USDT or USDC: issuer, reserves, regulation and networks compared for international payments
Two digital dollars, two issuers and two reserve designs. The public data on each, side by side, with source and date, with no scoring and no ranking.
Historical reference: May 19, 2026. Published on this site on November 2, 2026. Dates in the text identify the period covered.
In this article
Key points
- USDT (Tether) and USDC (Circle) are dollar-pegged stablecoins, but they differ in issuer, reserve makeup, regulation and networks.
- On 03/31/2026, USDT had about US$183.4 billion in circulation and USDC had US$77.0 billion, according to the issuers themselves.
- USDC is issued in the EU under MiCA, which USDT is not; in the United States, the GENIUS Act is not yet in force.
- For paying a supplier, what matters is the network and wallet the recipient uses: USDT concentrates its volume on TRON, while USDC sits mostly on Ethereum.
Anyone deciding to pay an overseas supplier with a stablecoin soon runs into one question: USDT or USDC? Both coins aim to be worth one dollar, but they are issued by different companies, with different reserves, audits and rules. This comparison gathers each issuer's public data, with date and source, and does not point to a preference: the choice depends on what the recipient accepts, the network available and the company's appetite for risk.
The supply and reserve figures are as of March 31, 2026, published by Tether on May 1 and by Circle on May 11.
- USDT issued on 03/31/2026 (Tether, Q1 2026 report)
- US$183.4 bn
- USDC in circulation on 03/31/2026 (Circle, Q1 2026 results)
- US$77.0 bn
- Tether's excess reserves over liabilities, on 03/31/2026
- US$8.23 bn
- USDT on the TRON network on 03/12/2026, a network record according to on-chain analysts
- US$85.3 bn
Who issues each one
USDT is issued by Tether, a private company that publishes quarterly reserve attestations. USDC is issued by Circle Internet Group, a publicly traded company in the United States that reports quarterly results and publishes monthly attestations. In both cases, direct redemption with the issuer is aimed at verified customers; most users swap the coin on exchanges or through intermediaries.
Reserves and attestations
The two issuers' reserve reports are attestations: they show the position on a given date and are not the same as an audit of financial statements. Tether said on May 1, 2026 that the formal audit process has begun; Circle has the company's financial statements audited by Deloitte and the USDC reserve attested monthly by a Big Four firm.
| Criterion | USDT (Tether) | USDC (Circle) |
|---|---|---|
| Supply on 03/31/2026 | US$183.4 billion in tokens issued | US$77.0 billion in circulation |
| Reserve makeup | About US$141 billion in U.S. Treasury bills (direct and indirect exposure), about US$20 billion in gold and about US$7 billion in bitcoin | Mostly in the Circle Reserve Fund, a government-securities money market fund; the rest in cash, mainly at large banks |
| Total assets and liabilities | US$191.8 billion in assets and US$183.5 billion in liabilities; excess of US$8.23 billion | Per-asset amounts not disclosed in the earnings release |
| Verification | Quarterly attestation by BDO; formal audit begun in 2026 | Monthly attestation by a Big Four firm; Circle's financial statements audited by Deloitte |
The difference in makeup is the most debated. USDC keeps its reserve almost entirely in short-term government securities and cash; USDT includes gold and bitcoin, assets whose prices fluctuate. That was one of the reasons S&P downgraded its assessment of USDT, along with transparency, a topic covered in the article on the downgrade of USDT's stability. Tether reported excess reserves of US$8.23 billion over liabilities on the report date; Circle did not disclose an equivalent figure in its earnings release.
Regulation in the United States, Europe and Brazil
For the Brazilian importer, the practical point is that Brazilian regulation does not pick the coin: the US$100,000 limit per transaction (when the counterparty is not authorized to operate in foreign exchange), the identification of the recipient and the stated purpose apply equally. European rules do matter, however, if the supplier is in the European Union and uses a platform that accepts only MiCA-authorized assets.
Networks, fees and supply by network
The same name covers versions on different networks, and money sent on the wrong network can be lost. USDT circulates on several networks, but TRON and Ethereum hold most of the supply. On March 12, TRON reached about US$85.3 billion in USDT; whether it has already passed Ethereum depends on the source, as shown in the article on USDT's record on TRON. USDC has most of its supply on Ethereum, according to DefiLlama data cited by Stocktwits in April 2026, and Solana is another relevant network for the coin.
| Criterion | USDT | USDC |
|---|---|---|
| Networks with the largest supply | TRON and Ethereum, with the lead varying by source (TRON: about US$85.3 billion on 03/12/2026) | Ethereum (DefiLlama data, April 2026) |
| Presence on TRON | Yes, as TRC-20 | TRON is not on the list of networks with native USDC published by Circle |
| Presence on Solana | Yes | Yes |
| Typical sending cost | On TRON, the fee is paid in energy and bandwidth and is higher when the destination wallet does not yet hold USDT | Depends on the network chosen; on Ethereum, the fee varies with congestion |
Before sending, confirm the coin, the network and the address with the supplier. USDT on TRON and USDT on Ethereum are incompatible transfers, and a confirmed transfer is irreversible. The step-by-step is in how to validate your supplier's TRC-20 wallet.
How to decide for a payment
- Ask the supplier. The recipient defines the coin and the network; practice varies from supplier to supplier and there is no general rule.
- Confirm the network before the coin. The same stablecoin on another network can have a very different fee and an incompatible wallet.
- Compare the total cost. Add up the intermediary's spread, the network fee and the applicable taxes (confirm with your accountant), and ask for the amount before confirming.
- Assess issuer risk. Read each issuer's latest attestations and the rating agencies' warnings, and set how long the money stays in the stablecoin.
Swapo Finance operates only with USDT on the TRON network (TRC-20). It converts the reais received via Pix, Brazil's instant payment system, and sends them to the wallet the client indicates, usually the supplier's, as an intermediary and on the client's behalf and order; the intermediation fee (spread) from 0.8% and the network fee are shown before confirmation. Anyone who needs USDC should look for another solution. Virtual assets are not covered by the FGC, Brazil's deposit guarantee fund, and USDT can lose its parity with the dollar.
Frequently asked questions
What is the difference between USDT and USDC?
Both aim to be worth one dollar, but USDT is issued by Tether and USDC by Circle. USDT's reserves include Treasury securities, gold and bitcoin; USDC's are held mostly in a government securities fund and cash. USDC is issued in the European Union under MiCA; USDT does not have that authorization.
Is USDC available on the TRON network?
The list of networks with native USDC published by Circle does not include TRON. Versions of the token may exist on networks without direct issuance by Circle, but they carry their own risks. Before paying, confirm the coin and the network with the supplier.
What does the GENIUS Act change for USDT and USDC?
The 2025 U.S. law creates rules for payment stablecoin issuers, with reserves and supervision. It takes effect on the earlier of 18 months after enactment or 120 days after the final rules. Tether created USAT for the U.S. market, while USDT remains a global product.
Does the Brazilian rule treat USDT and USDC differently?
No. BCB Resolution 521 classifies an international payment or transfer with a virtual asset referenced to a foreign currency as a foreign exchange operation, without distinguishing the coin. The limit, the purpose and the identification of the recipient apply to both.
Found it useful? Share it with anyone who pays suppliers abroad.
Sources
- Tether posts $1.04B Q1 2026 profit, reaches $8.23B reserve buffer · Tether, May 1, 2026
- Circle reports first quarter 2026 results · Circle, May 11, 2026
- Circle transparency: USDC reserves · Circle
- Circle is first global stablecoin issuer to comply with MiCA · Business Wire, Jul 1, 2024
- Public Law 119-27: Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act · Government Publishing Office, Jul 18, 2025
- OCC proposes rule to implement the GENIUS Act (News Release 2026-9) · OCC, Feb 25, 2026
- Tether launches U.S.-regulated USAT stablecoin issued by Anchorage Digital · Decrypt, Jan 27, 2026
- Circle Mints Record 3.25 Billion USDC On Solana In A Week, But Ethereum Still Dominates Stablecoin Supply · Stocktwits (dados do DefiLlama), Apr 6, 2026
- USDC contract addresses · Circle Developer Docs
- Resolução BCB nº 521, de 10 de novembro de 2025 · Banco Central do Brasil, Nov 10, 2025
For information only, not investment advice. Third-party brands mentioned belong to their owners; the mention is journalistic and does not indicate a partnership or relationship with Swapo Finance.
International payments with the speed of Pix and Central Bank rules.
Convert reais into USDT and send it to your supplier on the TRON network. One fee shown upfront, asset segregation policy, human support. Virtual assets have no FGC coverage; authorization application filed with the BCB.
