclosure Quality

Contract address verified on Polygon: 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359 (Polygon deployment)