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Data desk · Live

Reserve Watch

Stablecoin supply and backing mechanism, with links to issuer transparency. Not financial advice.

#StablecoinCirculatingPegMechanismTransparency
1 TetherTether USDT $183.19B USD Fiat Backed Attestation ↗
2 USD CoinUSD Coin USDC $71.96B USD Fiat Backed Attestation ↗
3 Sky Dollar USDS $6.56B USD Crypto Backed
4 DaiDai DAI $4.80B USD Crypto Backed
5 World Liberty Financial USD USD1 $4.01B USD Fiat Backed
6 Ethena USDe USDe $3.87B USD Crypto Backed
7 Global Dollar USDG $3.36B USD Fiat Backed
8 Circle USYC USYC $3.01B USD Fiat Backed
9 PayPal USD PYUSD $2.70B USD Fiat Backed
10 BlackRock USD BUIDL $2.69B USD Fiat Backed
11 Ondo US Dollar Yield USDY $2.15B USD Fiat Backed
12 USDD USDD $1.51B USD Crypto Backed
13 Ripple USD RLUSD $1.46B USD Fiat Backed
14 Falcon USD USDf $1.26B USD Crypto Backed
15 USDGO USDGO $1.11B USD Fiat Backed

Source: DefiLlama + issuers. Figures are informational and not financial advice.

Why reserve transparency matters

A stablecoin’s peg is only as strong as what backs it — and only as trustworthy as the issuer’s willingness to prove it. A genuine attestation shows the reserve composition (cash, Treasuries, commercial paper, other), confirms independent audit, and is published on a regular cadence.

What to watch

  • No public attestation at all, or one that’s months out of date.
  • Reserves partly held in the issuer’s own token rather than external assets.
  • Crypto Ruble Coins links each issuer’s own transparency page directly — verify the primary source, don’t just trust the label.