Circle mints USDC or EUROC at a 1:1 rate for clients with a Circle account following a fiat deposit and burns USDC or EUROC at a 1:1 rate following a withdrawal request from clients with a Circle account.

Circle is a global financial technology company that is the principal architect of USDC and EUROC - full-reserve fiat stablecoins that bring US dollar and euro liquidity on-chain.

Circle is a private company registered in the US and has received backing from various investors, including Goldman Sachs, Baidu, and IDG Capital etc.

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Circle - Financial statement