USDC on Monad: the canonical reference for native Circle USD

This is the MONAF canonical reference for USDC on Monad mainnet as of 27 October 2026. The token list names it USDC, 6 decimals, address 0x754704Bc059F8C67012fEd69BC8A327a5aafb603. The docs list it with the bridged dollar assets and name the bridge Circle CCTP, from 17 chains, with a selected market on the Curve 3pool. The token-list extension says the same protocol, Circle CCTP, bridge contract 0x28b5a0e9C621a5BadaA536219b3a228C8168cf5d. The front end the docs link is bridge.usdc.com. This desk’s registry symbol for that exact address is USDCm, so a fill, a log, or a card that says USDCm is this coin. There is not a second token to wrap USDC into. A site that offers that wrap is charging a fee for a rename.

What kind of dollar it is

Circle’s USDC is a fiat-backed dollar token. On Monad it is the native deployment CCTP understands, not an unofficial wrapper someone minted and called USDC. Redemption for dollars is Circle’s rulebook for eligible customers, off this chain’s spot market. The ERC-20 itself does not have a withdraw() that turns USDC into MON. MON comes from the pool, at the pool’s price, minus the fee. Holding the token is holding the dollar exposure Circle’s contract represents. Swapping it is selling that exposure to someone else on Monad. Bridging it is CCTP, which burns on one chain and mints on another, and is a different signature from a Pancake swap.

Other dollars on the same docs page are not this token. AUSD, USDT0, mUSD, USD1, GHO, USDe and the rest have their own addresses and their own bridges. Curve may pool some of them with USDC. A pool is not an identity. Sending USDT0 where a contract asked for this USDC will not be corrected by the chain. Read 0x754704Bc…b603 before you approve.

Circle USDC. Six decimals. CCTP. The desk calls the same contract USDCm. One dollar is 1,000,000 raw units.

The pool and the price of a dollar

Execution pool: 0x63e48B725540A3Db24ACF6682a29f877808C53F2, PancakeSwap v3, fee 500. WMON is token0. USDC is token1. There is no second reference pool on the asset. This pool is the mark. Router: 0x21114915Ac6d5A2e156931e20B20b038dEd0Be7C. Because WMON is token0, raw USDC for a MON amount in wei is that wei times the sqrt price squared, over 2^192. MON wei for a raw USDC amount is the raw amount times 2^192, over the same square. A print of about 45.9 MON per USDC is the human form. When that print rises, one dollar buys more MON. The desk tracks MON as the inverse of this pool so the heat and the card are one fact. A dollar price from an exchange in another currency is a different market and does not belong in the same profit figure.

Work 50 MON at 45.93 MON per USDC. The dollars are 50 divided by 45.93, about 1.089 USDC, about 1,089,000 raw. A balance of 24 USDC pays that and leaves the rest. A balance worth under half a MON does not light the button. Gas is native MON, about 0.005 MON, or the button stays dark however large the dollar balance is. Six decimals are why a raw integer must never be compared with a MON wei balance by eye. Treating 1,089,000 as wei calls a real dollar stack dust. Treating a MON wei balance as USDC invents a fortune.

When the card is a call

The round trip on two 0.05 percent legs is about 0.10 percent before impact. This desk treats about 0.12 percent as the move, over 15 seconds, 1 minute, or 5 minutes, that has to clear before the USDC card is marked as a call rather than a watch. A dip that has turned, or a bid in the dollar pool while the majors are down, can also focus it. Under that, the card remains. The buttons still execute. The focus mark stays off. Minimum entry in the registry is 1 MON. The card is not a forecast. It is the pool’s own change against its own fee.

Paying, holding, exiting, bridging

The USDC button is off on the USDC card. On WETH, WBTC, and cbBTC it spends this token, hops through WMON, and records the fill as paid in USDC, so the close returns USDC. Nothing is unwrapped. A MON-paid wallet fill can be closed into USDC on purpose, as a further hop. A vault fill cannot. The vault’s sell pays WMON and the unwrap returns native MON to the vault. Dollars left in the wallet with no open fill become their own card, marked at the spot when the surplus was noticed, so a new stack looks flat. Closing that card sells dollars for MON. A fee larger than the move does not block the button. If you want the dollars to remain dollars, do not tap it.

CCTP is how the dollar moves between the chains Circle supports. The docs name bridge.usdc.com. An aggregator may also route it. A swap on this pool does not. After a CCTP mint you hold this contract on 143. After a CCTP burn you do not, and the MON pool will not show the tokens you sent to another chain. Read the function name before you sign. transfer stays here. A CCTP deposit-for-burn leaves.

Approval arithmetic

An approval amount is raw. Fifty dollars is 50,000,000. Fifty raw units is 0.000050 USDC. An infinite approval is a standing permission. This desk asks for the size of the swap. The spender is the same router as WETH and WBTC, 0x21114915Ac6d5A2e156931e20B20b038dEd0Be7C. Chain id 143. After the swap, the USDC log and the WMON log should meet, through the pool price, at the MON size you tapped. A banner that only says 0 MON is the native value of a token call. It is supposed to be zero. The logs are the result. Their absence is the revert.