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File S7-2026-27/Issue 0042/38 days left

Issuer file

Circle

Circle Internet Financial / Circle Internet Financial Europe

EMT issuer / payments firm

Strong coverageUSEU / FranceSingapore

Issuer group behind USDC. The public EU file is an EMT path through a French-supervised entity; the US file is a payments and state-trust overlay, not a single federal 'stablecoin licence'. RCA splits the legal persons on purpose.

Control structure

Public-company group with a separately identified EU issuer vehicle for MiCA EMT purposes. Beneficial-ownership analysis for the listed parent is a securities-disclosure exercise; the EU issuer vehicle must still be read as its own legal person.

Linked assets

Evidence timeline

  1. 1 Jul 2024

    EU EMT path for USDC publicly documented

    Verified

    Issuer and competent-authority materials describe USDC as an e-money token issued by the EU vehicle.

  2. 25 Aug 2026

    RCA review

    Verified

    File treated as strong on entity, licence and disclosure; holder-rights language still read from terms, not inferred from the licence.

Disclosures on file

  • USDC EU EMT white paper / authorisation materials

    White paper · 1 Jul 2024

    Primary public artefact for the EU e-money-token path.

Known gaps

  • Cross-border characterisation of USDC outside the EU EMT perimeter is a separate legal question.
  • Reserve mix is attested as-of a date; RCA does not treat the last attestation as a live feed.

RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.