Token Files · USD Coin
A supplier has received 10,000 USDC on Ethereum. Which records prove receipt, which describe reserves, and which establish that dollars reached a bank?
FILE 004 · STABLECOINS · REVIEWED 1 NOVEMBER 2026
Start with the invoice
A Dubai supplier agrees to accept 10,000 native USDC on Ethereum. The customer sends a receipt showing a successful transfer. Check the agreed network, the token contract against Circle’s address directory, the receiving wallet and the amount. A token symbol or screenshot alone leaves room for a different asset with the same label. Record the transaction hash and block alongside the invoice.
Who can change the supply?
Circle’s EVM implementation supports authorised minters and token burning. A master minter controls individual minting allowances. The code also defines roles for pausing transfers, managing the blocklist and administering upgrades. When investigating a change, identify the deployed proxy, the implementation active at the relevant block and the role that executed the transaction. A list of functions in a repository cannot identify the address that used one yesterday.
Match each claim to its evidence
The receipt can support a claim that the supplier received tokens. Circle’s dated reserve disclosures address the assets backing issuance across the stated reporting scope. To compare figures, record the report date and scope. Comparing the supply on one network with a reserve total covering multiple networks produces a misleading ratio.
If the supplier later requests dollars, track the conversion separately. A token transfer to an intermediary, an accepted withdrawal request and a credit on the supplier’s bank statement are three different records. The business can close the token-receipt stage while the bank settlement is still outstanding.
Test the evidence
The supplier has a confirmed incoming token transfer, an issuer reserve report and a withdrawal acknowledgement. Which document is still missing before the accounts team can record cash received at the bank?
Show the answer
A bank credit or equivalent settlement confirmation identifying the beneficiary, amount and value date. Reconcile fees and the amount actually received against the withdrawal request.
Circle contract directory · EVM implementation and roles · Dated reserve disclosures · Academy guide to redemption