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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	$183.17B	USD	Fiat Backed	Attestation ↗
2	USD Coin USDC	$73.92B	USD	Fiat Backed	Attestation ↗
3	Sky Dollar USDS	$6.60B	USD	Crypto Backed
4	Dai DAI	$4.79B	USD	Crypto Backed
5	Ethena USDe USDe	$4.08B	USD	Crypto Backed
6	World Liberty Financial USD USD1	$4.08B	USD	Fiat Backed
7	Global Dollar USDG	$3.32B	USD	Fiat Backed
8	Circle USYC USYC	$2.92B	USD	Fiat Backed
9	BlackRock USD BUIDL	$2.78B	USD	Fiat Backed
10	PayPal USD PYUSD	$2.76B	USD	Fiat Backed
11	Ondo US Dollar Yield USDY	$2.19B	USD	Fiat Backed
12	Ripple USD RLUSD	$2.08B	USD	Fiat Backed
13	USDD USDD	$1.51B	USD	Crypto Backed
14	United Stables U	$1.28B	USD	Crypto Backed
15	USDGO USDGO	$1.24B	USD	Fiat Backed
16	Falcon USD USDf	$1.17B	USD	Crypto Backed
17	GHO GHO	$698.16M	USD	Crypto Backed
18	USDX Money USDX USDX	$683.44M	USD	Crypto Backed
19	YLDS YLDS	$677.93M	USD	Fiat Backed
20	Usual USD USD0	$549.65M	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No public attestation at all, or one that’s months out of date.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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