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Reserve Watch

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

#	Stablecoin	Circulating	Peg	Mechanism	Transparency
1	Tether USDT	$184.08B	USD	Fiat Backed	Attestation ↗
2	USD Coin USDC	$73.01B	USD	Fiat Backed	Attestation ↗
3	Sky Dollar USDS	$7.01B	USD	Crypto Backed
4	Ethena USDe USDe	$4.78B	USD	Crypto Backed
5	Dai DAI	$4.75B	USD	Crypto Backed
6	World Liberty Financial USD USD1	$4.28B	USD	Fiat Backed
7	Global Dollar USDG	$3.05B	USD	Fiat Backed
8	PayPal USD PYUSD	$2.88B	USD	Fiat Backed
9	Ripple USD RLUSD	$2.45B	USD	Fiat Backed
10	Circle USYC USYC	$2.38B	USD	Fiat Backed
11	Ondo US Dollar Yield USDY	$2.32B	USD	Fiat Backed
12	BlackRock USD BUIDL	$2.20B	USD	Fiat Backed
13	Falcon USD USDf	$1.65B	USD	Crypto Backed
14	USDD USDD	$1.63B	USD	Crypto Backed
15	United Stables U	$1.55B	USD	Crypto Backed
16	USDGO USDGO	$1.29B	USD	Fiat Backed
17	Open USD OUSD	$789.05M	USD	Fiat Backed
18	GHO GHO	$697.97M	USD	Crypto Backed
19	Usual USD USD0	$541.97M	USD	Fiat Backed
20	Ethena USDtb USDTB	$515.22M	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No public attestation at all, or one that’s months out of date.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.
Bitcoin Digital links each issuer’s own transparency page directly — verify the primary source, don’t just trust the label.

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