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PROGRAMMABLEMONEY

Six pieces of programmable money pulled apart layer by layer, and The Full Stack in the middle showing how they connect. Pick a world to open it.

ANATOMY OF ASTABLECOIN

Peg$1.000
Backing101%
In / out6 / 6
GENIUS8/8
All chapters
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15%
Motion
Theme
Real stablecoin · Anatomy of a Stablecoin

USD Coin (USDC)

The largest US regulated stablecoin, built for institutions, payments and onchain finance.

Issuer
Circle
Launched
2018
Supply
≈ $71.1B
Route
Federal route
How it is issued
Own license
License
Circle Internet Financial issues it. Circle’s national trust bank won final OCC approval and opened in July 2026, for custody so far
Reserves
Mostly the Circle Reserve Fund (T-bills and repos, managed by BlackRock) plus cash at large banks
Reports
Monthly, with Big Four assurance
Networks
Native on 38 chains, moved between many of them with CCTP
Yield
Not from Circle; some platforms pay rewards
Access
Circle Mint for institutions; exchanges, fintech apps and ramps for everyone else
GENIUS Act
Built to fit the Act: eligible reserves, monthly reports and redemption at par. Circle’s national trust bank, open since July 2026, is a step toward federal issuer status once OCC rules are final.

Check the supply yourself

More stablecoins

XO ctUSD USDT USDe DAI USD1 USDG PYUSD RLUSD USDD U TUSD EURC SoFiUSD USDai CASH

Public information as of October 2026, simplified. Not legal or investment advice. Open the full stablecoins world.

Sources165Created by Andres Lamothe