USD Coin on Base

USDC, the second-largest dollar stablecoin and the standard unit for onchain trading and payments, issued by Circle against cash and short-term US Treasuries, with the interest on those reserves making up most of Circle's revenue. The reserve sits at regulated US banks and in a government money market fund run by BlackRock, and its composition is published every month. Circle listed on the New York Stock Exchange in 2025.