Which Stablecoin Should a Business Use for USD Settlement? A Treasury Selection Scorecard

A business should use the stablecoin that passes every mandatory check for its specific USD settlement route. Depending on the payer, recipient, network, provider and exit path, the decision may be USDGO, USDC, both or neither. Brand recognition, market size and a broad regulatory label do not settle the question.

Within OSL Group, USDGO is the stablecoin asset. If a proposed route also uses OSL Business Treasury or OSL Business Payments, the enterprise must approve those service arrangements separately from the asset review. S1

Define the Settlement Route First

Before comparing assets, define the paying entity, obligation, amount range, asset and network, provider, recipient's accepted value form, completion event, records and fallback. Approval then applies to that configuration, not every market or recipient.

The route should also identify what closes the obligation. Depending on the contract, that may be token receipt, delivery by a payment provider, fiat credit to a bank account or another agreed event. Treasury cannot compare assets consistently until that outcome is fixed.

Scorecard Scope and Ownership

This scorecard compares USDGO and USDC using reserve reports measured as of June 30, 2026 and evidence available through August 11, 2026. It is not a market-wide stablecoin ranking.

• Candidate scope: USDGO and USDC only, compared because primary issuer, terms and reserve materials were available by the evidence cutoff.

• Page maintenance owner: OSL Editorial Team.

• Enterprise decision owner: Corporate treasury, with input from legal, compliance, procurement, finance and operations.

• Review scope: One legal entity, obligation, recipient group, asset-network pair, provider route and amount range.

• Refresh trigger: A new reserve report, issuer or terms change, network or provider change, route incident, limit breach or new recipient group.

• Record rule: Retain the evidence date and prior decision so the enterprise can explain which facts supported each approval.

Same-Date Evidence for USDGO and USDC

The figures below are dated disclosures, not live liquidity data or a ranking. Each report uses its own definitions and criteria.

These figures do not show whether an enterprise can obtain, transfer or exit either asset at the required amount, time, price and endpoint. For reserve-report methodology, see How Should Enterprises Evaluate Stablecoin Reserves?.

Apply the Same Route-Based Scorecard

Apply the same questions to both candidates. A field passes only when the evidence covers the enterprise entity and proposed route.

Record Fit, No-Fit and Unknown Separately

Fit means the evidence supports the defined route. No-fit means current evidence shows that a mandatory condition is not met. Unknown means the information is unresolved. It is not a positive or negative rating, but it keeps the route on hold.

A candidate should remain on hold when an unknown affects issuer identity, legal terms, access, exit, recipient outcome, finance close or fallback. Unknowns that do not affect a mandatory condition may be assigned to an owner and resolved before the next approval stage.

How OSL Fits the Decision

For USDGO, approve issuer, reserve, terms, network and exit evidence before assessing an OSL Business route. Review OSL Business Treasury when the route involves FX, stablecoin conversion or liquidity management. Review OSL Business Payments for supported collections, cross-border payments, stablecoin settlement and payouts. Exact eligibility, markets, routes, pricing and limits require current confirmation. S1

Approval of USDGO does not approve an OSL Business service, and service approval does not replace the USDGO asset review. Apply the same separation to USDC and any Circle or third-party service.

Make One of Four Decisions

USDGO: Approve the defined USDGO route when every mandatory field passes and all blocking unknowns are resolved.

USDC: Approve the defined USDC route under the same rule.

Both: Approve separate asset-network-provider configurations for different obligations or recipient groups. State which configuration applies to each route.

Neither yet: Keep the current bank or settlement rail when a mandatory field is unresolved or the existing route remains the better operational fit.

Record the decision by route and review date. Reassess it after a material issuer, terms, network, provider or liquidity change.

Conclusion

There is no universal winner between USDGO and USDC for corporate USD settlement. Select the asset that passes the same evidence test for a defined payer, recipient and route. Keep fit, no-fit and unknown fields visible, maintain the scorecard as evidence changes and review any OSL Business or third-party service separately from the stablecoin asset.

FAQ

Which stablecoin should a business use for USD settlement?

Use the stablecoin that passes every mandatory check for the defined entity, obligation, recipient, asset-network pair, provider, completion event, records and fallback. The result may be USDGO, USDC, both or neither yet.

Does the larger stablecoin automatically offer better liquidity?

No. Market size does not prove that an enterprise can obtain, transfer, convert or redeem the required amount through its approved route at the required time and endpoint.

When should an unknown block approval?

An unknown should block approval when it affects issuer identity, applicable terms, acquisition or exit, the recipient's usable outcome, finance close or fallback. Assign an owner and evidence request before reconsidering the route.

Can a business approve both USDGO and USDC?

Yes. Each asset-network-provider configuration must pass independently, and policy must assign each configuration to specific obligations, limits, recipients and fallbacks.

Risk Notice

Stablecoin selection may involve issuer, reserve, redemption, legal, regulatory, custody, network, liquidity, depegging, counterparty, conversion, FX, payment, accounting and operational risk. Dated reserve reports do not guarantee route availability, executable liquidity or settlement completion. Confirm the applicable entities, terms and market conditions before use.

Sources

• OSL, “Enterprise Stablecoin Product for Corporate Treasury and Settlement,” accessed August 11, 2026

• Anchorage Digital, “USDGO Reserve Attestations,” accessed August 11, 2026

• Anchorage Digital Bank, “USDGO Reserve Report as of June 30, 2026,” July 28, 2026

• Circle, “USDC Terms,” accessed August 11, 2026

• Circle, “Transparency and Stability,” accessed August 11, 2026

• Circle Internet Group, “USDC Reserve Report as of June 30, 2026,” July 29, 2026