Stablecoins

Fiat-backed dollar stablecoins hold roughly $200B of Treasury bills and near-maturity Treasuries. The supply side of that number is on chain and exact; the reserve side is a monthly or quarterly attestation. This page is the supply side: per coin, per day, summed over every chain the coin lives on.

"Tokenized fund" marks USYC, USDY and BUIDL, which DefiLlama lists as fiat-backed USD assets and which are tokenized Treasury funds rather than payment stablecoins. They are shown here because the source lists them, and flagged because a Treasury-demand series must not count them as stablecoins.

What backs it, from the attestations themselves

Reserve composition comes from the issuers' accountant-examined reports, copied line by line with the document linked on every row: Circle, Tether, Paxos (PYUSD and USDG), Ripple, BitGo for World Liberty's USD1, and First Digital. The first check is whether the on-chain supply agrees with what the accountant says is outstanding. 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. On that basis USDC and USDT agree within 1.6%, and PYUSD, USD1 and RLUSD from August 2025 within 3%. Where the feed does not count what the accountant counts, the row says why instead of pretending: the feed had no XRPL leg for RLUSD before April 2025, no Aptos or Solana leg for USD1 in August 2025, and it nets USDG's Ink supply out of Ethereum where Paxos counts it as natively minted. Those rows are shown with their full disagreement and excluded from the test that guards the rest.

The two shares are kept apart on purpose. "Bills" is direct holdings of Treasury bills or securities. The second adds cash lent overnight or on term against Treasury collateral, which is where most of Circle's and PYUSD's reserve sits, and government money-market fund shares, which is most of USD1's and much of USDG's and RLUSD's. The figure in circulation as "stablecoins hold $200B of T-bills" is the second one.

Implied Treasury holdings

Supply, which is on chain and daily, times the latest attested share, which is monthly or quarterly. Every point carries the age of the attestation it leans on; a share three months old is a share three months old, and the line says so rather than hiding it.

Before an issuer's first attestation in this file the line is absent, not extrapolated. More attestations, further back and for more issuers, sharpen the series; that work is sourced by hand and is in progress.