Reserve composition by issuer
Cash vs Treasuries vs other backing, by issuer.
About this data
Under the new regime, issuers back tokens overwhelmingly with cash and short-dated Treasuries. The per-issuer split shows how backing composition differs — and where disclosure has historically been thinner — which is central to the regulatory debate.
Cash vs Treasury bills vs other assets, percentage of total backing.
View data & sources →Data table
| issuer | series | cash_pct | other_pct | source_ref | value_basis | treasury_pct |
|---|---|---|---|---|---|---|
| Tether (USDT) | reserve_composition | 0.05 | 0.15 | issuer-attestations | Tether Q4 2025 attestation (BDO): ~80% US Treasuries; remainder repo/cash/gold/BTC/loans | 0.8 |
| Circle (USDC) | reserve_composition | 0.12 | 0.43 | circle-reserves | Circle May 2025 disclosure: ~12% cash, ~45% T-bills, ~43% repos (Circle Reserve Fund, BlackRock) | 0.45 |
Methodology & sources
Last updated: Jul 17, 2026Methodology
Source-backed values are seeded for all five charts: stablecoin market cap by issuer (2024 → 2026), issuer share over time, annual transfer volume vs card networks, the GENIUS Act compliance timeline, and reserve composition by issuer. Every numeric point carries a sources[].ref and a value_basis. Totals are from DefiLlama and CoinGecko; per-issuer figures from issuer data, with the "others" bucket by deduction (labeled). Reserve splits are from Tether’s BDO attestation and Circle’s reserve disclosures. CAVEAT: 2024 transfer volume (~$27.6T) exceeds Visa+Mastercard, but ~70% of stablecoin volume is bot/exchange activity rather than organic payments — noted on the chart’s value_basis. The GENIUS timeline is shown as days from 2026-06-16; each milestone’s absolute date is in its value_basis. Re-verified 2026-06-15.
Sources
- Issuer Attestation Reports (Tether BDO, Circle Deloitte) ↗ Issuer-published
- Circle — USDC reserve reports ↗ Issuer-published
Comparisons are informative, not definitive. See each source for definitions and limits.