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The Backing page shows the collateral and reserve composition of major stablecoins — what assets actually back each dollar of supply.

What it shows

Each card displays one stablecoin with a horizontal bar chart of its reserve breakdown. The percentages represent the issuer’s publicly disclosed collateral composition.
FieldDescription
IssuerThe entity that issues and redeems the stablecoin.
TypeFiat-backed, collateralized, hybrid (algo + collateral), etc.
Asset barsEach bar = one collateral category, sized by % of total reserves.
DescriptionsAdditional notes on the asset quality (e.g. ‘T-bills < 90d’, ‘secured loans’).

Data sources & freshness

  • USDC — the issuer’s monthly reserve attestation reports.
  • USDT — the issuer’s quarterly reserves transparency report.
  • DAI — issuer’s on-chain collateral data (public).
  • FRAX — issuer’s on-chain collateral and AMO data.
  • USDP, BUSD, TUSD — the issuer’s published attestation reports.
Note: This data is not real-time. Reserve compositions change slowly; figures reflect the most recent published disclosures and are updated manually when issuers publish new reports. For live depeg risk see the Overview.

Why backing matters for depeg risk

The quality and liquidity of reserves directly affects how quickly a stablecoin can honour redemptions.
Reserve typeLiquidation speedRisk to peg
Cash (bank deposits)InstantLowest — but bank run risk
T-bills < 90 days1–2 daysVery low
Longer-dated treasuriesDaysLow, but duration risk
Crypto collateral (ETH)MinutesModerate — price volatile
Secured loansWeeks–monthsHigh — illiquid
Algorithmic (unbacked)N/AHighest — no floor