Stablecoin
Circle, fintech, on Ethereum since September 2018.
Ethereum holds roughly 66% of all USDC. Base holds ~$4.31B and Arbitrum ~$2.61B on the same date: the largest Ethereum-L2 stablecoin footprints in this dataset. Also on 20+ other networks. CAVEAT: aggregator-sourced; Circle's own attested reserve reports were not retrieved in this pass.
In the record
95
months from first observation to the record's assessment of August 2026
13
fintech rows in the record, this one included
45
rows filed to Ethereum by their sources
What it bears on
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.
R4Can we keep a position confidential on a public ledger?
unresolved
The most consequential open question institutions put to us. Selective-disclosure work is underway across the ecosystem. Nothing is production-settled today, and we would need to see it running in a regulated deployment before we said otherwise.
R6Who is the counterparty when there is no counterparty?
needs design
An ownerless system meeting procurement built for vendors. Six organisations can take your first call, and our own unincorporated status is part of this problem, not outside it.