What backs the dollar stablecoins
The dollar on chain is $273B across 9 fiat-backed coins on 30 September 2026. By the issuers' own accountant-examined reports, about $211B of it sits in Treasury bills and cash lent against Treasuries, and the on-chain supply agrees with what each accountant says is outstanding within 0.6% for every coin the feed fully covers.
Supply, per coin
| Coin | Name | Circulating |
|---|---|---|
| USDT | Tether | $183.8B |
| USDC | USD Coin | $74.6B |
| USD1 | World Liberty Financial USD | $4.43B |
| USDG | Global Dollar | $3.09B |
| PYUSD | PayPal USD | $2.72B |
| RLUSD | Ripple USD | $2.52B |
| USDGO | USDGO | $1.19B |
| USD0 | Usual USD | $547M |
| USDTB | Ethena USDtb | $537M |
Not counted above: BUIDL, USYC, USDY, which the source lists as fiat-backed dollar assets and which are tokenized Treasury funds rather than payment stablecoins.
The reserve, from the attestations themselves
Each row is the latest accountant's report for that coin, copied from the document, beside what the chain said was outstanding that day.
How we know
An attestation is taken at the end of its day in US Eastern time and the feed's daily point is the start of the day, so the comparison is against the feed's next point. "T-bills" is direct holdings; "Treasury-backed" adds cash lent overnight against Treasury collateral and government money-market fund shares, which is where most of Circle's and PYUSD's reserve sits. Where the feed does not count what the accountant counts (a chain the feed had no leg for), the row says so and is excluded from the test that guards the rest:
- USDG, 31 Jul 2026: feed carries less on Ethereum than Paxos attests there, by about the Ink leg: 2026-01-16 feed Ethereum 268.99M = attested 362.59M minus attested Ink 93.59M, Solana and Ink exact; 2026-03-31 Ethereum short 119.7M against Ink 107.4M, so the netting explains most and not all
Implied Treasury holdings
Supply, which is on chain and daily, times the latest attested share, which is monthly or quarterly. Before an issuer's first attestation the line is absent, not extrapolated.