Backing Map

Collateral and reserve breakdown for major stablecoins. Data from public transparency reports (Circle, Tether, Maker, etc.). Not real-time.

USDCUSD CoinFiat-backed

Issuer: Circle

Cash & equivalents80%

Bank deposits, T-bills < 90d

US Treasuries20%

Short-dated

USDTTetherFiat-backed

Issuer: Tether

Cash & equivalents75%

US Treasuries15%

Other10%

Secured loans, other investments

DAIDaiCollateralized

Issuer: Maker

USDC35%

ETH25%

stETH15%

Other (WBTC, etc.)25%

FRAXFraxHybrid (algo + collateral)

Issuer: Frax Finance

USDC90%

AMO (algorithmic)10%

USDPPax DollarFiat-backed

Issuer: Paxos

Cash96%

US Treasuries4%

BUSDBinance USDFiat-backed

Issuer: Paxos (deprecated)

Cash & equivalents100%

TUSDTrueUSDFiat-backed

Issuer: Archblock

Cash & equivalents100%

For live depeg risk, see Overview.