Circle's xReserve is a smart contract on Ethereum that holds USDC; when a user deposits USDC into it, Circle's xReserve API verifies the deposit and signs a cryptographic attestation, and that attestation is what authorises a mint of USDCx on Canton. A withdrawal runs the same way in reverse and releases the USDC on Ethereum. Because Circle also runs CCTP and Gateway, USDCx converts 1:1 with USDC on other supported chains without a third-party bridge. Canton was the first public L1 blockchain to integrate xReserve, and USDCx went live on 4 December 2025.
Circle also operates a Super Validator node in the Global Synchronizer — canton.foundation lists it among the operators entitled to vote on governance matters and code changes — so it both issues the reserve asset and helps run the network's shared settlement layer.
On Canton: Circle is the company behind USDC, a dollar stablecoin issued by regulated affiliates of Circle and backed by cash and cash-equivalent assets.
Circle is listed on Canton as application.
On Canton, Circle sits in the Payments, Stablecoins, Tokenized Assets category.
Circle belongs to the Payments & stablecoins segment of Canton.
Circle is listed on Canton as application; find it at circle.com.
Perpetual markets for stocks, gold, indices and pre-IPO names — settled on-chain, no wallet-to-exchange transfers.
