USD Coin

Disputes about the public offer of USDC in the EEA go exclusively to the commercial courts of Paris, France.

“Any dispute with the offer to the public of USDC in the EEA shall be brought exclusively in the Commercial courts of Paris, France except where prohibited by the laws of France (the “Applicable Laws”).”

Holders outside the EEA must rely on Circle LLC's terms and have no right to seek redemption from Circle SAS.

“Persons holding USDC, located outside the European Economic Area (EEA), shall refer to the Circle Mint User Agreement and/or the applicable USDC Terms issued by Circle LLC, particularly with respect to the redemption of USDC, and shall not have any right to seek redemption from Circle SAS.”

EEA holders have a legal claim against Circle SAS as the EEA issuer of USDC.

“USDC Holders have a legal claim against Circle SAS as the EEA issuer of USDC.”

Circle SAS is an electronic money institution registered with the French ACPR under number 17788.

“Circle SAS is an Electronic Money Institution registered with the ACPR under number 17788, and provides e-money token services.”

USDC holders have a right of redemption at any time and at par value.

“The holders of this e-money token have a right of redemption at any time and at par value.”

The right to redeem USDC at par applies to holders located in the European Economic Area.

“Holders of USDC have a right of redemption at any time and at par value where they are located in the European Economic Area (“EEA”), in accordance with applicable law and MiCAR.”

Circle does not charge redemption fees for redeeming USDC for US dollars within the EEA.

“By way of derogation from the redemption fees mentioned in the Fee Schedule, and in application of MiCA regulation applicable to e-money tokens in the EEA, Circle France will not charge redemption fees for redeeming USDC for US Dollars or EURC for Euros within the EEA.”

If the ACPR triggers Circle SAS's Redemption Plan, individual redemption claims are suspended.

“If the ACPR triggers the implementation of the Redemption Plan, any individual claim under Section D.1 above will be suspended.”

For every USDC in circulation, Circle SAS or Circle LLC holds one US dollar or an equivalent amount of US-dollar assets in segregated accounts.

“This means that for every USDC issued by Circle SAS or by Circle LLC and remaining in circulation, Circle SAS or Circle LLC holds on behalf of holders either one USD or an equivalent amount of USD-denominated assets in their Segregated Accounts”

Reserves are held with regulated financial institutions in accounts segregated from Circle SAS's own funds, for the benefit of EEA holders.

“These reserves are held with regulated financial institutions in segregated accounts separate from Circle SAS’s corporate funds, on behalf of, and for the benefit of, holders of USDC in the EEA”

An accounting firm reviews the reserves monthly and confirms they match or exceed the USDC in circulation.

“The USDC Reserves are independently reviewed by a leading accounting firm, providing monthly confirmation that they match or exceed the USDC in circulation.”

Circle SAS may freeze USDC, temporarily or permanently, where it finds transactions likely linked to criminal offences.

“Moreover, if Circle SAS determines that USDC transactions linked to public addresses are likely to be associated with criminal offenses, Circle SAS may decide to freeze the associated USDC (temporarily or permanently).”

USDC on EVM chains, including Ethereum, uses upgradeable proxy contracts whose logic can be changed without changing the token address.

“These implementations allow the contract logic to be modified without changing the token address.”

The minting contract sets no fixed cap on USDC supply.

“Not applicable as the supply of USDC is not limited to any fixed amount within its minting smart contract.”

Updated terms of use take effect 30 days after email notice unless the customer objects before then.

“The updated Terms of Use shall come into effect, and apply to you, thirty (30) days after the date on which that email notice is deemed received under Section 31.3, unless you have notified us that you object to the changes before they come into effect.”