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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 $183.49B USD Fiat Backed Attestation ↗
2 USD CoinUSD Coin USDC $74.35B USD Fiat Backed Attestation ↗
3 Sky Dollar USDS $6.70B USD Crypto Backed
4 DaiDai DAI $4.78B USD Crypto Backed
5 Ethena USDe USDe $4.60B USD Crypto Backed
6 World Liberty Financial USD USD1 $4.32B USD Fiat Backed
7 Global Dollar USDG $3.24B USD Fiat Backed
8 PayPal USD PYUSD $2.76B USD Fiat Backed
9 BlackRock USD BUIDL $2.73B USD Fiat Backed
10 Circle USYC USYC $2.60B USD Fiat Backed
11 Ripple USD RLUSD $2.42B USD Fiat Backed
12 Ondo US Dollar Yield USDY $2.22B USD Fiat Backed
13 USDD USDD $1.51B USD Crypto Backed
14 USDGO USDGO $1.38B USD Fiat Backed
15 United Stables U $1.29B 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  • No public attestation at all, or one that’s months out of date.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.