Only 30% of the Dollar Stablecoins We Measure Disclose Their Reserves in Full. Here's What the Other US$205 Billion Holds.
The US-dollar stablecoins we measure are worth nearly US$294 billion, and they are treated as one thing: a digital dollar that holds a dollar. Weigh it instead by how completely each issuer discloses what backs that dollar, and it splits three ways. About 30% — more than US$88 billion — is disclosed line by line, down to individual Treasury bills and, for most of it, the banks holding the cash. About 63% is attested, but only in broad categories. And roughly 7% isn't a conventional cash reserve at all. Every one of these tokens trades at a dollar. What sits behind the dollar, and how much of it you can see, is where they part.
- Of the nearly US$294 billion of US-dollar stablecoins we measure, more than US$88 billion — 30% — is disclosed in full: itemized down to individual Treasury bills, their maturities and market values, and, for most of it, the banks holding the cash. Most of that, led by USDC, is verified in monthly third-party attestations; a smaller part (about US$8 billion, USD1 and USDG) is itemized by the issuer.
- About US$185 billion — 63% of the market, effectively all of it USDT — is attested as well, but at the level of broad asset categories rather than line items: a quarterly report stating the reserve is roughly 80% U.S. Treasuries plus gold, Bitcoin and secured loans. It is disclosed; the reporting is in aggregate, not itemized.
- The remaining US$20 billion — about 7% — isn't a conventional cash-and-Treasuries reserve at all: it is crypto collateral held in excess (DAI, Sky's USDS) or a delta-neutral futures hedge with no cash reserve (Ethena's USDe). These are transparent in their own way, but they are a different kind of backing — and a different kind of risk — trading at the same dollar.
Revised October 5, 2026: figures corrected.
A stablecoin makes a simple promise: one token, one dollar. It is the promise that lets the market treat the whole category as interchangeable cash — a place to park value between trades, settle a payment, or hold as a dollar without a bank. Nearly US$294 billion of the dollar stablecoins we measure now sits in that promise. But the promise is only as good as what stands behind it, and on that question the market is far less uniform than the shared price implies. Weigh it not by how much each dollar is worth — they are all worth a dollar — but by how completely each issuer shows you what backs it, and one category separates into three.
At one end is disclosure in full. More than US$88 billion of the market — about 30% — is backed by reserves reported line by line. USDC, the anchor of this group, publishes a monthly attestation that lists the individual Treasury bills it holds, their maturities and market values, and the specific banks holding the cash portion. A holder who wants to know exactly what is behind the token can read it, security by security. This is the picture most people have in mind when they think “stablecoin reserve.” It is also the minority of the market.
Fig. 1
Weighted by how completely reserves are disclosed, most of the market is not the itemized kind.
Stablecoin market value (US$ billions) grouped by how completely the issuer discloses its reserves. Line-by-line disclosure — itemized holdings and named custodians — accounts for more than US$88B, roughly 30%. The largest block, about US$185B (effectively all USDT), is attested only at the level of broad asset categories. About US$20B is backed by something other than a conventional cash reserve. Every token in every group trades at one dollar.
The largest block of the market sits one step back from that. About US$185 billion — 63%, effectively all of it USDT — is attested too, but in aggregate. Tether’s quarterly report, signed by an outside accounting firm, states that the reserve is roughly 80% U.S. Treasuries, with the remainder in gold, Bitcoin and secured loans. That is real disclosure, and the reserve is overwhelmingly short-term government debt. What it does not provide is the item-level view USDC gives: which specific instruments, held where, on which dates. The difference is not backed-versus-unbacked. It is the granularity of the window — a summary by category, rather than a list.
The 7% that isn't cash at all
The smallest slice is the most different. About US$20 billion of the market — roughly 7% — is not backed by a conventional cash-and-Treasuries reserve in any form. DAI and Sky’s USDS are backed by crypto held in excess of the tokens issued — the collateral is visible onchain, but it is volatile assets over-provisioned, not dollars in an account. Ethena’s USDe holds no cash reserve at all; it stays near a dollar through a hedged futures position — long staked crypto, short an equivalent amount of futures. These are not opaque. They publish, in USDe’s case daily. But they are a fundamentally different promise, holding the same price with a different mechanism and a different failure mode.
That is the point worth carrying past the peg. For a treasurer, an exchange, or a protocol holding “stablecoins” as cash, the label suggests one risk. Underneath it sit at least three: a reserve you can inspect security by security; a reserve you are told about in categories; and a backing that is not a cash reserve at all. In calm markets, all three hold a dollar and behave identically. The disclosure regime is invisible precisely when nothing is wrong — and legible exactly when something is.
Disclosure depth is not the same as trust
One caution, because it is easy to over-read the split: how completely a reserve is disclosed is not, by itself, a verdict on the coin. Full itemized disclosure is a meaningful signal, but the itemized group is not uniformly “safe” and the aggregate group is not uniformly “risky.” Some itemized-tier coins are small, young, or thinly used; USDT’s aggregate reserve is overwhelmingly Treasuries. Disclosure depth answers a narrower, more useful question than safe-or-not: how much can you see for yourself, without taking the issuer’s summary on faith. On that question, most of the market’s dollars ask for more faith than the itemized minority.
Why this matters now
The distinction is about to stop being academic. In August the U.S. Treasury published its proposed rules under the GENIUS Act, the federal framework that will govern which dollars may be sold to Americans as payment stablecoins before it takes full effect in early 2027. At its center is exactly the question this market has been answering unevenly on its own: what a stablecoin must hold, and how it must show it. A rulebook that mandates itemized, regularly-attested reserves would redraw the map above — pulling the aggregate-disclosed majority toward the itemized standard, and pushing the synthetic and crypto-backed dollars outside the definition of a payment stablecoin entirely.
So the number to watch is not the peg, which will hold across all of these until the day one of them doesn’t. It is the share of the market that can show you, rather than tell you, what stands behind the dollar — today about 30%. As the rules land, that share is the one most likely to move, and the direction it moves will say more about where onchain dollars are heading than any single token’s market cap. The question the market has treated as settled — a dollar is a dollar — is the one regulators are now reopening: backed by what, and disclosed how?
More than US$88B of the nearly US$294B we measure is disclosed at the item level. USDC (about US$74 billion) publishes a monthly Grant Thornton attestation itemizing individual Treasury bills — CUSIPs, maturities, market values — and the banks holding the cash; its reserve fund is managed by BlackRock. PYUSD and RLUSD are itemized and third-party attested in the same way. About US$8B of the tier (USD1 and USDG) is itemized by the issuer.
Circle — USDC transparency / attestationsAbout US$185B — effectively all USDT (US$183.4B on the issuer's own attested circulating basis) — is attested quarterly by an outside firm (BDO Italy) at the level of asset categories: roughly 80% U.S. Treasuries, plus gold, Bitcoin and secured loans. It is disclosed and largely government debt; it is not itemized to specific holdings and custodians the way the tier above is.
Tether — transparency / reservesAbout US$20B is backed by something other than cash: crypto collateral held in excess (Sky's USDS US$6.8B, DAI US$4.6B) whose collateral is visible onchain, or a delta-neutral futures hedge with no cash reserve (Ethena's USDe US$4.7B). Transparent in their own terms, but a different backing model and failure mode at the same US$1 price.
Verified Sep 15, 2026 · onchainbenchmark.com/methodology- How much of the stablecoin market discloses its reserves in full?
- About 30% — more than US$88 billion of the nearly US$294 billion of US-dollar stablecoins we measure as of September 2026. These coins, led by USDC, itemize their reserves: the specific Treasury bills held, their maturities and values, and, for most of it, the banks holding the cash. Most of that total is verified in a monthly third-party attestation; a smaller portion (about US$8 billion, USD1 and USDG) is itemized by the issuer. The other ~70% is either attested only in broad asset categories (about US$185 billion, effectively all USDT) or backed by something other than a conventional cash reserve (about US$20 billion).
- Does 'aggregate disclosure' mean USDT's reserves can't be verified?
- No. USDT is attested quarterly by an outside accounting firm, and its reserve is reported as roughly 80% U.S. Treasuries plus gold, Bitcoin and secured loans. The difference from USDC is granularity: USDT discloses at the level of asset categories, while USDC itemizes individual holdings and names the custodians. Both are attested; one shows more detail than the other.
- Is a fully-disclosed stablecoin automatically safer than one disclosed in aggregate?
- Not by itself. Disclosure depth measures how much an outside party can verify, not whether a coin is solvent. Some fully-itemized coins are small or thinly used; USDT's aggregate reserve is overwhelmingly Treasuries. The useful question disclosure answers is narrower: how much can you check for yourself, rather than take on the issuer's summary. It is one input into trust, not the whole of it.
- What is USDe backed by, if not a cash reserve?
- Ethena's USDe holds no conventional cash reserve. It stays near a dollar with a delta-neutral hedge: it holds staked crypto assets and shorts an equivalent amount of futures, so gains and losses on the two legs offset. It is transparent — Ethena publishes reserve data frequently — but it is a fundamentally different backing model than cash and Treasuries, with a different set of risks, trading at the same US$1.
- Why does stablecoin reserve disclosure matter more now?
- Because U.S. regulators are finalizing the rules. In August the U.S. Treasury published proposed rules under the GENIUS Act, which will govern what may be sold to Americans as a payment stablecoin ahead of the Act taking effect in early 2027. Reserve composition and disclosure are central to that framework — so how much of the market discloses its reserves in full, and how that share changes, is likely to move as the rules take hold.