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₹ 7.07 T 0.2032%
Circulating Supply
73863000000
Max Supply
--
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₹ 1.52 T
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₹ 96.99
All Time Low :
₹ 65.31
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USD Coin (USDC) is a fully reserved digital dollar issued by Circle, redeemable 1:1 for U.S. dollars. Each token is backed by cash and short-dated U.S. Treasuries held primarily in the Circle Reserve Fund (ticker USDXX), an SEC-registered government money market fund managed by BlackRock, with monthly reserve attestations signed by Deloitte & Touche.
Launched in September 2018 by Circle and Coinbase under the Centre Consortium, USDC has been solely issued by Circle since Centre wound down in August 2023. Circle has traded publicly on the NYSE under CRCL since its June 2025 IPO.
USDC is the second-largest stablecoin, with roughly $74.3 billion in circulation as of 3 September 2026, behind Tether's USDT at approximately $184 billion. But it dominates regulated venues, U.S. exchanges, and institutional settlement. On-chain transaction volume reached $14.8 trillion in Q2 2026, up 151% year over year.
It is natively supported on 35 blockchain networks as of June 2026, with Circle's Cross-Chain Transfer Protocol (CCTP) enabling native burn-and-mint transfers between them rather than wrapped bridge tokens.
Two things dominate USDC's 2026 story. First, regulation arrived: the GENIUS Act established the first U.S. federal stablecoin framework in July 2025, and on 10 July 2026, Circle received final OCC approval for Circle National Trust, placing USDC's reserve custody under federal banking supervision. Second, Circle is launching Arc, its own Layer-1 blockchain with USDC as the gas token, on 16 September 2026, with BlackRock, Visa, Mastercard, DTCC, and ICE among eleven founding validators.
USDC is a stablecoin, a cryptocurrency designed to hold a constant value rather than fluctuate. Specifically, it is a fiat-collateralized stablecoin: for every USDC token in circulation, Circle holds approximately one U.S. dollar of equivalent value in reserve.
The purpose is straightforward. Blockchains settle in seconds, run continuously, and move value globally without correspondent banking. But a payment denominated in Bitcoin or Ether is worthless as a payment instrument if the asset moves 5% between sending and receiving. USDC gives you blockchain settlement with dollars denomination, the technical properties of crypto with the unit of account people actually use.
Every stablecoin claims backing. USDC's differentiation is the specificity and verifiability of that claim:
Reserves in an SEC-registered money market fund. The bulk sits in the Circle Reserve Fund (USDXX), a government money market fund managed by BlackRock, holding cash and short-dated U.S. Treasuries.
Monthly attestations by Deloitte & Touche. A Big Four firm signs off on reserve composition monthly, not quarterly.
A publicly traded issuer. Circle files with the SEC as a listed company (NYSE: CRCL), meaning its financials are subject to public-company disclosure standards.
Federal banking supervision. Since July 2026, reserve custody has sat inside an OCC-chartered national trust bank.
That combination is the reason USDC dominates regulated venues even while holding roughly 40% of Tether's circulating supply.
The mechanism is deliberately unexciting, which is the point.
To mint: an institutional customer wires dollars to Circle via Circle Mint. Circle credits the account and issues an equivalent amount of USDC on the customer's chosen blockchain.
To redeem: the customer sends USDC back to Circle, which burns the tokens and wires dollars back.
The peg holds through arbitrage. If USDC trades below $1 on an exchange, institutions buy the discounted tokens and redeem them with Circle at par, pocketing the difference and removing supply until the price recovers. If it trades above $1, they mint new USDC at par and sell into the premium. Because redemption is available at $1 to anyone with a Circle Mint account, deviations are quickly arbitraged away.
This is fundamentally different from an algorithmic stablecoin. There is no mint-and-burn relationship with a volatile companion token, no reflexive death-spiral risk of the kind that destroyed TerraUSD. The peg rests on the reserves actually existing and being redeemable, nothing more elaborate.
USDC reserves consist of cash and short-dated U.S. Treasuries, held primarily in the Circle Reserve Fund (USDXX), an SEC-registered government money market fund managed by BlackRock. Remaining cash sits at regulated financial institutions.
Under the GENIUS Act, this composition is now a legal requirement rather than a policy choice: permitted issuers must hold 100% reserves in cash or short-term U.S. Treasuries and publish monthly reserve composition disclosures.
Where Circle's revenue comes from and why it matters. Circle earns interest on those Treasury reserves. That is the overwhelming majority of its income. USDC holders receive no yield; the issuer keeps the interest. This is worth understanding clearly because it makes Circle's business model directly sensitive to interest rates, a point examined in the news section, where it is currently the company's central challenge.
USDC is natively supported on 35 blockchain networks as of 29 June 2026: Algorand, Aptos, Arbitrum, Avalanche, Base, Celo, Codex, Cronos, EDGE Chain, Ethereum, Hedera, HyperEVM, Injective, Ink, Linea, Monad, Morph, NEAR, Noble, OP Mainnet, Pharos, Plasma, Plume, Polkadot, Polygon PoS, Sei, Solana, Sonic, Starknet, Stellar, Sui, XRP Ledger, Unichain, World Chain, X Layer, XDC, and ZKsync.
Each deployment follows the same process: Circle deploys the FiatToken contract, takes ownership of the minter role, and enables Circle Mint redemption. Native USDC on any chain is a direct claim on Circle's reserves.
Not all tokens labelled USDC are equal, and confusing them is a genuine source of loss.
Bridged variants exist where Circle had not yet deployed natively, or where the chain predated Circle's footprint. They carry bridge risk, if the bridge is exploited, the token backing it may become worthless, whereas native USDC is a direct claim on Circle.
Always check whether you hold native or bridged USDC. This is the most common practical mistake in the USDC ecosystem.
CCTP solves the bridging problem properly. Rather than locking USDC on one chain and issuing a wrapped representation on another, CCTP burns the USDC on the source chain and mints native USDC on the destination chain.
The result: you always end up holding genuine, Circle-redeemable USDC, with no bridge custodian and no wrapped-token risk. It is one of the more genuinely useful pieces of infrastructure in crypto, and it is why USDC has become the default cross-chain dollar.
CCTP V2 adds faster transfers, lower costs, and programmable transaction hooks, allowing developers to trigger actions automatically on arrival, so a cross-chain transfer can complete a deposit, swap, or payment in a single flow.
Any honest USDC guide must address the one time the peg broke.
In March 2023, Silicon Valley Bank failed. Circle held approximately $3.3 billion of USDC reserves at SVB. When the failure became public over a weekend with banking systems closed and no clarity on whether uninsured deposits would be recovered, USDC fell to roughly $0.87.
The peg was restored within days once U.S. regulators confirmed SVB depositors would be made whole, and Circle recovered the funds in full. No USDC holder who waited lost money.
The lesson is genuinely important, and it applies to every fiat-backed stablecoin. A stablecoin fully backed by dollars is only as safe as the institutions holding those dollars. Circle did nothing improper; it held cash at a regulated U.S. bank, exactly as expected. The bank failed anyway.
Circle's response reshaped the reserve structure: reserves moved predominantly into the BlackRock-managed government money market fund holding short-dated Treasuries, sharply reducing exposure to any individual bank's solvency. The GENIUS Act subsequently codified similar requirements across the industry.
The episode is the strongest available argument for why reserve composition and custody arrangements matter more than headline-backed claims.
The honest summary: USDT is bigger; USDC is more transparent. Tether's scale in emerging-market payments and offshore exchange liquidity is enormous and not seriously threatened in the near term. USDC's advantage is that a regulated U.S. institution can hold it, audit it, and explain it to a compliance department, which is why institutional and regulated-venue adoption skews heavily toward USDC.
Other competitors remain small. PayPal launched PYUSD in 2023 and has issued approximately $2.75 billion. New entrants have been announced, but the market remains, in Circle CEO Jeremy Allaire's phrase, "winner-take-most."
Centralized exchanges: Suncrypto, Coinbase, Kraken, Binance, and virtually every major venue list USDC, often with fee-free USD conversion.
Circle Mint: direct minting and redemption at par for institutional and business customers.
DEXs: available on every chain where USDC is deployed.
Self-custody in MetaMask, Phantom, Rabby, or a hardware wallet. Confirm the correct network sending USDC to an address on the wrong chain is the most common way people lose funds.
Exchange custody is simpler but means you hold an exchange claim, not the token.
USDC itself pays no interest. Circle keeps the reserve income. Yield comes from lending it:
DeFi lending protocols such as Aave and Compound
Exchange earned products
Institutional treasury products
Every one of these adds risk that holding USDC does not have. Smart contract failure, protocol insolvency, and counterparty default are all real. A yield-bearing USDC position is not a dollar deposit and should not be treated as one.
Issuer risk: USDC is a claim on Circle. Circle's solvency, operations, and regulatory standing matter.
Reserve custody risk: Demonstrated in March 2023, reserves held at institutions that can themselves fail.
Not FDIC insured: USDC is not a bank deposit and carries no deposit insurance.
Bridged variant confusion: USDC.e and USDbC are bridge claims, not Circle claims.
Wrong-network transfers: Irreversible and common.
Regulatory change: The GENIUS Act framework is new, rulemaking is incomplete, and the CLARITY Act remains unresolved.
Smart contract risk in DeFi: Applies to yield strategies, not to holding.
Circle's rate exposure: Reserve income falls with interest rates, pressuring the issuer's business model.
Concentration. Circle is a single point of failure for the entire USDC supply.
Freezing capability. Circle can freeze USDC at specific addresses in response to legal orders. This is a compliance feature, and also a censorship capability that some users find unacceptable.
The foundational event was legislative. Congress enacted the GENIUS Act in July 2025, after Senate passage on 17 June by a bipartisan 68-30 vote, the first U.S. federal framework designed specifically for payment stablecoins.
Its core requirements:
Backing: 100% reserves in cash or short-term U.S. Treasuries
Disclosure: monthly reserve composition reporting
Supervision: large issuers must operate under a federal charter
Status: issuers must obtain "Permitted Payment Stablecoin Issuer" (PPSI) designation
For Circle, this was close to a best-case outcome. USDC's reserves already sat in short Treasuries and cash at regulated institutions with monthly reporting. The law effectively codified the operating model Circle had already adopted, while imposing new burdens on competitors who had not.
Circle applied for an OCC national trust bank charter in June 2025, positioning itself for the federal pathway before the rules were finalized.
The OCC conditionally granted national trust bank charters to Circle, Ripple, Paxos, BitGo and Fidelity Digital Assets.
The scale of the shift is captured in one statistic: within an 83-day window, the OCC received or conditionally approved national trust bank charter applications from eleven crypto and fintech firms, more than the total across several preceding years. Federal banking regulators also issued new supervisory expectations for crypto-related activities and withdrew earlier, far more restrictive guidance. The Federal Reserve began considering limited access to its payment rails for federally regulated stablecoin issuers holding bank charters.
Circle reported USDC in circulation of $75.3 billion at year-end, up 72% year over year, with quarterly on-chain transaction volume of $11.9 trillion, up 247%.
The stock jumped over 20% on the news but from a depressed base. Circle shares had fallen roughly 23% year to date and were trading approximately 76% below their all-time high, reflecting investor concern about declining interest rates and intensifying stablecoin competition.
That tension operational growth against revenue-model pressure has defined Circle's 2026.
Circle launched Agent Stack, infrastructure for AI agents to make and receive payments, following payment rails shipped in the first half of the year. By August it hosted 900+ paid services, with 99.3% of x402 agent-payment volume settling in USDC.
This is a genuinely forward-looking bet. If autonomous AI agents transact with each other at scale, they need a settlement instrument that is programmable, instant, and doesn't require a bank account or a human in the loop. Circle's stated H2 2026 roadmap extends this to enabling agents to earn, not just spend.
The 99.3% figure is worth noting: in a nascent category, USDC has become the effective default before the category itself has matured.
Circle announced that the OCC had granted unconditional final approval to establish First National Digital Currency Bank, N.A., operating as Circle National Trust.
This moved USDC reserve custody and future reserve management inside an OCC-supervised national trust bank. CEO Jeremy Allaire called it a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.
Two clarifications that matter. First, a national trust bank is not a commercial bank it can hold and safeguard assets under fiduciary standards, but cannot take deposits or make loans. Second, the practical benefit is regulatory consolidation: instead of navigating roughly fifty state regimes, Circle now answers to a single federal regulator, which materially reduces cost and friction.
Circle shares rose on the announcement.
Industry observers characterized it as the GENIUS Act's first major live-market test the moment the framework became an operating model rather than a statute.
Circle's second-quarter results laid out both sides of the story in a single release.
The critical line is the gap between +151% and +7%. Transaction volume grew more than one and a half times over. Revenue grew seven percent. That divergence is the entire investment question surrounding Circle.
The reason is structural. Circle's revenue comes overwhelmingly from interest earned on USDC reserves. When rates fall, revenue falls regardless of how much USDC is circulating or how actively it is used. Volume growth generates network effects and strategic position, but very little immediate income.
Allaire acknowledged this directly, framing the quarter as reflecting the rate environment and a slowed crypto market conditions outside the network while pointing to the trust charter, the Arc launch, the Agent Stack, and institutional adoption by BlackRock and BNY as the underlying trajectory.
The strategic implication is clear: Circle must build revenue streams that do not depend on interest rates. Arc network fees, Agent Stack services and cross-chain infrastructure are all attempts to do exactly that.
26 August — CCTP V2 on Aptos. Faster, cheaper native USDC transfers with programmable transaction hooks.
2 September — CCTP extends to EURC. Circle's cross-chain protocol expanded beyond USDC to support native euro-stablecoin transfers, building a common path for both currencies across supported networks. Circle also published material on a cross-chain trust layer.
4 September — cirBTC. A wrapped Bitcoin product with proof-of-reserves data, extending Circle's transparency model beyond dollar stablecoins.
September — Injective legacy USDC migration. Consolidation of multiple USDC versions into a single canonical, directly Circle-backed standard across the Cosmos ecosystem — reducing fragmentation and unifying liquidity.
The pattern across all four is consistent: Circle is standardizing USDC as the canonical on-chain dollar rather than one of several competing representations.
Circle's weekly disclosure showed $74.33 billion of USDC in circulation on 3 September. Over the preceding seven days Circle issued $11.02 billion and redeemed $10.41 billion, for a net gain of roughly $610 million.
CRCL shares closed Friday 4 September at $102.05, up 61% since the 5 August earnings release.
The framing in market commentary was pointed: net issuance of $610 million in a week is useful growth, but not enough to offset a large interest-rate cut. Circle is in a race between growing the float and losing the yield on it.
Note: reported CRCL prices varied significantly across sources in early September. Verify current pricing directly.
The most consequential upcoming event is Circle launching its own blockchain.
Arc goes to public mainnet on 16 September 2026. Its specifications:
Consensus: Malachite, a Tendermint-derived BFT engine, with sub-500-millisecond finality
Execution: EVM-compatible, built on Reth
Gas token: USDC — fees denominated in dollars, not a volatile native token
Testnet: over 0.5 billion transactions processed
Ecosystem: 100+ institutional and ecosystem builders
Launch features: privacy capabilities, an agent stack for programmable finance, tokenized real-world asset support
The eleven founding validators are the story. Arc launches with a permissioned validator set comprising BlackRock, DTCC, Galaxy, Global Payments, ICE (parent of the NYSE), Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa.
That is not a crypto validator set. That is the settlement, card-network and asset-management infrastructure of global finance agreeing to run nodes on a stablecoin issuer's chain.
The commercial stakes. Circle doubled its "other revenue" forecast for full-year 2026 to $310–330 million, up from $150–170 million, largely on Arc token presale proceeds and anticipated network fees. This is the diversification away from interest income made concrete.
The timing is deliberate and risky. Arc launches on 16 September — one day after the U.S. Senate holds a cloture vote on the CLARITY Act on 15 September. If the bill clears its 60-vote threshold, Arc launches into a market with freshly codified rules that Circle helped shape. If it fails, Arc launches into regulatory ambiguity that could persist for years.
The GENIUS Act handled payment stablecoins. The CLARITY Act is meant to handle everything else, principally the division of jurisdiction between the SEC and the CFTC. The two are designed to interlock: GENIUS removes payment stablecoins from the securities and commodities buckets, and CLARITY sorts the remaining assets into them.
The sorting half is stuck. The House passed its version in July 2025. The Senate's 616-page draft sat on the calendar in early July 2026 with no cloture motion filed. A revised draft circulated on 22 July 2026 with a compromise ethics provision sunsetting in 2029, aimed at securing the seven to nine Democratic votes needed to reach 60.
One contested provision is directly relevant to USDC: should stablecoins be permitted to generate interest income for holders? If yield-bearing stablecoins become permissible, the competitive landscape changes materially. Circle's model of retaining reserve income would face pressure from issuers willing to share it.
Industry lawyers have described the current position as the worst of both worlds: a fixed compliance deadline with unfixed requirements, after regulators missed a rulemaking deadline.
Circle's approach differs from typical crypto marketing in that most of it is not marketing at all.
Regulatory positioning as the product. Circle pursued a federal charter, submitted to monthly Big Four attestations, went public on the NYSE, and helped shape the legislation governing its own industry. In a category where the primary buyer objection is "can I trust this," being the most regulated option is the pitch.
Institutional partnerships as proof. BlackRock manages the reserve fund. BNY provides custody. Visa, Mastercard, ICE and DTCC run Arc validators. Each name is a credential aimed at a compliance department.
Developer infrastructure. CCTP, Circle Mint, Agent Stack and comprehensive documentation. The strategy is to make USDC the path of least resistance for anyone building payments on-chain.
Standardization campaigns. Consolidating bridged variants into canonical native USDC across ecosystems — the Injective migration being the current example.
Category creation. The Agent Stack push positions USDC as the settlement layer for AI-agent commerce before that market meaningfully exists. Capturing 99.3% of x402 volume early is how a default gets established.
Arc mainnet on 16 September — adoption, throughput, and whether the institutional validators do more than lend their names.
The CLARITY Act cloture vote on 15 September and whether yield-bearing stablecoins become permissible.
Interest rate trajectory — the single largest variable in Circle's revenue.
Circulation growth — weekly issuance and redemption disclosures.
Arc revenue realization against the $310–330 million "other revenue" guidance.
Competitive entrants — announced challengers and whether any achieves meaningful scale.
GENIUS Act rulemaking completion and PPSI licensing deadlines.
Agent Stack growth and whether agent commerce becomes a real market.
Stablecoin — a cryptocurrency designed to hold a stable value.
Fiat-collateralized — backed by reserves of traditional currency and equivalents.
Circle Mint — Circle's institutional minting and redemption platform.
Circle Reserve Fund (USDXX) — the SEC-registered government money market fund, managed by BlackRock, holding most USDC reserves.
Attestation — an accountant's verification of reserve holdings; narrower than a full audit.
CCTP — Cross-Chain Transfer Protocol, moving USDC natively via burn-and-mint.
Native USDC — issued directly by Circle, redeemable with Circle.
USDC.e / USDbC — bridged variants; claims on a bridge, not on Circle.
GENIUS Act — the July 2025 U.S. federal stablecoin framework.
CLARITY Act — proposed legislation dividing SEC and CFTC jurisdiction over digital assets.
PPSI — Permitted Payment Stablecoin Issuer, the GENIUS Act designation.
Arc — Circle's Layer-1 blockchain, using USDC as gas.
EURC — Circle's euro-denominated stablecoin.
CRCL — Circle's NYSE ticker.
USDC has become the closest thing crypto has to boring infrastructure, and that is the highest compliment available for a payment instrument. Its reserves sit in an SEC-registered fund managed by BlackRock, verified monthly by Deloitte. Its issuer is a public company under federal banking supervision. It settles $14.8 trillion in quarterly volume across 35 blockchains. The most interesting thing about how it works is how little there is to explain.
What makes Circle interesting in 2026 is the tension between that operational success and its business model. On-chain volume grew 151% year over year while revenue grew 7%, because Circle earns from interest on reserves rather than from the payments themselves. Growth in usage does not currently translate into growth in income, and falling rates make the gap wider.
Everything Circle is building addresses that problem. Arc, launching on 16 September with BlackRock, Visa, Mastercard, DTCC and ICE as founding validators, is an attempt to earn network fees rather than interest. The Agent Stack is a bet on a settlement market that does not exist yet. The trust charter, the CCTP expansion and the standardization campaigns all deepen a moat whose commercial value depends on eventually monetizing something other than Treasury yield.
Whether that works is genuinely open. What is not in doubt is that USDC has won the argument it set out to win: that a stablecoin could be regulated, audited, transparently backed and institutionally acceptable, and that this would eventually matter more than being first or being largest.
For anyone using USDC: confirm you hold native rather than bridged tokens, double-check the network before transferring, understand that yield strategies carry risks that holding does not, and remember that USDC is a claim on a company a well-regulated one, but a company nonetheless.
USDC is a fully reserved stablecoin issued by Circle, redeemable 1:1 for U.S. dollars. Each token is backed by cash and short-dated U.S. Treasuries, held primarily in an SEC-registered government money market fund managed by BlackRock, with monthly attestations by Deloitte & Touche.
Circle Internet Group, a publicly traded company on the NYSE under CRCL. USDC was originally launched in September 2018 by Circle and Coinbase under the Centre Consortium, which wound down in August 2023, leaving Circle as sole issuer.
USDC is among the most transparently backed stablecoins, with monthly Big Four attestations, reserves in an SEC-registered money market fund, a publicly traded issuer, and federal banking supervision through Circle National Trust. It is not risk-free: it is not FDIC insured, it depends on Circle's solvency, and it briefly fell to about $0.87 in March 2023 when Silicon Valley Bank failed holding $3.3 billion of reserves.
Yes. Reserves consist of cash and short-dated U.S. Treasuries at least equal to circulating supply, verified monthly by Deloitte & Touche. Under the GENIUS Act, 100% reserve backing in cash or short-term Treasuries is a legal requirement for permitted issuers.
Yes, in March 2023. Circle held roughly $3.3 billion of reserves at Silicon Valley Bank, and USDC fell to approximately $0.87 when the bank failed. The peg restored within days after regulators confirmed depositors would be made whole, and Circle recovered the funds in full.
Both are dollar-pegged stablecoins. USDT is larger at roughly $184 billion versus USDC's $74 billion. USDC offers monthly Deloitte attestations, reserves in a BlackRock-managed SEC-registered fund, a publicly traded issuer and a federal trust bank charter. USDT is dominant in emerging markets and offshore exchanges; USDC dominates regulated venues and institutional settlement.
USDC is natively supported on 35 networks as of June 2026, including Ethereum, Solana, Base, Arbitrum, Polygon, Avalanche, Stellar, Sui, Aptos, NEAR, Hedera, the XRP Ledger and Polkadot.
Native USDC is issued by Circle and redeemable with Circle. USDC.e is a bridged version created before native deployment on chains such as Avalanche, Arbitrum and Optimism. It is a claim on a bridge, not on Circle, and carries bridge risk.
Cross-Chain Transfer Protocol, Circle's system for moving USDC between chains by burning it on the source chain and minting native USDC on the destination, avoiding wrapped tokens and bridge risk. CCTP V2 adds faster transfers, lower fees and programmable hooks.
No. Circle earns interest on the reserves and keeps it. Yield on USDC comes from lending it through DeFi protocols or exchange products, which introduces smart contract and counterparty risk that holding USDC does not have.
Yes. Circle can blacklist addresses in response to lawful orders. This is a compliance capability required by its regulated status and a genuine centralization trade-off.
The first U.S. federal regulatory framework for payment stablecoins, enacted in July 2025 after passing the Senate 68-30. It requires 100% reserves in cash or short-term Treasuries, monthly reserve disclosures, and an OCC charter for large issuers, who must obtain "Permitted Payment Stablecoin Issuer" status.
Circle's federally chartered national trust bank, formally First National Digital Currency Bank, N.A. The OCC granted final approval on 10 July 2026. It provides fiduciary digital asset custody and places USDC reserve custody under federal banking supervision. It is a trust bank, not a commercial bank, it cannot take deposits or make loans.
Circle's own Layer-1 blockchain, with public mainnet launching 16 September 2026. It uses USDC for gas fees, runs Malachite consensus with sub-500-millisecond finality and an EVM-compatible execution layer built on Reth, and launches with eleven permissioned founding validators including BlackRock, Visa, Mastercard, DTCC and ICE.
Circle's euro-denominated stablecoin, operating on the same model as USDC. As of September 2026, CCTP is being extended to support native EURC cross-chain transfers.
Approximately $74.33 billion as of 3 September 2026, per Circle's weekly disclosure.
USDC is designed not to appreciate. It is a payment and settlement instrument, or a place to hold dollar value on-chain not a growth asset. Exposure to Circle's business is available separately through CRCL shares, which is an entirely different risk profile.
