Polygon Bridged USDC (Polygon PoS) (USDC.E) - Fundamental Analysis August 2026

Polygon Bridged USDC (Polygon PoS) (USDC.E): Comprehensive Overview

Core Definition and Technology

Polygon Bridged USDC, commonly identified by the ticker USDC.E, is an ERC-20 representation of USD Coin transferred from Ethereum to the Polygon PoS network through the Polygon PoS Bridge. It maintains a target peg of 1:1 to the U.S. dollar and functions as a stablecoin settlement asset across Polygon-based applications. The token is distinct from native USDC on Polygon, which Circle began issuing directly on the network in October 2023.

Contract Details:

Blockchain: Polygon PoS
Token Standard: ERC-20 compatible
Contract Address: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
Decimals: 6
Contract Type: Proxy contract with verified implementation

Circle explicitly states that USDC.E is not issued by Circle. Instead, it represents a bridged form of Ethereum-native USDC locked in bridge infrastructure, whereas native Polygon USDC (contract 0x3c499c542cef5e3811e1192ce70d8cc03d5c3359) is minted directly by Circle and redeemable 1:1 for U.S. dollars through Circle's supported channels.

Blockchain Architecture and Consensus Mechanism

Polygon PoS Dual-Layer Architecture

Polygon PoS operates as an Ethereum-compatible proof-of-stake sidechain with a two-layer architecture designed to provide lower-cost and faster transactions than Ethereum mainnet while maintaining a security connection to Ethereum through checkpointing.

Bor Execution Layer: Bor is the EVM-compatible block-production and execution layer. It aggregates transactions into Polygon blocks and supports Solidity smart contracts, Ethereum-style accounts, ERC-20 tokens, and decentralized applications. USDC.E operates as an ERC-20 token within this execution environment, enabling transfers, collateral usage, decentralized exchange trading, and smart-contract integration.

Heimdall Consensus and Checkpoint Layer: Heimdall is the validator and consensus layer built using forks of CometBFT and the Cosmos SDK. Heimdall validators monitor Ethereum staking contracts, validate Bor blocks, participate in consensus, and periodically submit checkpoints to Ethereum. These checkpoints aggregate Polygon block information, including Merkle roots, and provide an Ethereum-anchored record of Polygon activity. This dual-layer design separates high-frequency block production from validator coordination and Ethereum checkpointing.

Proof-of-Stake Validator Model

Polygon PoS uses a proof-of-stake validator model anchored by staking contracts on Ethereum. Validators stake the network's native asset (historically MATIC, increasingly referred to as POL following Polygon's token transition) and are economically incentivized to process valid transactions and maintain network availability. Validators are selected to participate in Heimdall and Bor operations, with penalties and opportunity costs for malicious or faulty behavior.

Security has multiple components: staked validators place economic value at risk; Heimdall validators verify Bor blocks and coordinate checkpoint production; periodic Ethereum checkpoints provide an Ethereum-anchored record supporting the bridge's trust model; and bridge contracts on both Ethereum and Polygon lock, mint, burn, or release assets according to the bridge design.

Polygon has pursued improvements to finality through the proposed Aalborg upgrade and PIP-11, which introduced "milestones" intended to make finality deterministic after a variable number of blocks and reduce deep reorganization probability. Heimdall-v2 development has targeted improved performance and faster finality, with industry reports describing finality reduction to approximately five seconds in the 2025 upgrade.

Security Considerations for Bridged Assets

USDC.E's integrity depends on the bridge design, custody and locking mechanisms, and Polygon network security. Bridged stablecoins carry bridge-specific risk in addition to stablecoin issuer risk. The reported risk score for USDC.E is 48.94, indicating a moderate risk profile relative to the broader market, with a liquidity score of 37.71.

Bridge Mechanics and Token Creation

Lock-and-Mint Model

The Polygon Portal is the official two-way bridge between Ethereum and Polygon PoS. Polygon documentation describes it as a trustless bridge allowing assets to move between networks without relying on third-party bridge providers.

Ethereum-to-Polygon Deposit Process:

A user deposits or locks Ethereum-native USDC in the Ethereum-side bridge contract
The bridge verifies the deposit
A corresponding amount of USDC.E is minted or released on Polygon at a 1:1 token-unit ratio
The user receives USDC.E at the Polygon contract address

The Ethereum USDC is locked in bridge infrastructure and cannot simultaneously circulate on Ethereum. Polygon's bridge infrastructure communicates the deposit to the Polygon chain, where an equivalent quantity of USDC.E is minted. This mechanism is intended to preserve a one-to-one correspondence between Ethereum USDC held by the bridge and USDC.E circulating on Polygon.

Polygon-to-Ethereum Withdrawal Process:

The user initiates a withdrawal of USDC.E on Polygon
The bridged token is burned on Polygon
Polygon validators include the relevant Polygon transaction in a checkpoint submitted to Ethereum
After required proof and checkpoint verification, the Ethereum-side bridge contract unlocks the corresponding USDC
The user receives the original Ethereum-native USDC

Withdrawals are slower than deposits because the Ethereum-side exit process depends on Polygon checkpoint inclusion and proof verification. Heimdall validators aggregate Bor blocks into Merkle trees and submit checkpoint roots to Ethereum. These checkpoints provide the basis for finality and proof of burn for withdrawals.

Supply Mechanics

USDC.E supply is not governed by a fixed issuance schedule. It expands when users bridge USDC onto Polygon and contracts when users withdraw it back to Ethereum or when bridged units are otherwise removed from circulation. This makes USDC.E economically different from network-native assets with predetermined issuance schedules.

Current Market Data (as of August 1, 2026):

Price: $0.999799
Market Cap: $1,016,427,557
Circulating Supply: 1,016,631,842 USDC.E
Total Supply: 1,016,631,842 USDC.E
24-Hour Volume: $8,376,500
Market Rank: 80
Volume-to-Market-Cap Ratio: approximately 0.82%, indicating relatively modest turnover for a large stablecoin supply

Supply data is dynamic and varies as users bridge assets, withdraw them, or exchange them for native USDC. PolygonScan provides live balances, holders, transfers, and contract activity. Because supply is dynamic, the explorer's current token page is the appropriate source for live figures.

Tokenomics and Distribution

Stablecoin Characteristics

USDC.E is a stablecoin, so its tokenomics differ fundamentally from inflationary or deflationary governance tokens.

Peg Target: 1.00 USD

Inflation/Deflation Mechanics: None in the traditional sense. Supply expands or contracts based on minting and redemption activity and bridge flows rather than scheduled emissions or burning mechanisms.

Distribution: Supply is determined by demand for USDC liquidity on Polygon and bridge activity. Distribution is not governed by a conventional allocation schedule but rather by:

Ethereum users bridging USDC to Polygon
Liquidity providers and market makers
DeFi users supplying or borrowing the token
Exchanges and custodians
Payment and application balances
Withdrawals and migration into native USDC

Supply Behavior: Circulating supply generally tracks total supply because the token is fully liquid and not subject to vesting-style lockups.

Volatility Profile

The reported volatility score for USDC.E is 0.0148, consistent with a low-volatility asset. Because USDC.E is a stablecoin, price movement is expected to remain close to $1.00 rather than exhibit speculative volatility. Price changes of 1 hour (+0.01%) and 1 week (-0.01%) reflect minimal movement typical of dollar-pegged assets.

Primary Use Cases and Real-World Applications

Decentralized Finance

USDC.E has historically served as a dollar-denominated settlement and liquidity asset throughout Polygon's DeFi ecosystem. Common use cases include:

Lending and Borrowing: On Aave and comparable lending protocols, USDC.E functions as a supplied lending asset, borrowed dollar liquidity, and collateral subject to protocol-specific risk parameters. The exact market status, liquidity, collateral factors, and risk parameters are determined by each protocol and may differ between USDC.E and native USDC.

Decentralized Exchanges: USDC.E has historically been traded on Polygon-based decentralized exchanges including QuickSwap, Uniswap, Sushi, and Curve. It has been paired with POL/MATIC, WETH, native USDC, USDT, and other assets. During the migration to native USDC, older USDC.E pools have increasingly competed with or been replaced by native-USDC liquidity.

Liquidity Provision: DeFi protocols support USDC.E as a trading pair and liquidity asset, enabling market makers and yield farmers to provide liquidity and earn trading fees or protocol incentives.

Collateral and Risk Management: USDC.E can be used as collateral in margin and leveraged trading, subject to protocol-specific risk parameters and liquidation mechanisms.

Payments and Remittances

Polygon's low transaction costs make USDC-based transfers suitable for relatively small payments, high-volume transfers, and remittances. Polygon's developer documentation specifically identifies USDC as practical for micropayments and high-volume payment flows. USDC.E can be used by wallets, payment applications, marketplaces, and merchants that explicitly support its contract address. However, applications must distinguish it from native USDC because the two assets have different issuance and redemption properties.

Prediction Markets and On-Chain Trading

Polymarket has been one of the most prominent real-world users of USDC.E on Polygon. Circle reported in February 2026 that Polymarket used bridged USDC.E as collateral for trading activity, including order placement and settlement. Circle and Polymarket announced a planned transition to native USDC to improve capital efficiency and institutional compatibility.

Treasury and Portfolio Management

USDC.E is commonly used for:

Treasury management for DAOs and businesses
Stable-value settlement between Polygon users
Accounting and unit-of-account functions for applications
Liquidity for gaming, NFT, and Web3 applications
Cross-chain liquidity routing

Because it is dollar-pegged, USDC.E is commonly used to reduce volatility exposure while remaining inside the Polygon network.

Founding Teams and Project History

Polygon (Matic Network) Founding and Leadership

Polygon was founded in October–December 2017 under the name Matic Network, originally conceived as a Layer 2 scaling solution for Ethereum. The project was co-founded by four individuals with roots in the Indian technology and blockchain ecosystem. The network rebranded from Matic Network to Polygon in February 2021, reflecting its expanded vision as a multi-chain scaling framework.

Jaynti Kanani — Co-Founder & Former CEO: Kanani served as Co-Founder and CEO of Matic Network/Polygon Technology from October 2017 through December 2021 (approximately four years and two months), before transitioning to a consulting co-founder role through March 2023. He was the primary technical architect behind Matic's original Plasma-based Layer 2 design, focusing on token transfers and general state fraud proofs. His philosophy centered on preserving Ethereum's decentralization while solving its throughput and user experience limitations. Kanani has since founded Morphic, a new venture, and is currently based in the United Arab Emirates.

Sandeep Nailwal — Co-Founder & CEO: Nailwal co-founded Polygon Labs in November 2017 and continues to serve as Co-Founder and CEO as of August 2026, a tenure of nearly nine years. He is the most publicly prominent of the four co-founders and has been the primary spokesperson for Polygon's strategic direction. Under his leadership, Polygon has grown into one of the most widely adopted blockchain networks globally, with $451.4 million in total funding across eight funding rounds. Nailwal has been a vocal advocate for Polygon's "Open Money Stack" strategy, positioning the network as an end-to-end payments infrastructure layer. He is currently based in the United States.

Anurag Arjun — Co-Founder (Former): Arjun co-founded Polygon in December 2017 and served in the role through March 2023, a period of five years and three months. His responsibilities included defining the product roadmap, bridging research, economics, and engineering functions, writing technical specifications, managing partner integrations, API documentation, and building the third-party developer network. He brought approximately 20 years of total professional experience to the role. In March 2023, Arjun departed Polygon to co-found Avail, a modular blockchain project focused on data availability and cross-chain coordination. He is currently based in Dubai, United Arab Emirates.

Mihailo Bjelic — Co-Founder: Bjelic joined as a co-founder of Polygon Labs in October 2020 and remains active as of August 2026. He has been a key figure in Polygon's governance and policy engagement, including notable participation in Washington, D.C. policy discussions. Bjelic was instrumental in announcing Polygon Supernets and has been a consistent voice on Polygon's technical and strategic evolution. He is based in Dubai, United Arab Emirates.

Additional Leadership: David Z. served as Co-Founder and CTO from April 2023 to May 2024 and has continued as a co-founder in a consulting capacity from June 2024 onward. He was the founding project lead for Polygon Hermez and subsequently led Polygon ID. John Egan joined as Chief Product Officer in September 2025, bringing nearly two decades of product leadership experience including serving as Head of Crypto at Stripe and creating Workplace by Facebook.

Polygon Labs is headquartered in the Cayman Islands with significant presence in India and the United States, and a workforce distributed across 39 countries. The organization employs between 200 and 300 people and has reported annual revenue in the $30 million–$40 million range.

Circle and USDC Founding

USD Coin is issued by Circle, a financial technology company founded by Jeremy Allaire and Sean Neville. The Polygon bridged version reflects the expansion of USDC liquidity into Polygon's ecosystem through bridging infrastructure rather than a separate independent project team.

Jeremy Allaire — Co-Founder, Chairman & CEO: Jeremy D. Allaire (born May 13, 1971, Philadelphia, Pennsylvania) is an American technologist and Internet entrepreneur who co-founded Circle in 2013. He holds a degree from Macalester College and has a long history in internet technology entrepreneurship. In 1995, he co-founded Allaire Corporation with his brother JJ Allaire; the company had an IPO in January 1999 and was acquired by Macromedia in 2001. Allaire subsequently served as CTO of Macromedia, where he helped develop the Macromedia MX platform and the Adobe Flash ecosystem. He later served as CEO of Brightcove, a video platform company, and as Entrepreneur-in-Residence at General Catalyst before founding Circle.

At Circle, Allaire has overseen the development and growth of USD Coin, which launched in September 2018 through the Centre Consortium, a joint venture between Circle and Coinbase. Under his leadership, Circle reported FY2025 revenue of $770 million (up 77% year-over-year), with USDC circulation reaching $75.3 billion. In 2026, Allaire was named to the TIME100 Most Influential People list. Circle completed its IPO in 2025, trading under the ticker CRCL. Circle employs between 1,000 and 2,000 people across 38 countries and has raised $2.7 billion in total funding across 14 funding rounds.

Sean Neville — Co-Founder & Board Director: Sean Neville co-founded Circle alongside Jeremy Allaire in August 2013, reportedly devising the company concept with Allaire over his kitchen table. He served as Co-Founder and President of Product & Operations at Circle before departing day-to-day operations to found Catena Labs in November 2022, where he serves as CEO. He remains a co-founder and board director at Circle. Neville previously worked as a Senior Software Engineer at Allaire Corporation, connecting his professional history directly to Jeremy Allaire's earlier ventures. His work at Circle included foundational contributions to the architecture and launch of USDC.

Historical Development Timeline

2017: Polygon (then Matic Network) founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic
2018: USDC launched on Ethereum in September through the Circle–Coinbase Centre consortium
2021: Matic Network rebranded to Polygon in February
Before October 2023: Polygon users relied substantially on Ethereum-bridged USDC through the Polygon PoS Bridge
September 28, 2023: Circle published guidance explaining the distinction between bridged USDC.E and planned native USDC
October 10, 2023: Native USDC became available on Polygon PoS
November 10, 2023: Circle discontinued USDC.E deposits and withdrawals for Circle Account and related APIs
March 18, 2024: Polygon described an ecosystem-wide migration effort in which DeFi protocols, bridges, and NFT marketplaces would encourage users to transition liquidity from USDC.E to native USDC
February 2026: Circle and Polymarket announced a planned transition from USDC.E collateral to native USDC

Key Partnerships and Ecosystem Integrations

Circle and Polygon Labs Collaboration

Circle and Polygon Labs collaborated to bring native USDC to Polygon PoS. Native USDC went live on October 10, 2023, allowing developers and businesses to access Polygon-based USDC through Circle Mint and Circle APIs without first bridging it from Ethereum. Circle described the native version as the official USDC form for the Polygon ecosystem. It is issued by Circle's regulated affiliates, fully reserved under Circle's USDC model, and redeemable 1:1 for U.S. dollars through supported Circle channels.

DeFi Ecosystem Integration

Circle specifically cited integrations and use cases involving major Polygon DeFi protocols:

Aave: Lending and borrowing platform supporting USDC.E as a supplied asset, borrowed liquidity, and collateral
Uniswap: Decentralized exchange with USDC.E trading pairs and liquidity pools
QuickSwap: Polygon-native DEX with extensive USDC.E liquidity and trading volume
Compound: Lending protocol with Polygon deployment supporting USDC.E
Curve: Stablecoin-focused DEX with USDC.E liquidity and trading pairs
Sushi: Multi-chain DEX with Polygon USDC.E support

These integrations cover decentralized exchange liquidity, lending, borrowing, and other financial applications. USDC.E has been deeply integrated into Polygon DeFi and became a foundational liquidity asset before native USDC's launch.

Circle APIs and Circle Mint

Native USDC is available through Circle Mint and Circle's APIs for eligible businesses and institutional users. This provides direct issuance, redemption, and payment-rail integration that USDC.E does not receive from Circle. Circle Mint and associated APIs discontinued support for USDC.E deposits and withdrawals on November 10, 2023, marking a formal shift toward native USDC as the canonical Polygon asset.

Cross-Chain Transfer Protocol

Native USDC supports Circle's Cross-Chain Transfer Protocol (CCTP), which uses a burn-and-mint model: native USDC is burned on the source chain and an equivalent amount is minted on the destination chain. Polygon documentation describes this mechanism as enabling 1:1 transfers between supported chains, with fast transfers completing in under 30 seconds in supported configurations.

USDC.E does not use Circle's native CCTP model. It must generally be moved through a bridge or exchanged for native USDC. This distinction is important for applications requiring fast cross-chain transfers or institutional-grade infrastructure.

Polymarket Integration

Competitive Advantages and Unique Value Proposition

Historical Advantages

USDC.E's historical advantages come from combining a trusted dollar stablecoin with Polygon's low-cost, high-throughput environment:

Dollar Stability: Maintains a 1:1 peg to the U.S. dollar for on-chain transactions
Low Transaction Fees: Polygon PoS enables significantly lower transaction costs than Ethereum mainnet
Fast Settlement: Relative to Ethereum mainnet, Polygon provides faster transaction finality
Deep Ecosystem Liquidity: USDC.E became deeply integrated into Polygon DeFi before native USDC's launch
EVM Compatibility: Easy integration into existing Ethereum-compatible applications and developer tools
Early Polygon Liquidity: Available before native USDC launched and became deeply integrated into Polygon DeFi
Ethereum Interoperability: Users could move established Ethereum USDC liquidity into Polygon

Its unique value proposition was the ability to use a widely recognized stable dollar asset in a low-fee blockchain environment without leaving the Polygon ecosystem.

Current Competitive Position

USDC.E is best understood as a legacy but still technically functional bridged stablecoin representation on Polygon PoS. Native USDC is the preferred canonical form for new Polygon integrations because it is:

Issued directly on Polygon by Circle
Redeemable through Circle at 1:1 for U.S. dollars
Compatible with Circle's native cross-chain infrastructure (CCTP)
Supported by Circle's account and API products
Less dependent on an Ethereum bridge for Polygon liquidity

USDC.E remains relevant where older DeFi pools, exchange systems, bridge routes, or application contracts still use the 0x2791bca1f2de4661ed88a30c99a7a9449aa84174 address. However, the same ticker-like presentation of "USDC" across wallets can create integration errors. Applications should explicitly label the two assets and validate the contract address before accepting deposits or assigning collateral value.

Transition From USDC.E to Native USDC

Native USDC's launch initiated a long-term migration away from USDC.E. Circle announced that it would discontinue support for USDC.E deposits and withdrawals through Circle Mint and associated APIs on November 10, 2023. This did not automatically invalidate existing USDC.E balances or shut down the Polygon PoS Bridge. Instead, it removed Circle's institutional support for the bridged asset and encouraged users and applications to adopt native USDC.

Polygon Labs subsequently described an ecosystem-wide migration involving DeFi protocols, bridges, and NFT marketplaces. The stated advantages of native USDC include:

Direct minting and redemption on Polygon PoS
Circle-issued reserves
Direct support through Circle Account and APIs
Compatibility with Circle's cross-chain infrastructure
Less dependence on an Ethereum bridge for Polygon liquidity

The Polygon PoS Bridge continued to operate normally during the migration. Users could generally convert USDC.E to native USDC by swapping through a decentralized exchange or by withdrawing and re-entering through an appropriate native-USDC route. The method depends on the application, available liquidity, fees, and supported bridge infrastructure.

As of August 2026, both contracts may still appear on Polygon. Native USDC is the canonical version promoted by Circle, while USDC.E remains a legacy bridged token with continuing on-chain balances and possible protocol support. Token symbols are not sufficient for identification; users and applications should verify the contract address.

Current Development Activity and Roadmap

USDC.E is not a standalone protocol with a traditional roadmap. Its evolution is tied to:

Circle's USDC Product Development: Ongoing enhancements to USDC's features, compliance, and cross-chain capabilities
Polygon's Network Upgrades: Improvements to Polygon PoS performance, finality, and security
Cross-Chain Liquidity and Bridge Improvements: Enhanced bridge infrastructure and interoperability
Stablecoin Compliance and Interoperability Enhancements: Regulatory and technical developments in the stablecoin ecosystem

Relevant Development Themes:

Continued support for Polygon-based stablecoin liquidity, though with emphasis on native USDC
Ongoing improvements in bridge infrastructure and cross-chain mechanisms
Broader USDC interoperability across chains and wallets
Potential migration patterns in the ecosystem as users prefer canonical or native USDC variants where available
Heimdall-v2 development modernizing the Polygon PoS consensus client and targeting improved finality and network performance
Polygon's "Open Money Stack" strategy positioning the network as end-to-end payments infrastructure

The most important development for USDC.E is not a new emission program but the continuing ecosystem transition to native USDC. For new applications, the strategic direction is toward native Polygon USDC, direct Circle access, and burn-and-mint cross-chain infrastructure. USDC.E remains relevant primarily as legacy liquidity and as an asset still held or supported by some Polygon users and protocols.

Relationship With Circle's Cross-Chain Transfer Protocol

USDC.E is a bridge-wrapped asset and is distinct from Circle's Cross-Chain Transfer Protocol (CCTP). CCTP uses a burn-and-mint model for native USDC:

Native USDC is burned on the source blockchain
A message attesting to the burn is transmitted to the destination chain
Native USDC is minted on the destination blockchain by Circle's supported contracts

This differs from the Polygon PoS Bridge's model, which locks Ethereum USDC and creates a separate Polygon representation. CCTP therefore avoids maintaining a pool of underlying USDC in a third-party bridge contract for the transferred amount. Polygon identifies CCTP as a supported cross-chain mechanism for native USDC, while Circle positions native USDC as the canonical form for direct issuance and redemption.

Smart Contract Details and Technical Specifications

The primary USDC.E contract on Polygon is 0x2791bca1f2de4661ed88a30c99a7a9449aa84174. PolygonScan identifies it as:

Name: USD Coin (PoS) (USDC.E)
Standard: ERC-20
Decimals: 6
Contract Type: Proxy
Mapping Label: Circle Stablecoin FxChild Bridged Token

The six-decimal format follows USDC's conventional accounting model: one token is represented by one million base units. As a proxy contract, the externally visible token address remains stable while implementation logic can be managed through the associated proxy architecture. Developers should use the verified Polygon contract address rather than relying only on the ticker symbol, because both USDC.E and native USDC may appear as "USDC" in poorly configured wallets or applications.

PolygonScan reported a maximum total supply of approximately 1.0166 billion USDC.E on the indexed contract page. Because the token is bridge-created and bridge-burned, supply is dynamic rather than fixed. The amount can increase when more Ethereum USDC is locked and decrease when users withdraw and burn USDC.E. The supply figure is therefore a time-sensitive blockchain-indexed observation, not a permanent protocol cap.

Security Model and Principal Risks

USDC.E's security depends on several separate components:

Ethereum Bridge-Contract Security: The underlying USDC is held by Ethereum-side smart contracts. A contract vulnerability or administrative compromise could affect access to locked collateral.
Polygon Validator Security: Polygon validators validate Bor activity and participate in Heimdall consensus and checkpoint submission. Validator misbehavior or collusion could theoretically compromise network security.
Checkpoint Integrity: Withdrawals depend on checkpoint and exit-proof verification on Ethereum. Compromised checkpoints could affect withdrawal processing.
Token-Contract Security: The USDC.E proxy and implementation contracts govern balances, transfers, minting, and burning. Contract vulnerabilities could affect token operations.
Application Support: DeFi protocols and exchanges must correctly distinguish USDC.E from native USDC. Incorrect handling could lead to integration errors or user confusion.

The bridge model creates a dependency that native USDC does not have: the holder of USDC.E does not hold Circle-issued USDC directly on Polygon. Instead, the token represents a claim connected to Ethereum USDC locked in bridge infrastructure. Circle's native-USDC documentation specifically states that USDC.E is not issued by Circle, while native USDC is issued by Circle and redeemable 1:1 through Circle-supported channels.