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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	$183.10B	USD	Fiat Backed	Attestation ↗
2	USD Coin USDC	$72.27B	USD	Fiat Backed	Attestation ↗
3	Sky Dollar USDS	$6.70B	USD	Crypto Backed
4	Dai DAI	$4.81B	USD	Crypto Backed
5	World Liberty Financial USD USD1	$4.03B	USD	Fiat Backed
6	Ethena USDe USDe	$3.91B	USD	Crypto Backed
7	Global Dollar USDG	$3.42B	USD	Fiat Backed
8	Circle USYC USYC	$3.00B	USD	Fiat Backed
9	PayPal USD PYUSD	$2.76B	USD	Fiat Backed
10	BlackRock USD BUIDL	$2.71B	USD	Fiat Backed
11	Ondo US Dollar Yield USDY	$2.14B	USD	Fiat Backed
12	Ripple USD RLUSD	$1.58B	USD	Fiat Backed
13	USDD USDD	$1.51B	USD	Crypto Backed
14	Falcon USD USDf	$1.26B	USD	Crypto Backed
15	United Stables U	$1.21B	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No public attestation at all, or one that’s months out of date.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.
Bitcoin Digital links each issuer’s own transparency page directly — verify the primary source, don’t just trust the label.

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