Circle vs OpenEden

Circle4.7/5

VS

OpenEden3.9/5

Feature	CircleVisit	OpenEdenVisit
Ratings
Our score	4.7/5	3.9/5
User rating	No reviews yet	No reviews yet
Reserves & transparency	5.0	4.5
Peg stability	4.5	4.0
Regulation	5.0	4.0
Liquidity & chains	5.0	3.0
Redemption	4.0	3.5
Specs
Tickers	USDC, EURC	USDO, cUSDO
Pegged to	US dollar	US dollar
Backing	Cash & treasuries	Cash & treasuries
Yield-bearing	No	Yes
Regulated issuer	Yes	Yes
Licenses & charters	US BitLicense (NYDFS), US FinCEN MSB, France EMI (ACPR / MiCA), UK EMI (FCA), Singapore MPI (MAS), ADGM FSRA FSP, Bermuda Class F	Bermuda Monetary Authority (BMA) Digital Asset Business Lice
Supply / market cap	$72.9B as of October 2026	$14.47M in October 2026
Chains	Ethereum, Solana, Avalanche, Base, Stellar	Ethereum, Base, BNB Chain
Reserve reports	Monthly reserve attestations by Deloitte & Touche, with daily CUSIP-level reporting of the Circle Reserve Fund via BlackRock.	Daily and monthly NAV reports by fund administrator
Redemption terms	1:1 par redemption with 0% fees via Circle Mint for verified institutional accounts; retail redemptions via secondary exchanges.	Redeemable for USDC by KYC-verified non-US users; 0.10% redemption fee; $100,000 minimum initial transaction
Issuer can freeze tokens	Yes	Not disclosed
Company
Founded	2013	2022
Headquarters	United States	—
Investors	Not disclosed	Ripple, Anchorage Digital Ventures, FalconX, Flowdesk +7
Strengths and weaknesses
Pros	Reserves backed 1:1 by cash and short-dated Treasuries with daily CUSIP reporting Monthly reserve attestations published by Deloitte & Touche Direct institutional minting and redemption at 1:1 with zero fees via Circle Mint Holds regulatory licenses in the US, EU, UK, and Singapore	Reserves legally ring-fenced under a Bermuda Monetary Authority digital asset license Yield accrues automatically to wallet balances through daily rebasing Collateral backed 100% by US Treasury bills and short-term equivalents Permits wrapping to cUSDO for wider protocol compatibility across DeFi
Cons	Circle has onchain blacklist capabilities to freeze tokens on public addresses Direct fiat redemption requires corporate KYB onboarding through Circle Mint Depegged to $0.87 during the March 2023 Silicon Valley Bank failure Reserves carry counterparty exposure to partner banks holding cash deposits	$100,000 minimum subscription excludes smaller retail participants from primary minting Redemptions settle strictly in USDC rather than direct fiat bank transfers Primary access is unavailable to United States residents and entities Secondary trading on decentralized exchanges risks temporary deviations from the peg
Best for	Institutional cross-border payment settlement, DeFi liquidity providers and traders, European entities needing MiCA compliance	Non-US corporate treasuries holding idle capital, Institutional investors seeking tokenized US debt, DeFi lenders using wrapped treasury collateral

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