USD Coin (USDC) — Project Update

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Biggest Stories of 2025

• Stablecoins reached mainstream adoption: Total stablecoin supply grew over 50% to nearly $310 billion by mid-December 2025, with the U.S. GENIUS Act establishing the first federal regulatory framework for stablecoins and payment networks like Visa enabling U.S. banks to settle transactions using USDC. (December 25, 2025) 1
• Intuit x Circle partnership: Intuit announced a multi-year strategic partnership to integrate Circle's stablecoin infrastructure and USDC across products such as TurboTax, QuickBooks, and Credit Karma, aimed at speeding up payments, remittances, and refunds. (December 18, 2025) 23
• Circle Paymaster launch: Circle introduced an onchain service allowing users to pay gas fees directly with their USDC balance, effectively turning USDC into a gas token and removing the need for users to hold a separate native token like ETH. (December 25, 2025)
• Coinbase ends free USDC rewards: Coinbase discontinued its USDC rewards program for free users, restricting rewards to paid Coinbase One subscribers, a change that may push users toward the subscription while risking alienation of those unwilling to pay. (December 11, 2025) 5
• Circle obtains ADGM license: Circle received a Financial Services Permission license from Abu Dhabi Global Market's regulator to operate as a Money Services Provider, and appointed Dr. Saeeda Jaffar as Managing Director for the Middle East and Africa region. (December 9, 2025) 6
• Bybit and Circle strategic partnership: Circle partnered with Bybit to expand USDC access, increasing USDC liquidity in Bybit's spot and derivatives markets and integrating Circle's infrastructure into Bybit's fiat on- and off-ramp services. (December 8, 2025) 7
• Circle xReserve introduction: Circle introduced xReserve, a crosschain infrastructure enabling blockchain teams to launch USDC-backed stablecoins that interoperate with Circle CCTP and Circle Gateway, with Canton and Stacks as initial partners. (November 18, 2025) 8
• Circle Gateway mainnet launch: Circle Gateway went live on Ethereum, Base, Arbitrum, Unichain, Optimism, Polygon, and Avalanche mainnet, offering a unified USDC balance accessible in real-time across supported chains without manual bridging. (November 17, 2025) 9
• USDC reserves report (September): Circle released its September reserves report showing tokens outstanding of 73,748,934,193 against total net assets of $73,814,526,973, with reserves held in cash and U.S. Treasuries. (October 31, 2025) 11
• USDC reserves report (August): Circle released its August reserves report showing tokens outstanding of 71,384,711,725 against total net assets of $71,450,126,631. (September 15, 2025) 12
• USDC reserves report (July): Circle released its July reserves report showing tokens outstanding of 63,935,611,557 against total net assets of $64,000,903,241. (August 15, 2025) 13
• USDC reserves report (June): Circle released its June reserves report showing tokens outstanding of 61,332,530,506 against total net assets of $61,397,784,739. (July 30, 2025) 14
• Circle Gateway testnet launch: Circle Gateway went live on the Avalanche, Base, and Ethereum testnets, allowing developers to test the crosschain unified balance primitive. (July 22, 2025) 15
• USDC reserves report (May): Circle released its May reserves report showing tokens outstanding of 60,883,338,651 against total net assets of $60,948,366,559. (June 30, 2025) 16
• USDC reserves report (April): Circle released its April reserves report showing tokens outstanding of 61,412,761,631 against total net assets of $61,477,725,087. (June 9, 2025) 17
• USDC reserves report (March): Circle released its March reserves report showing tokens outstanding of 59,975,771,715 against total net assets of $60,040,707,040. (May 8, 2025) 18
• USDC reserves report (February): Circle released its February reserves report showing tokens outstanding of 56,284,318,550 against total net assets of $56,349,194,760. (April 10, 2025) 19
• USDCKit introduction: Circle introduced USDCKit, an SDK for high-volume USDC transactions offering automated fund flows, mass payouts, and compliance features, supporting cross-chain transfers across Arbitrum, Avalanche, Ethereum, Solana, and Unichain. (March 28, 2025) 20
• USDC reserves report (January): Circle released its January reserves report showing tokens outstanding of 53,218,939,728 against total net assets of $53,283,800,358. (March 3, 2025) 21
• USDC live on Unichain: Circle announced that USDC and its developer tools, including CCTP and Programmable Wallets, went live on Unichain. (February 11, 2025) 22