USDC scores 24 points above TUSD (TrueUSD), led by counterparty and insolvency rank, redemption right exercised, and reserve and assurance scope. USDC ranks #2 and TUSD (TrueUSD) #11 of 11 published stablecoins. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
USDC77
vs
TUTUSD (TrueUSD)53
Scores are out of 100; published scores fall within 41–99 · ranks #2 and #11 of 11
USDC scores 24 points above TUSD (TrueUSD), led by counterparty and insolvency rank, redemption right exercised, and reserve and assurance scope.
USDC #2 of 1177
TUTUSD (TrueUSD) #11 of 1153
Scores are out of 100; published scores fall within 41–99; a bar is empty at 41 and full at 99.
Why, term by termUSDC leads on 4 of 4 published criteria; TUSD (TrueUSD) on 0. The terms sum to the gap.
TermUSDCTUSD (TrueUSD)WeightPoints
Counterparty and insolvency rank7/101/107.2+11.2for USDC+5.8 of 32
Redemption right exercised5/103/106.7+3.5for USDC+1.8 of 32
Reserve and assurance scope8/102/105.8+9.0for USDC+4.6 of 32
Seizure and upgrade authority4/103/104.3+1.1for USDC+0.6 of 32
Net of the terms+24.8
Criteria roundingThe criteria block is rounded to whole points before it is spread−0.1
Reproduced gap+24.7
Published gapAfter score rounding and bounds — see the note below7753+24.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
USDCScore 77The best-documented dollar token in the pool — CUSIP-level reserve detail, a Deloitte-signed monthly examination, named repo counterparties on an SEC fund filing and a published blocklist aggregate — sold under a headline ("Always.") that Circle’s own SEC filing contradicts: outside the EEA, Circle does not redeem from anyone who is not a Circle Mint customer, and Mint is closed to individuals.Strength: Reserve and assurance scope — 8/10Watch-out: The buyer will read "USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always." on circle.com/transparency, directly above a panel dated "As of Sep 24, 2026" (read 2026-09-29), and reasonably conclude the word applies to them. It does not. Circle’s own Form 10-Q filed 2026-08-05 states "the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers" outside the EU carve-out, and circle.com/circle-mint states "Circle Mint is not available to individuals". Outside the EEA a private holder has no redemption right at all — only an exit at whatever the secondary market pays, which is exactly what broke in March 2023. The second sting is one the first pass did not reach: even inside a Mint account, the binding agreement lets Circle suspend the account "as determined in our sole and absolute discretion" and then says that on closure or suspension you "forfeit all proprietary rights and claims against Circle in relation to any U.S. Dollar or euro funds otherwise eligible for redemption". The third: the protection most buyers assume the new OCC charter already delivers is not in place — the 10-K says Circle National Trust "will hold a first-priority perfected security interest in the USDC reserve as collateral trustee for the benefit of USDC holders" in the future tense, and circle.com/circle-national-trust still says it is only "expected to manage the USDC reserves" over time.TUSD (TrueUSD)Score 53A live stablecoin whose binding Terms of Use name no legal entity and expressly do not guarantee redemption, and whose own same-day assurance report — reasonable assurance under ISAE 3000 (Revised), signed by Moore CPA Limited — shows US Treasury Bills of $0 and 99.98% of the reserve sitting as a single at-cost balance at First Digital Trust Limited that the report says 'cannot be readily convertible to cash' and is subject to ongoing legal proceedings.Strength: Redemption right exercised — 3/10Watch-out: That the reserve backing it holds zero US Treasury Bills. TUSD's own assurance report, dated 19 August 2026 and signed by Moore CPA Limited, lists 'US Treasury Bills $0', '$78,900.88' of cash, and $501,850,000 — 99.98% — as a single balance at First Digital Trust Limited, which the same report says 'has invested all or substantially all of the collateral in other instruments to generate yield, which cannot be readily convertible to cash, and are subject to ongoing legal proceedings.' Techteryx has a worldwide freezing order from the DIFC Courts over up to US$456 million and says it has arranged separate 'alternative liquidity' so that tokens 'in public circulation' can still be redeemed — while the same report discloses that 412,585,497.92 of the 494,515,082.75 tokens issued are held by Techteryx itself. A close second: the Terms of Use you agree to name no company at all — 'Company' is defined as 'us', and a search of the full Terms for 'Ltd', 'Limited', 'LLC', 'Inc.' and 'Techteryx' returns zero hits — and those same Terms state that 'the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars.'
Quick facts
At a glance
2 of 3 rows read the same for both.
FactUSDCTUSD (TrueUSD)
PricingSnapshotNO PUBLIC MINT OR REDEEM FEE SCHEDULE AND NO PUBLISHED MINIMUM on any Circle surface fetched 29 September 2026. The binding contract defers to a document the reader cannot open — Circle Mint User Agreement (https://www.circle.com/legal/user-agreement, “Last Updated: September 28, 2026”) §10 Fees: “Circle may charge fees in connection with the Services. You agree to pay the fees shown to you, if any, or as separately agreed between you and Circle, when you enter into a transaction. Fees are generally disclosed on the Fee Schedule; we may change any of the fees that Circle charges at any time, with or without notice.” The linked Fee Schedule (help.circle.com/s/article/Circle-Account-fee-schedule) returned HTTP 200 with 79 characters of text (“Support Redirect - Support Loading...”) — no amounts, no minimums. circle.com/circle-mint (fetched 29 September 2026) is silent on fees and minimums and says “Circle Mint is the fastest and most cost effective way for distributors to access and redeem USDC, EURC, and cirBTC.” and, under the card “1:1 redemption”, “USDC, EURC, and cirBTC can be respectively redeemed 1:1 for US dollars, euros, and BTC through Circle.” (in August the same card read “can always be redeemed” — the word “always” is gone). circle.com/pricing now redirects to circle.com/contact/partner, a contact form, not a price list. The only fee language addressed to a retail holder is the EEA path, circle.com/legal/mica-redemption-policy (“Last Updated: September 15, 2026”), which charges nothing itself and disclaims only third-party costs: “Retail Holders are informed that third party fees may occur when payment in USD is performed on their bank account. Circle France is not liable for any such third party fees.” The legacy catalog’s six-figure Circle minimum remains unsupported: no minimum of any size appears in the USDC Terms, the Circle Mint User Agreement or circle.com/circle-mint as fetched 29 September 2026. No list price is published, so cost cannot be compared before a sales conversation.MINT/REDEEM FEES — TrueUSD Terms of Use, https://app.tusd.io/terms-of-use (a JavaScript app; the Terms text is served from https://app-cdn.tusd.io/static/js/4464.9b870b98.chunk.js, the same build as in August, fetched 29 September 2026): "You are responsible for all on-chain transaction costs associated with on-chain transfers of any TrueUSD. The Company does not charge any Fees for minting or redeeming any TrueUSD and does not charge any on-chain transaction fees in addition to the blockchain-specific transaction fees associated with such transfers." HOMEPAGE ECHO — https://tusd.io (fetched 29 September 2026): "Additionally, TUSD does not charge any fees for its minting and redemption." MINIMUM — Terms of Use: "We reserve the right to prohibit wire submissions of fiat currency or redemption requests of TrueUSD if the total amount submitted or requested is less than US$1,000." — a discretionary floor, not a stated hard minimum: the issuer reserves the right to REFUSE below US$1,000 rather than promising to accept at or above it. ROUNDING — Terms of Use: "All TrueUSD tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying fiat currency, upon redemption." WHAT THE FREE FEE BUYS — the same Terms: "The Platform is only intended to facilitate such mints and redemptions and the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars." and "In order to cause TrueUSD tokens to be issued or redeemed by the Company, you must be a verified customer of the Company." SILENT ON: no page loaded on 29 September 2026 states a redemption SLA, a settlement window, a banking-partner wire fee, or any maximum; no separate fee-schedule page exists. TYPED RATE (label, not a quote): spreadPct = 0 — the issuer charges no mint or redemption fee; only network gas applies.
Asset coverageEditorial——
Region fitSnapshotglobalglobal
From the published criteria
Which should you pick?
USDC
77#2 of 11
Leads
Pick it when
Pick USDC if counterparty and insolvency rank matters most — it scores 7/10 to TUSD (TrueUSD)'s 1/10 there (weight 30).
Strength
Reserve and assurance scope — 8/10
Tradeoff
The buyer will read "USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always." on circle.com/transparency, directly above a panel dated "As of Sep 24, 2026" (read 2026-09-29), and reasonably conclude the word applies to them. It does not. Circle’s own Form 10-Q filed 2026-08-05 states "the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers" outside the EU carve-out, and circle.com/circle-mint states "Circle Mint is not available to individuals". Outside the EEA a private holder has no redemption right at all — only an exit at whatever the secondary market pays, which is exactly what broke in March 2023. The second sting is one the first pass did not reach: even inside a Mint account, the binding agreement lets Circle suspend the account "as determined in our sole and absolute discretion" and then says that on closure or suspension you "forfeit all proprietary rights and claims against Circle in relation to any U.S. Dollar or euro funds otherwise eligible for redemption". The third: the protection most buyers assume the new OCC charter already delivers is not in place — the 10-K says Circle National Trust "will hold a first-priority perfected security interest in the USDC reserve as collateral trustee for the benefit of USDC holders" in the future tense, and circle.com/circle-national-trust still says it is only "expected to manage the USDC reserves" over time.
TU
TUSD (TrueUSD)
53#11 of 11
Pick it when
TUSD (TrueUSD) leads USDC on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
Strength
Redemption right exercised — 3/10
Tradeoff
That the reserve backing it holds zero US Treasury Bills. TUSD's own assurance report, dated 19 August 2026 and signed by Moore CPA Limited, lists 'US Treasury Bills $0', '$78,900.88' of cash, and $501,850,000 — 99.98% — as a single balance at First Digital Trust Limited, which the same report says 'has invested all or substantially all of the collateral in other instruments to generate yield, which cannot be readily convertible to cash, and are subject to ongoing legal proceedings.' Techteryx has a worldwide freezing order from the DIFC Courts over up to US$456 million and says it has arranged separate 'alternative liquidity' so that tokens 'in public circulation' can still be redeemed — while the same report discloses that 412,585,497.92 of the 494,515,082.75 tokens issued are held by Techteryx itself. A close second: the Terms of Use you agree to name no company at all — 'Company' is defined as 'us', and a search of the full Terms for 'Ltd', 'Limited', 'LLC', 'Inc.' and 'Techteryx' returns zero hits — and those same Terms state that 'the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars.'
Self-identify in 10 seconds
Which one is actually for you?
USDCLeads
Choose USDC if counterparty and insolvency rank matters most
Counterparty and insolvency rank: 7/10 against 1/10 for TUSD (TrueUSD) (weight 30)
Redemption right exercised: 5/10 against 3/10 for TUSD (TrueUSD) (weight 28)
Reserve and assurance scope: 8/10 against 2/10 for TUSD (TrueUSD) (weight 24)
USDCScore 77The best-documented dollar token in the pool — CUSIP-level reserve detail, a Deloitte-signed monthly examination, named repo counterparties on an SEC fund filing and a published blocklist aggregate — sold under a headline ("Always.") that Circle’s own SEC filing contradicts: outside the EEA, Circle does not redeem from anyone who is not a Circle Mint customer, and Mint is closed to individuals.Strength: Reserve and assurance scope — 8/10Watch-out: The buyer will read "USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always." on circle.com/transparency, directly above a panel dated "As of Sep 24, 2026" (read 2026-09-29), and reasonably conclude the word applies to them. It does not. Circle’s own Form 10-Q filed 2026-08-05 states "the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers" outside the EU carve-out, and circle.com/circle-mint states "Circle Mint is not available to individuals". Outside the EEA a private holder has no redemption right at all — only an exit at whatever the secondary market pays, which is exactly what broke in March 2023. The second sting is one the first pass did not reach: even inside a Mint account, the binding agreement lets Circle suspend the account "as determined in our sole and absolute discretion" and then says that on closure or suspension you "forfeit all proprietary rights and claims against Circle in relation to any U.S. Dollar or euro funds otherwise eligible for redemption". The third: the protection most buyers assume the new OCC charter already delivers is not in place — the 10-K says Circle National Trust "will hold a first-priority perfected security interest in the USDC reserve as collateral trustee for the benefit of USDC holders" in the future tense, and circle.com/circle-national-trust still says it is only "expected to manage the USDC reserves" over time.
TUTUSD (TrueUSD)
TUSD (TrueUSD) leads USDC on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
TUSD (TrueUSD)Score 53A live stablecoin whose binding Terms of Use name no legal entity and expressly do not guarantee redemption, and whose own same-day assurance report — reasonable assurance under ISAE 3000 (Revised), signed by Moore CPA Limited — shows US Treasury Bills of $0 and 99.98% of the reserve sitting as a single at-cost balance at First Digital Trust Limited that the report says 'cannot be readily convertible to cash' and is subject to ongoing legal proceedings.Strength: Redemption right exercised — 3/10Watch-out: That the reserve backing it holds zero US Treasury Bills. TUSD's own assurance report, dated 19 August 2026 and signed by Moore CPA Limited, lists 'US Treasury Bills $0', '$78,900.88' of cash, and $501,850,000 — 99.98% — as a single balance at First Digital Trust Limited, which the same report says 'has invested all or substantially all of the collateral in other instruments to generate yield, which cannot be readily convertible to cash, and are subject to ongoing legal proceedings.' Techteryx has a worldwide freezing order from the DIFC Courts over up to US$456 million and says it has arranged separate 'alternative liquidity' so that tokens 'in public circulation' can still be redeemed — while the same report discloses that 412,585,497.92 of the 494,515,082.75 tokens issued are held by Techteryx itself. A close second: the Terms of Use you agree to name no company at all — 'Company' is defined as 'us', and a search of the full Terms for 'Ltd', 'Limited', 'LLC', 'Inc.' and 'Techteryx' returns zero hits — and those same Terms state that 'the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars.'
Criterion by criterion
Scorecard
Published criteria · weight in points of 868 of 8 cells scored. Strength is read from the evidence file; the weight is the published one. Methodology
Counterparty and insolvency rank
by 6 of 10weight 7.2 of 86USDC leads
USDC7/10 out of 10
TUSD (TrueUSD)1/10 out of 10
Redemption right exercised
by 2 of 10weight 6.7 of 86USDC leads
USDC5/10 out of 10
TUSD (TrueUSD)3/10 out of 10
Reserve and assurance scope
by 6 of 10weight 5.8 of 86USDC leads
USDC8/10 out of 10
TUSD (TrueUSD)2/10 out of 10
Seizure and upgrade authority
by 1 of 10weight 4.3 of 86USDC leads
USDC4/10 out of 10
TUSD (TrueUSD)3/10 out of 10
Score dimensions
weights sum to 86
The published score is five dimensions, each weighted for the category. "Published criteria" is the criteria block above; the other four are the engine's own terms — availability, friction, trust record, measured data. Each bar is one side's points out of that dimension's maximum; the weight beside the name is its points of the 86-point weighted total. The published criteria above can fill 24 of the block’s 30. A weight marked “constant here” belongs to a dimension every ranked product in the category holds at the same value: it still counts in the total, and it orders nothing here.
Availabilityweight 20 of 86 · constant here
USDC14/20TUSD (TrueUSD)14/20
Tie
Published criteriaweight 30 of 86
USDC14.7/30TUSD (TrueUSD)5.2/30
USDC leads
Frictionweight 10 of 86 · constant here
USDC2.7/10TUSD (TrueUSD)2.7/10
Tie
Trust recordweight 8 of 86 · constant here
USDC3.2/8TUSD (TrueUSD)3.2/8
Tie
Measured dataweight 18 of 86 · constant here
USDC8.3/18TUSD (TrueUSD)8.3/18
Tie
Decision rulePublished order
Choose USDC unless the term TUSD (TrueUSD) leads on is the one you are buying.
TUSD (TrueUSD) leads USDC on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
The published order weighs every criterion the same way for everyone. To weigh them your way, run .
From the published order
Next best action
If this isn't your case
Other matchups worth comparing
How you can lose money here, and what the ranking scores
Control failure: a key or vote changes the rules, freezes or mints.
Scored by Who can freeze, burn or replace your balance — and have they? · 18% (USDC 4/10, TUSD (TrueUSD) 3/10)
Insolvency failure: the firm or issuer that owes you cannot pay.
Scored by Who exactly owes you the dollar, and where do you rank when they fail? · 30% (USDC 7/10, TUSD (TrueUSD) 1/10)
Scored by What is really behind it, and what did the third party actually opine on? · 24% (USDC 8/10, TUSD (TrueUSD) 2/10)
Exit failure: you cannot get out at par, on time, or with what is yours.
Scored by Can the person actually holding it get a dollar back at par — and has anyone, at size? · 28% (USDC 5/10, TUSD (TrueUSD) 3/10)
Not assessed by this ranking: Contract failure, Custody failure, Regulatory failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Questions
Frequently asked questions
USDC scores 24 points above TUSD (TrueUSD), led by counterparty and insolvency rank, redemption right exercised, and reserve and assurance scope. Published scores, out of 100: USDC 77 (rank 2 of 11 stablecoins), TUSD (TrueUSD) 53 (rank 11 of 11).
Reviewed means both products compared here was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
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