USDC / Circle – Cartographie des risques systémiques

USDC has become a core building block of on-chain financial infrastructure, widely used as a unit of account and settlement layer across institutional DeFi. Designed as an operational bridge between traditional finance and public blockchains, its stability relies on a centralized reserve architecture managed by Circle and supported by major partners. This systemic position nonetheless exposes USDC to concentration risks—particularly banking, regulatory, and operational—making it a strategic focus for financial institutions.