USDC, a U.S. dollar-backed stablecoin issued by Circle Internet Financial, is designed to be a digital bearer asset that maintains a 1:1 redeemable value with the U.S. dollar, supported by reserves held in short-duration U.S. Treasuries and cash deposits. Circle has established a strong regulatory and banking infrastructure to ensure USDC's seamless integration with both blockchain-based and traditional financial systems, mitigating risks by placing significant reserves in a globally systemically important bank (GSIB) and advocating for stablecoin legislation. The USDC reserve, transparently managed and audited, is protected by U.S. law from corporate use, and in the event of Circle's bankruptcy, it remains secure for USDC holders. Circle is committed to backing USDC obligations with its substantial corporate resources if necessary, and the company continues to push for federal regulation of the digital asset industry.