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Stablecoin supply and backing mechanism, with links to issuer transparency. Not financial advice.
| # | Stablecoin | Circulating | Peg | Mechanism | Transparency |
|---|---|---|---|---|---|
| 1 |  Tether USDT |
$183.29B | USD | Fiat Backed | Attestation ↗ |
| 2 |  USD Coin USDC |
$73.31B | USD | Fiat Backed | Attestation ↗ |
| 3 | Sky Dollar USDS | $7.55B | USD | Crypto Backed | |
| 4 |  Dai DAI |
$4.86B | USD | Crypto Backed | |
| 5 | World Liberty Financial USD USD1 | $4.47B | USD | Fiat Backed | |
| 6 | Ethena USDe USDe | $4.39B | USD | Crypto Backed | |
| 7 | Circle USYC USYC | $3.11B | USD | Fiat Backed | |
| 8 | BlackRock USD BUIDL | $3.05B | USD | Fiat Backed | |
| 9 | Global Dollar USDG | $2.92B | USD | Fiat Backed | |
| 10 | PayPal USD PYUSD | $2.83B | USD | Fiat Backed | |
| 11 | Ondo US Dollar Yield USDY | $2.15B | USD | Fiat Backed | |
| 12 | Ripple USD RLUSD | $1.56B | USD | Fiat Backed | |
| 13 | USDD USDD | $1.51B | USD | Crypto Backed | |
| 14 | Falcon USD USDf | $1.26B | USD | Crypto Backed | |
| 15 | United Stables U | $1.03B | USD | Crypto Backed | |
| 16 | USDGO USDGO | $868.34M | USD | Fiat Backed | |
| 17 | Ethena USDtb USDTB | $775.59M | USD | Fiat Backed | |
| 18 | GHO GHO | $597.97M | USD | Crypto Backed | |
| 19 | Polymarket USD pUSD | $577.22M | USD | Crypto Backed | |
| 20 | Usual USD USD0 | $552.52M | USD | Fiat Backed |
Source: DefiLlama + issuers. Figures are informational and not financial advice.
Why reserve transparency matters
A stablecoin’s peg is only as strong as what backs it — and only as trustworthy as the issuer’s willingness to prove it. A genuine attestation shows the reserve composition (cash, Treasuries, commercial paper, other), confirms independent audit, and is published on a regular cadence.
What to watch
- No public attestation at all, or one that’s months out of date.
- Reserves partly held in the issuer’s own token rather than external assets.
- roo2ya links each issuer’s own transparency page directly — verify the primary source, don’t just trust the label.