How the two stablecoins compare, point by point
Every row below comes from Tether's and Circle's own pages, terms and announcements.
| USDT | USDC | |
|---|---|---|
| Issuer | Tether International, S.A. de C.V., which moved its registration from the British Virgin Islands to El Salvador | Circle Internet Financial, LLC; since 1 July 2024, Circle Internet Financial Europe SAS is a second issuer for the EEA |
| How the issuer describes it | Pegged 1-to-1 with the US dollar and “100% backed by Reserves” | “backed 100% by highly liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars” |
| What the reserves hold | Tether's release for 31 March 2026: about USD 141 billion of US Treasury exposure, about USD 20 billion of gold, about USD 7 billion of bitcoin. The Terms say reserves may include loan receivables | Cash and cash equivalents, mostly in the Circle Reserve Fund (USDXX), managed by BlackRock and held at The Bank of New York Mellon |
| Reserve reporting | Quarterly reports prepared by BDO | Monthly attestations by a Big Four accounting firm; reserve holdings disclosed weekly |
| Annual audit | 2025 financial statements audited by KPMG U.S., according to Tether's release of 13 August 2026 | Circle names Deloitte & Touche LLP as its independent auditor |
| Who can redeem with the issuer | Verified Tether customers; minimum USD 100,000; fee is the greater of USD 1,000 or 0.1% | Circle Mint account holders; Circle says it serves only business and institutional customers. The USDC Terms page states no minimum |
| TRON | TRC20 is on Tether's supported list | Not minted on TRON since 21 February 2024; TRON is not on Circle's list of networks |
| Freezing | Terms allow Tether to freeze tokens and blacklist addresses | Terms allow Circle to block addresses and freeze USDC, temporarily or permanently |
Deloitte appears in the audit row as the auditor of Circle's own financial statements, which is a different job from the monthly USDC reserve attestations. Circle attributes those to a Big Four accounting firm without naming it. Tether's reserve figures are the ones it gives in its press releases. The full picture of USDT's issuer, reserves and redemption rules is in What is USDT.
How the reserves of USDT and USDC differ
Tether holds a broader mix of assets than Circle. Its release for 31 March 2026 put US Treasury exposure at about USD 141 billion, gold at about USD 20 billion, all of it physical, and bitcoin at about USD 7 billion. Its release for 30 June 2026 reported total assets of about USD 187.75 billion against liabilities of about USD 183.64 billion, and gold holdings of more than 146 tons after 14 tons were added in the quarter. Tether's Terms describe the reserves as “cash, cash equivalents and other assets”, which may include loan receivables.
Circle keeps USDC reserves in cash and cash equivalents. Its transparency page groups them into other bank deposits, deposits at systemically important institutions, overnight reverse Treasury repo and Treasuries maturing in under three months. It discloses the holdings weekly, together with the USDC minted and burned.
The reporting rhythm differs as well: a quarterly report from Tether against monthly attestations plus weekly holdings from Circle. Neither issuer's figures say anything about the price of its coin on a given exchange.
Can you still send USDC on TRON (TRC20)?
The answer depends on whether you mean the issuer, the platform receiving the coins or the blockchain itself.
- Does the issuer still support it? No. Circle's announcement of 21 February 2024 says: “Effective immediately we will no longer mint USDC on TRON.” Circle supported its Circle Mint customers in moving USDC off TRON to other blockchains until February 2025. Circle's list of 38 supported networks, dated 16 September 2026, does not include TRON.
- Will the receiving platform take it? That is the platform's own decision. Whether an exchange or wallet still accepts USDC over TRON is shown on its deposit page.
- Can the tokens themselves still move? The announcement does not say that USDC already on TRON can no longer be transferred on-chain. The route it gives ordinary holders depends on exactly such a transfer.
The same Circle announcement covers ordinary holders. Retail users and others who are not Circle customers can move USDC on TRON to an exchange or distributor that can transfer it to a blockchain where USDC is still supported.
USDT went the other way: TRC20 is still on Tether's supported list. If you are used to receiving USDT over TRC20, carrying the same habit over to USDC is where mistakes happen.
Ask the sender which network they will use. Then open the deposit page of your own exchange or wallet and check the networks it lists for USDC. Use only a network both sides list. If your deposit page offers no TRON option for USDC, do not give out a TRC20 address for it.
Which networks carry both USDT and USDC?
Several large chains carry both, but the two lists are far from identical. Here is how Tether's Supported Protocols page compares with Circle's list of 38 networks as of 16 September 2026 (a selection, not every network on either list):
| Network | USDT (Tether's list) | USDC (Circle's list) |
|---|---|---|
| Ethereum | Yes (ERC20) | Yes |
| Solana | Yes | Yes |
| Avalanche | Yes | Yes |
| Aptos | Yes | Yes |
| NEAR | Yes | Yes |
| Celo | Yes | Yes |
| Polkadot | Yes (Polkadot AssetHub) | Yes |
| TRON | Yes (TRC20) | No; minting stopped in February 2024 |
| TON | Yes | Not listed |
| Tezos | Yes | Not listed |
| Algorand | Deprecated; no issuance or redemption since 1 September 2025 | Yes |
| Base, Arbitrum, Polygon PoS, Stellar | Not listed | Yes |
“Not listed” means the network does not appear on that issuer's page. What your exchange will accept is decided by its own deposit page, so check there for each coin before sending.
Can ordinary holders turn USDT or USDC into dollars at 1:1?
Only if they meet the issuer's conditions, and the two issuers set different ones. Tether issues and redeems only for verified customers, and redemption is subject to a minimum amount and other requirements: a USD 100,000 minimum and a USD 150 verification fee. A holder who is not verified, or does not meet those conditions, cannot redeem directly with Tether. Circle's USDC Terms say redemption with Circle requires a Circle Mint account, and its TRON announcement says Circle “only serves business and institutional customers”.
Circle's announcement points individuals to retail exchanges, brokerages and on/off-ramp providers to move USDC between chains or to redeem it for fiat. Tether's Terms say its tokens may be “used, kept, or exchanged online wherever parties are willing to accept Tether Tokens”. A holder who does not meet the issuer's conditions turns the coin into cash by trading with someone else at the going price, not at the issuer's 1:1 rate.
Why that going price is not always exactly $1 is the subject of USDT to USD. For what USDT costs in your own currency on P2P markets, see the rates page and USDT P2P premium.
Both issuers can freeze tokens
On this point the two coins are alike. Tether's Terms of Service let it freeze tokens held by a user, seize and recover them, and blacklist any address that holds Tether Tokens. Circle's USDC Terms, updated on 15 October 2026, reserve the right to block certain USDC addresses and freeze the associated USDC, temporarily or permanently.
So choosing USDC over USDT, or the other way round, does not remove the issuer's control over its own tokens. In practice, use the coin and network the other party accepts.
FAQ
Can I swap 1 USDC for 1 USDT?
Not through either issuer. They are two tokens from two companies. To switch, you sell one and buy the other on an exchange, at the market price and after any fee the exchange charges.
Which one is the safer stablecoin to hold?
The two issuers disclose different things. Tether publishes quarterly attestations prepared by BDO; Circle publishes monthly attestations by a Big Four firm and discloses reserve holdings weekly. Both keep the right to freeze tokens. More frequent disclosure does not make either coin risk-free.
Does this site show USDC prices?
No. The rates page tracks USDT only, in 11 currencies on OKX and Binance P2P.