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Is USDC a security?

#6 by market cap · Last updated Oct 19, 2026 (evidence re-checked)
$0.9999 ▲ 0.01%Mkt cap $72.2B

At a glance

Payment stablecoin
  • Confidence
  • US exchange accessCoinbase (US incl. NY)
  • Regulator (if enacted)GENIUS Act regulators (OCC / states)
  • Evidence6 sources · 4 official

Is USDC a regulated payment stablecoin?

Likely a payment stablecoin under the GENIUS Act, with confidence capped at Medium-High until the Act takes effect.

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What this means for you

GENIUS Act rules are still being written. From the expected effective date (Jan 18, 2027), US platforms may only offer payment stablecoins that meet the Act's issuer rules. Check whether your platform will keep supporting this one.

What should I do if my token is "stablecoin"? →

Stablecoin law 4Exchange listing 1Regulator 14 official2 third-party

Why this status

  • R1: centralized USD stablecoin; GENIUS Act framework applies (law since Jul 18, 2025; expected effective Jan 18, 2027).
  • Implementing rules are still proposed and no issuer is yet 'permitted', so capped at Medium-High.

Decentralisation ("mature blockchain" test): Centrally issued by Circle (issuer-controlled, by design).

Evidence (6 sources)

4 official
  1. Exchange listingThird-partyOct 19, 2026 · Coinbase

    USDC appears on Coinbase's 'US (incl. NY) Trading Assets' list.

    Coinbase Digital Asset Disclosures: 'US (incl. NY) Trading Assets' list ↗
  2. Stablecoin lawThird-partyJul 10, 2026 · Circle

    Circle received final OCC approval for a national trust bank (custody; reserve management planned later). The trust bank does not itself issue USDC.

    Circle receives final OCC approval to establish national trust bank ↗
  3. RegulatorOfficial sourceMar 23, 2026 · Federal Register (SEC & CFTC)

    SEC interpretation: offers and sales of 'Covered Stablecoins' (USD-linked, 1:1 redeemable, low-risk reserves) do not involve securities.

    SEC interpretation (with CFTC guidance): Application of the Federal Securities Laws to Certain Types of Crypto Assets, Release 33-11412 ↗
  4. Stablecoin lawOfficial sourceMar 2, 2026 · Federal Register (OCC)

    GENIUS Act implementing rules are still proposed, not final (OCC NPRM).

    OCC proposed rule implementing the GENIUS Act (not final) ↗
  5. Stablecoin lawOfficial sourceDec 12, 2025 · OCC

    OCC conditional approval letter states USDC is currently issued by Circle Internet Financial, LLC under money transmitter licenses; Circle plans to move issuance to a New York trust company.

    OCC Conditional Approval #1356 (Circle national trust bank) ↗
  6. Stablecoin lawOfficial sourceJul 18, 2025 · Congress.gov

    Payment stablecoins are governed by the GENIUS Act (law since Jul 18, 2025; expected effective Jan 18, 2027).

    GENIUS Act (S. 1582) signed into law, Public Law 119-27 ↗

Rules by country

🇺🇸United States
Stablecoin

Payment stablecoin (ClarityCheck estimate, medium-high confidence). The CLARITY Act is not law, so today the SEC's and CFTC's existing frameworks apply. The GENIUS Act (signed Jul 18, 2025) takes effect by Jan 18, 2027 at the latest.

🇪🇺European Union (MiCA)
MiCA e-money token issuer listed

Circle Internet Financial Europe SAS (France) is listed in ESMA's interim MiCA register as an e-money token issuer, with a published MiCA white paper ↗. ESMA register ↗

🇬🇧United Kingdom (FCA)
Firm rules from Oct 25, 2027

The UK's new FCA cryptoasset regime starts on Oct 25, 2027. Firms can apply from Sept 30, 2026 until Feb 28, 2027. There's no token-by-token classification list; the rules apply to the firms that offer the token. FCA ↗

USDC questions

Is USDC (USDC) a security?

A payment stablecoin issued by a permitted issuer is excluded from the definition of "security" by the GENIUS Act (Section 17). ClarityCheck rates USDC as a likely payment stablecoin (medium-high confidence). The Act takes effect by Jan 18, 2027 at the latest. Not legal advice.

Can I buy USDC on US exchanges?

US access: Coinbase (US incl. NY). Availability can differ by state and by exchange. See our exchange safety checker.

What would the CLARITY Act change for USDC?

GENIUS Act rules are still being written. From the expected effective date (Jan 18, 2027), US platforms may only offer payment stablecoins that meet the Act's issuer rules. Check whether your platform will keep supporting this one.

How reliable is this USDC status?

Confidence is Medium-High. It comes from fixed rules applied to 6 cited sources (checked Oct 19, 2026), not from opinion. Statuses can change as courts, regulators and Congress act.

Change log

6 entries
  1. Status review
    Evidence-based review: status set to 'Payment stablecoin (GENIUS Act)' (Medium-High confidence) using ClarityCheck rules. Replaces earlier illustrative demo data.
  2. Circle received final OCC approval for a national trust bank (custody; reserve management planned later). The trust bank does not itself issue USDC. Source ↗
  3. SEC interpretation: offers and sales of 'Covered Stablecoins' (USD-linked, 1:1 redeemable, low-risk reserves) do not involve securities. Source ↗
  4. GENIUS Act implementing rules are still proposed, not final (OCC NPRM). Source ↗
  5. OCC conditional approval letter states USDC is currently issued by Circle Internet Financial, LLC under money transmitter licenses; Circle plans to move issuance to a New York trust company. Source ↗
  6. Payment stablecoins are governed by the GENIUS Act (law since Jul 18, 2025; expected effective Jan 18, 2027). Source ↗

Snapshot Oct 19, 2026 · Prices by CoinGecko