Stablecoins are tokens that try to keep a stable value, usually pegged to the dollar. Two of them are discussed here: USDT and USDC. They are similar in purpose, but they differ in who issues them, how they report, where they work and what European rules say about them. Below is a comparison based on the official pages of Tether, Circle’s documentation and the ESMA register as of 13 October 2026. This is not advice on which token to choose.
This material is for information only and is not investment advice.
What a Stablecoin Is
WhiteBIT’s help center defines it this way: a stablecoin is a cryptocurrency whose value is pegged to a certain reference asset, for example USDT, USDC or UAHg. That is, it is not money in a bank account, but a token on a blockchain that a company issues and promises to keep at a certain level.
The European MiCA regulation, which entered into force in June 2023, singles out two types of such tokens: asset-referenced tokens and electronic money tokens. According to ESMA, the regulation sets rules on transparency, disclosure, authorization and supervision for those who issue them and trade them. This matters for Ukrainians because European rules affect the availability of tokens on exchanges.
How USDT and USDC Maintain Their Price
USDT. Tether states that each token is pegged 1 to 1 to the corresponding currency (1 USD₮ = 1 USD) and is backed by the company’s reserves at 100%. At the same time, Tether’s FAQ clarifies that the reserves include cash and cash equivalents, as well as other assets, in particular claims on loans that Tether has extended to third parties. Tether also emphasizes that its tokens are not money; they are digital tokens for use on blockchains.
USDC. Circle’s documentation describes USDC as a digital dollar fully backed (100%) by cash and cash equivalents, so it can always be redeemed for dollars at a 1-to-1 rate. Circle publishes monthly attestation reports on USDC reserves on its transparency page.
In both cases, these are the issuers’ own statements. The market price of a token is formed by supply and demand, and WhiteBIT explicitly states that the exchange does not influence the price of USDT.
USDT and USDC: Facts Side by Side
| Criterion | USDT | USDC |
|---|---|---|
| Issuer | Tether | Circle |
| Declared backing | 100% reserves: cash, equivalents and other assets, including claims on loans | 100% cash and equivalents, according to Circle’s documentation |
| Reporting | Circulation data usually daily; reserve reports quarterly (prepared by BDO Italia) | Monthly attestation reports on reserves on Circle’s transparency page |
| ESMA register (issuers of electronic money tokens, MiCA) | No entry found | There is an entry for Circle Internet Financial Europe SAS, supervised by the ACPR (France), with an authorization notification date of 1 July 2024 |
| Status on WhiteBIT for EEA accounts | Since 30 December 2024, deposits and withdrawals of USDT are not available | WhiteBIT names USDC among the acceptable alternatives |
| Networks | ERC20 (Ethereum and others), TRC20 (Tron), Solana, TON, Aptos, Near and others | Many blockchains, including Ethereum, Solana, Base, Arbitrum and Polygon; Tron is not in the documentation’s list |
| Direct access | Tether’s clients go through its KYC; individuals work through platforms | Circle Mint for qualified businesses; the documentation does not describe such access for individuals |
Note on the table: in the ESMA register we searched for Tether and Circle in the “Issuers of EMT” file (50 entries as of the date of the check). The register is temporary and is updated weekly, so check the current status before making a decision. The absence of an entry is not an assessment of the token: the register reflects only European authorization.
What This Means for a Ukrainian
Hryvnia. On WhiteBIT, among the 16 spot pairs with hryvnia as of 13 October 2026, there is USDT/UAH, and there is no USDC/UAH. In the “Buy Crypto” section, hryvnia is among the payment currencies, and both USDT and USDC are named among the assets that can be received. The system automatically marks methods that are unavailable in the country, so the actual conditions are shown by the form at the time of purchase. For a step-by-step guide to buying USDT, see the article How to Buy USDT with Hryvnia.
Networks. The network is chosen when withdrawing. Tether advises checking the address and protocol carefully, and on WhiteBIT the fee for the same stablecoin depends on the network. In Circle’s documentation, we did not find Tron among the networks with native USDC, while Tether has TRC20. So do not assume that USDC exists on every network where USDT does, and check which network the recipient supports.
Rate. The price of a stablecoin on an exchange or in P2P does not match the official rate of the National Bank of Ukraine (NBU). The NBU sets the official hryvnia-to-dollar rate based on interbank transactions, not on token prices. For how it is formed, see the article What Drives the Dollar Rate in Ukraine.
What to Check Before Buying
- Issuer and documents. Who issues the token, and where the redemption terms and reports are published. Tether says redemption takes place under the terms of its agreement, while Circle Mint is described for qualified businesses.
- Reserve reports. How often they are published, who prepares them, and the date of the latest one. For USDT, these are quarterly reports; for USDC, according to Circle’s documentation, monthly attestation reports.
- Network. Which network both the exchange and the recipient support, and how much the withdrawal costs. On WhiteBIT, the fee for the same stablecoin depends on the network.
- Status in your jurisdiction. For EEA accounts, exchanges apply MiCA rules, and USDT on WhiteBIT has not been available to them since 30 December 2024.
- Price on the exchange. Compare it with other platforms before a large deal: a deviation from one dollar is visible immediately.
If you receive payments from clients in stablecoins, check with a tax adviser how such receipts should be recorded. The Tax Code (version of 17 September 2026) contains no separate rules on virtual assets, and the law on virtual assets has not come into force.
Stablecoin Risks
- Issuer risk. A token is the company’s obligation. Read the reserve reports and the redemption terms, not just the statement about 100% backing.
- Deviation from the peg. The market price can deviate from one dollar. No exchange guarantees otherwise.
- Regulatory risk. EU rules have already led to restrictions on USDT for EEA accounts on WhiteBIT. If you move to the EU or work with clients there, check the availability of the tokens.
- Network error. A mistake with the network or the address can cost money: Tether advises checking the address and protocol carefully.
- Exchange and P2P. Storage on an exchange is a risk of the exchange itself, while P2P is a risk of the counterparty and the bank. For more, see the articles Binance P2P and How to Withdraw Crypto to a Ukrainian Bank Card.
- Taxes and status. The law on virtual assets (No. 2074-IX) has not come into force, and the Tax Code (version of 17 September 2026) contains no separate rules on virtual assets.
Risk. A stablecoin is not a bank deposit, and Tether explicitly states that its tokens are not money. Do not keep in one token on one exchange an amount whose loss would be critical for your business or family.
Frequently Asked Questions
What is a stablecoin in simple terms?
It is a token on a blockchain that tries to keep a stable value by being pegged to an asset, usually the dollar. The issuer supports the peg, but the market price is still determined by supply and demand.
What is the difference between USDT and USDC?
The issuer of USDT is Tether, and the issuer of USDC is Circle. Tether states that its reserves include claims on loans and publishes reserve reports quarterly; according to Circle’s documentation, Circle publishes monthly attestation reports. The ESMA register has an entry for Circle as an issuer of electronic money tokens, and we did not find an entry for Tether.
Is the 1-to-1 rate guaranteed?
No. 1 to 1 is the issuer’s statement about the peg and backing. The market price on an exchange can deviate, and WhiteBIT explicitly states that the exchange does not influence the price of USDT.
Why is USDT restricted in the EU?
According to WhiteBIT’s documentation, since 30 December 2024 accounts from the EEA cannot deposit or withdraw USDT, because Tether has not obtained an electronic money license in the EU. The same documentation names USDC among the acceptable tokens, because Circle holds the relevant license. The ESMA register has an entry for Circle, and we did not find one for Tether.
Are there hryvnia stablecoins?
In its help center, WhiteBIT mentions UAHg among examples of stablecoins. The terms of such a token (who the issuer is, how it is backed, where it reports) should be checked on the official pages of the exchange and the issuer: we do not assess them here.
Which stablecoin should I choose?
We do not give advice. Compare based on documents: who the issuer is, how the backing is described, how often reports are published, which networks your recipient supports, and whether the token is available on your exchange.
