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Backing Map
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.
| Field | Description |
|---|---|
| Issuer | The entity that issues and redeems the stablecoin. |
| Type | Fiat-backed, collateralized, hybrid (algo + collateral), etc. |
| Asset bars | Each bar = one collateral category, sized by % of total reserves. |
| Descriptions | Additional notes on the asset quality (e.g. 'T-bills < 90d', 'secured loans'). |
Data sources & freshness
- USDC — Circle monthly reserve attestation reports.
- USDT — Tether quarterly reserves transparency report.
- DAI — Maker Protocol collateral dashboard (on-chain, public).
- FRAX — Frax Finance AMO and collateral ratio data.
- USDP, BUSD, TUSD — Paxos attestation reports / Archblock disclosures.
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 type | Liquidation speed | Risk to peg |
|---|---|---|
| Cash (bank deposits) | Instant | Lowest — but bank run risk |
| T-bills < 90 days | 1–2 days | Very low |
| Longer-dated treasuries | Days | Low, but duration risk |
| Crypto collateral (ETH) | Minutes | Moderate — price volatile |
| Secured loans | Weeks–months | High — illiquid |
| Algorithmic (unbacked) | N/A | Highest — no floor |