Reserve Comparison
Compare Issuers and Reserve Structures
Stablecoin safety cannot be judged by price alone. Review reserve quality, disclosure cadence, external assurance, direct redemption access, and issuer control surfaces together.
Reserve composition
Cash-like assets, Treasuries, on-chain collateral, and RWA exposure create different liquidity risks under stress.
Disclosure and assurance
Weekly holdings, monthly assurance, quarterly attestations, and on-chain transparency are not interchangeable.
Redemption access
Stress response changes depending on whether users can redeem directly with the issuer or must rely on market liquidity.
| Issuer | Reserve Assets | Disclosure | Assurance | Redemption | Control Surface | Source |
|---|---|---|---|---|---|---|
USDCStrong Circle · United States / EU | Cash, overnight Treasury repo, and the Circle Reserve Fund | Weekly reserve holdings and monthly third-party assurance | Monthly assurance by a Big Four accounting firm | Direct redeem Direct mint and redeem for eligible Circle customers | Issuer-administered token controls and blacklist capability | Circle Transparency & Stability Fresh Verified 5/21/26 · 4d ago |
USDTModerate Tether · El Salvador / offshore entities | Treasury-heavy fiat reserves with additional secured and other assets | Quarterly attestations and transparency updates | Periodic assurance reports prepared by BDO | Verified direct redeem Direct redemption for verified Tether customers | Issuer-administered token controls and blacklist capability | Tether Q1 2026 attestation update Fresh Verified 5/1/26 · 24d ago |
DAIModerate Sky Protocol · Protocol governance | Crypto collateral and real-world-asset exposure governed by Sky | On-chain collateral and governance visibility | Protocol-level transparency rather than off-chain attestations | Market liquidity dependent Protocol mechanisms and market liquidity instead of issuer redemption | Governance-controlled parameters and collateral onboarding | Sky Protocol Dai docs Fresh Verified 5/25/26 · 0d ago |
JPYCEmerging JPYC Inc. · Japan | Japanese yen deposits and Japanese government bonds | Issuer platform and regulatory disclosures | Funds transfer service provider framework | Official platform redeem 1:1 yen exchange through official issuance and redemption routes | Issuer and regulated platform controls | JPYC EX official launch Fresh Verified 5/25/26 · 0d ago |