Circle

Circle is the issuer of USDC, the world's second-largest stablecoin by market cap and the dominant collateral currency in onchain reinsurance protocols. Circle is regulated as a money services business in the US and holds an Electronic Money Institution (EMI) licence in the EU. For onchain reinsurance, USDC is the de facto standard for collateral pools: Ensuro, onRe, and MembersCap all use USDC-denominated capital. Circle's regulatory standing — and its commitment to 1:1 cash and short-duration Treasury reserves — is what makes USDC credible as reinsurance collateral to institutional counterparties.