USDC vs USDT: Issuers, Reserves and MiCA Status Compared (2026)

USDC and USDT both aim to track the US dollar, but they come from different companies, report their reserves differently and, as of October 2026, have very different standing in the EU. For most people in Europe, the USDC vs USDT question is settled less by preference than by regulation: one has an issuer authorised under MiCA, the other does not.

This guide sets the two side by side, explains what the differences mean in practice, and covers where each is available through Quppy.

Key takeaways

• USDC is issued by regulated affiliates of Circle. In the EU, the issuer is Circle Internet Financial Europe SAS, an e-money institution authorised by the French ACPR and listed in ESMA's register of e-money token issuers.
• USDT (written USD₮ by its issuer) is issued by Tether International, S.A. de C.V., incorporated in El Salvador and registered there as a stablecoin issuer. As of 28 October 2026 it does not appear in ESMA's register of e-money token issuers.
• Circle publishes monthly reserve attestations from a Big Four accounting firm. Tether publishes quarterly attestation reports prepared by BDO.
• In October 2026 ESMA told MiCA-authorised providers to stop offering services related to non-MiCA-compliant stablecoins to EU clients.
• Through Quppy, USDC on Ethereum can be available in the EEA. USDT is not available to users in the EEA.

USDC vs USDT at a glance

Who issues USDC?

Circle says USDC is issued by regulated affiliates of Circle. For the European Union, the issuer named in the MiCA white paper is Circle Internet Financial Europe SAS, an electronic money institution authorised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France. ESMA's interim MiCA register lists it as an issuer of e-money tokens, with an authorisation date of 1 July 2024.

Because USDC is an e-money token under MiCA, EU holders have a claim on the issuer and a right to redeem at par value at any time. That is a legal right, but not the same as easy access: Circle states that Circle Mint, its direct mint and redemption service, is not available to individuals or small businesses. Individuals usually buy and sell USDC through exchanges and other platforms.

USDC runs on many networks. As of September 2026, Circle listed 38 blockchains on which it is natively issued, including Ethereum, Solana, Stellar and Base.

Who issues USDT?

Tether's February 2026 Relevant Information Document names the issuer of Tether tokens as Tether International, S.A. de C.V., a company incorporated in El Salvador. The document says Tether obtained authorisation as a stablecoin issuer from El Salvador's National Commission of Digital Assets (CNAD), and notes that registration there "does not imply certification regarding the quality of the token or the solvency of Tether."

USDT does not appear in ESMA's interim register of e-money token issuers as of 28 October 2026. In EU terms, that makes it a stablecoin whose issuer is not authorised under MiCA.

How do the reserves compare?

Both issuers say their tokens are fully backed. They differ in what sits behind the tokens and how often outsiders check it.

USDC. Circle says most of the USDC reserve is held in the Circle Reserve Fund (USDXX), an SEC-registered government money market fund managed by BlackRock. The rest is held as cash, mostly at large banks. Circle publishes monthly third-party assurance reports from a Big Four accounting firm under AICPA attestation standards, and discloses reserve holdings weekly.

USDT. Tether reports quarterly. Its attestation for the quarter ending 31 March 2026, prepared by BDO, reported about $141 billion of direct and indirect exposure to US Treasury bills, about $20 billion in physical gold and about $7 billion in bitcoin. Gold and bitcoin can move sharply in price, which is a different profile from a reserve made up only of cash and short-term government debt.

An attestation checks reported figures at a point in time. It is not the same as a full audit, so read what each report actually covers.

What is the MiCA status of USDC and USDT?

MiCA allows an e-money token to be offered to the public or admitted to trading in the EU only by an authorised credit institution or e-money institution. That rule applies to the issuer, but supervisors have applied it to the platforms around the token too.

In January 2025 ESMA said national supervisors should make sure crypto-asset service providers brought their activities in non-MiCA-compliant stablecoins into line no later than the end of the first quarter of 2025, starting with trading platforms. On 8 October 2026 it published an opinion setting out further expectations: MiCA-authorised providers should stop providing services related to non-MiCA-compliant stablecoins to EU clients, prevent clients from building new exposures, and remediate existing exposures no later than three months after the opinion. Any remaining service should be limited to liquidation, conversion, withdrawal, transfer or safekeeping.

None of this makes owning USDT illegal. It restricts what regulated providers may do with it for EU clients. Outside the EU, the picture depends on local rules.

Which one should you use?

Start with where you live and which provider serves you.

• In the EU or wider EEA, a MiCA-authorised provider is expected to move away from non-compliant stablecoins, so USDC or another authorised token is the practical choice for new activity.
• Outside the EEA, both may be available. Compare the reserve and reporting differences above, the networks your platforms support and the fees on each network.
• If you need euros at the end, consider whether a dollar token is right at all. A euro stablecoin such as EURC avoids a currency conversion.

For the general checklist that applies to any token, read what is a stablecoin.

USDC and USDT in Quppy

Quppy's availability depends on your country, provider and account configuration.

• USDC on Ethereum can be available to eligible users, including in the EEA. You can hold, receive, send and exchange it with supported crypto-assets, EUR or GBP where enabled for your account. USDC on Solana is coming soon.
• USDT is not available through Quppy to users under an EEA crypto-service configuration, for buying, selling, exchanging, depositing, withdrawing or holding. Quppy's EEA provider, Payhound Limited, excludes USDT from its EU/EEA stablecoin catalogue.
• Outside the EEA, USDT can be available on Ethereum and TRON, subject to country and provider.

The restriction follows your verified residence and service configuration, not citizenship alone. Do not send USDT to an old Quppy deposit address unless the current app shows it as supported. The details are in why USDT is unavailable in the EEA and is USDC available in the EEA. If you want to cash out, see how to sell USDC.