Data desk · Live
Reserve Watch
Stablecoin supply and backing mechanism, with links to issuer transparency. Not financial advice.
| # | Stablecoin | Circulating | Peg | Mechanism | Transparency |
|---|---|---|---|---|---|
| 1 |  Tether USDT |
$184.18B | USD | Fiat Backed | Attestation ↗ |
| 2 |  USD Coin USDC |
$73.24B | USD | Fiat Backed | Attestation ↗ |
| 3 | Sky Dollar USDS | $6.71B | USD | Crypto Backed | |
| 4 |  Dai DAI |
$4.87B | USD | Crypto Backed | |
| 5 | World Liberty Financial USD USD1 | $4.43B | USD | Fiat Backed | |
| 6 | Ethena USDe USDe | $3.85B | USD | Crypto Backed | |
| 7 | BlackRock USD BUIDL | $3.68B | USD | Fiat Backed | |
| 8 | Circle USYC USYC | $3.01B | USD | Fiat Backed | |
| 9 | Global Dollar USDG | $2.91B | USD | Fiat Backed | |
| 10 | PayPal USD PYUSD | $2.82B | USD | Fiat Backed | |
| 11 | Ondo US Dollar Yield USDY | $2.16B | USD | Fiat Backed | |
| 12 | Ripple USD RLUSD | $1.53B | USD | Fiat Backed | |
| 13 | USDD USDD | $1.51B | USD | Crypto Backed | |
| 14 | Falcon USD USDf | $1.26B | USD | Crypto Backed | |
| 15 | United Stables U | $1.04B | USD | Crypto 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- No public attestation at all, or one that’s months out of date.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.