USDC Research: Evidence, Risks & Token Data

Research dossier

USDC

Token · EthereumVerified across multiple provider identities

Contract · Ethereum

0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48

Official website

CoinGecko · CoinMarketCap

Requested by the community. Verified from provider data. · Sep 23, 2026, 9:57 PM

Some evidence needs refreshing.

IdentifiedChecking evidenceReviewing contradictionsFindings ready

The brief

What stands out

Supply
Supply definitions are incomplete
One or more core supply definitions are missing from the available evidence. Maximum supply is not reported in the available provider data.
Why it matters. Missing or unclear circulating, total, or max supply figures limit any interpretation that depends on supply structure.
What limits this finding. Supply figures are provider-reported definitions and may differ across sources.
Evidence strength · ModerateWorth noting
Evidence and source details
Circulating supply
Exact value: 75095716094.86064 token
Source: CoinGecko
Updated: Sep 24, 2026
Total supply
Exact value: 75083120646.44327 token
Source: CoinGecko
Updated: Sep 24, 2026
Maximum supply
Exact value: - token
Source: CoinGecko
Updated: Sep 24, 2026

Where the evidence gets messy

Evidence quality
Reported supply figures are internally inconsistent
CoinGecko reports circulating supply of 75,095,716,094.86064 and total supply of 75,083,120,646.44327. Circulating supply is therefore reported above total supply in this snapshot.
Why it matters. Supply inconsistencies can invalidate or weaken derived supply and valuation metrics until the underlying provider data is clarified.
What limits this finding. This is an inconsistency in the reported snapshot; NoShills is not inferring the cause.
Evidence strength · InsufficientExamine closely
Evidence and source details
Circulating supply
Exact value: 75095716094.86064 token
Source: CoinGecko
Updated: Sep 24, 2026
Total supply
Exact value: 75083120646.44327 token
Source: CoinGecko
Updated: Sep 24, 2026
Supply
Reported FDV relative to market capitalization
FDV comparison cannot be treated as definitive because the current supply inputs are internally inconsistent.
Why it matters. Comparing fully diluted valuation with current market capitalization shows how much reported valuation depends on non-circulating supply, but the ratio alone does not reveal when or whether additional supply will circulate.
What limits this finding. This is an inconsistency in the reported snapshot; NoShills is not inferring the cause.
Evidence strength · InsufficientContext
Evidence and source details
Circulating supply
Exact value: 75095716094.86064 token
Source: CoinGecko
Updated: Sep 24, 2026
Total supply
Exact value: 75083120646.44327 token
Source: CoinGecko
Updated: Sep 24, 2026

What we still don't know

The one applicable hypothesis cannot be fully tested with the available evidence.
One or more evidence categories could not be collected from the configured providers.
NoShills does not currently have the required ATH drawdown value and ATH date for this research snapshot. Missing: Drawdown from all-time high; Reported all-time-high date.
There is not enough current evidence to evaluate this observation. Missing: 30-day price volatility.
Maximum supply

Evidence at a glance

Market: 1 fact available
Supply: No verified coverage yet
Evidence quality: Partial

Sources used in this research

CoinGecko
0 facts available · Updated Sep 24, 2026

NoShills shows dated public facts only. This is not a buy or sell recommendation.

How this research was built

Identity → Evidence → Derived metrics → Findings

NoShills preserves missing values, source conflicts and evidence timestamps instead of smoothing them into a single rating.

Read the methodology

The numbers

A neutral record of collected facts, source timing, evidence coverage, and current testability.

Completed · Sep 24, 2026, 8:48 PM · Refresh is available

Market & valuation

Reported volume is not the same as executable liquidity.

An FDV gap does not automatically mean imminent dilution.

Current fully diluted valuationMarket · Stale: $75.13B
Exact value
75128303923
Source: CoinGeckoProvider updated: Sep 24, 2026, 8:45 PMRetrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.
Current market capitalizationMarket · Stale: $75.08B
Exact value
75082277850
Source: CoinGeckoProvider updated: Sep 24, 2026, 8:45 PMRetrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.
Current USD priceMarket · Stale: $0.999808
Exact value
0.999808
Source: CoinGeckoProvider updated: Sep 24, 2026, 8:45 PMRetrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.
Trailing 24-hour volumeMarket · Stale: $19.4B/24h
Exact value
19397380643
Source: CoinGeckoProvider updated: Sep 24, 2026, 8:45 PMRetrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.
FDV / market capitalization ratioMarket · Available: 1×
Exact value
1.0006130084797367398996672821374718055387287374366732801514225770122929215312825
Retrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.

Supply

No verified unlock calendar is available.

Circulating supplySupply · Stale: 75.1B token
Exact value
75095716094.86064
Source: CoinGeckoProvider updated: Sep 24, 2026, 8:45 PMRetrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.
Maximum supplySupply · Missing: Max supply not reportedSource: CoinGeckoProvider updated: Sep 24, 2026, 8:45 PMRetrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.
Total supplySupply · Stale: 75.08B token
Exact value
75083120646.44327
Source: CoinGeckoProvider updated: Sep 24, 2026, 8:45 PMRetrieved: Sep 24, 2026, 8:48 PMThis fact has recorded source or coverage limitations.

Evidence quality

These components describe evidence completeness, timing, provenance, agreement, and category coverage.

Cross-source agreement: Insufficient cross-source evidence
Completeness: Measured · 6/7 applicable observations
Category coverage: Measured · 2/2 applicable observations
Freshness: Measured · 6/6 applicable observations
Provenance: Measured · 6/6 applicable observations
Overall evidence quality: Unavailable

Evidence quality only describes the completeness and reliability of the collected record.

What can currently be checked

Testability only describes whether the required evidence can currently be checked.

Launch market evidence authorization

Partially testable

Structural comparison with reviewed cases

Deterministic comparison uses evidence available at each displayed cutoff. Historical outcomes are attached only after case selection is frozen.

Historical comparison is not publicly available yet because the verified research corpus is still being expanded.

Historical outcomes were not used to select cases. These comparisons do not establish current behavior or provide investment guidance.

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