Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesStart with the stablecoin issuer’s official transparency page, open its latest dated reserve report, and read the asset table alongside the linked accountant’s report. A “fully backed” claim or a reserve ratio above 100% does not tell you whether the backing is cash, Treasury bills, repos, or a mix. Check the report date, what the accountant examined, and your own access to redemption before drawing conclusions.
Find the right issuer report
- Confirm the exact token and issuer. Check the token’s full name and ticker. Wrapped or similarly named tokens may have a different issuer and reserve pool. Use the issuer’s own transparency or attestations page as your starting point, rather than treating an exchange listing or blockchain explorer as the authority on reserves. Circle publishes USDC reserve information at Circle’s USDC transparency page; Ripple provides information and reports for RLUSD at Ripple’s RLUSD page.
- Open the newest report and note two dates. Record both the measurement date (often labeled “as of”) and the publication date. They may differ. Circle says USDC holdings are disclosed weekly, with monthly third-party assurance; Ripple describes monthly RLUSD reserve reports. Publication cadence can change, so check the issuer page for the latest available report rather than assuming an older linked report is current.
- Open the accountant’s report, not only the issuer’s summary. Record the accounting firm, applicable standard, dates examined, management assertions covered, and any qualifications or limitations. An examination or attestation of specified assertions is not automatically a financial-statement audit of the entire issuer.
Read the reserve composition table
Look for separate values or percentages for cash, bank deposits, Treasury bills or other Treasury securities, repurchase agreements (repos), government money-market funds, and any “other,” combined, or adjustment categories. Read the footnotes and definitions: a broad category can contain several different instruments.
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- Cash or bank deposits: Money held as cash or deposited with a bank. A bank deposit is not the same asset as a Treasury bill.
- Treasury bills: Direct holdings of U.S. government securities, with maturities and other details dependent on what the report discloses.
- Treasury repos: Collateralized financing transactions, not direct cash deposits or Treasury bills held outright.
- Government money-market funds: Fund interests that may invest in short-term government assets; these are not the same as direct ownership of each underlying bill.
- Combined categories and adjustments: If the table groups cash with securities, repos, or settlement adjustments, do not describe the whole category as cash-only or bill-only. Look for a more detailed breakdown in the accountant’s report.
For example, Circle says its Circle Reserve Fund may hold cash, short-dated U.S. Treasuries, and overnight U.S. Treasury repos. It also says reserve Treasuries and overnight reverse repos may be held in custody accounts, a separately managed account, or that fund. So the answer to “cash or Treasury bills?” may be “both, plus other instruments,” rather than a simple either/or.
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Check whether reserve assets cover tokens outstanding
Compare the reserve-asset total with the corresponding outstanding or circulating token amount for the same measurement date. Read the accountant’s conclusion and note any adjustments or exclusions it describes. Do not compare today’s token supply with an older report’s reserve total.
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Coverage and composition answer different questions. A reserve ratio at or above 100% indicates that the reported asset value meets or exceeds the reported token amount under the report’s definitions; it does not reveal whether those assets are cash, bills, repos, fund interests, or another category. NYDFS guidance, for issuers within its scope, describes monthly assertions addressing reserve market value by asset class, units outstanding, and reserve adequacy at specified times (NYDFS guidance, June 8, 2022).
Understand the accountant’s scope
Use the report’s own language to determine what was examined. Note the accountant, standard, measurement date, assertions covered, and any stated limits. NYDFS guidance describes a monthly independent CPA examination of specified management assertions and a separate annual report concerning internal controls for issuers within the guidance’s scope. That guidance is dated 2022 and applies within its stated regulatory scope; it should not be treated as a universal rule for every stablecoin.
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For a dated illustration of why scope matters, a March 31, 2026 USDT summary describes BDO’s engagement as point-in-time assurance over stated financial figures and reserves, not assurance for other dates or non-financial activity. Treat that description and any figures surfaced by the ledger as claims about that specific report, and consult the linked primary report before quoting them.
Inspect custody, legal claims, and redemption
Custody and claims
Check whether the report or issuer disclosure identifies the custodian, account structure, segregation of assets, liens or competing claims, and whether token holders have a direct claim on the issuer or reserve assets. An issuer’s statement that funds are held at an insured bank does not establish that every token holder has deposit-insurance coverage.
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The U.S. Treasury’s Report on Stablecoins (2021) explains that pass-through deposit insurance depends on how deposits are structured and whether applicable requirements are met. Without pass-through treatment, insurance may apply to the issuer’s deposit only up to the limit discussed in that report, $250,000; the report does not mean stablecoins themselves are FDIC-insured. This is context from a 2021 report, not a universal guarantee or a statement of current law (U.S. Treasury, Report on Stablecoins).
Redemption access
Read the issuer’s redemption terms separately from its reserve report. Check who can redeem directly, whether onboarding or eligibility rules apply, minimum amounts, fees, timing, and provisions allowing delays or suspension. A token may have reserve assets even when a particular holder has no direct redemption route and must use an intermediary. NYDFS guidance describes timely redemption at par for lawful holders within its scope; the Treasury report notes that issuer rights and limitations vary.
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Compare issuers on the same basis
If you are comparing two or more tokens, use reports with the same measurement date where possible. A concise comparison should keep these dimensions separate:
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- Asset composition: Cash and deposits versus direct Treasury holdings, repos, government money-market funds, and other assets.
- Maturity, liquidity, and custody detail: Whether the report states Treasury maturities, repo terms, and where assets are held.
- Coverage: Reserve value against token units outstanding on the same date, including adjustments.
- Assurance: Accountant, standard, scope, report date, frequency, and limitations.
- Custody and legal claims: Segregation, custodians, competing claims, and whether a direct holder claim is established.
- Redemption: Eligible users, onboarding, minimums, fees, and timing.
Monthly reserve-composition disclosure language surfaced in a U.S. Code search result includes average tenor and geographic location of custody by reserve category. Because the applicability and current status of that text have not been established here, do not assume those details are a current obligation for every issuer.
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Examples of what a dated report can show
These figures illustrate how to read disclosures; they are not current recommendations, and later reports may differ. The USDC and USDT figures below were surfaced by a third-party ledger that links to accountant reports. Check the primary reports before relying on or republishing them.
USDC: distinguish a fund from a mixed category
A StableRegistry ledger based on a linked Deloitte examination reports that, as of July 31, 2026, USDC reserves totaled $71,904,101,332 against $71,826,453,410 in circulation, a 100.11% reserve ratio. It says 84.44% was held in the Circle Reserve Fund, containing U.S. Treasury securities, Treasury repos, cash, and timing or settlement adjustments. The remaining 15.56% was a mixed category of Treasury securities, regulated-institution cash, and adjustments—not cash alone. The ledger identifies Deloitte & Touche LLP and AICPA attestation standards. Confirm the breakdown in the linked report and Circle’s transparency disclosures before quoting it (StableRegistry).
USDT: a reserve portfolio can include non-cash, non-Treasury assets
A StableRegistry ledger describing BDO’s report as of March 31, 2026 reports reserves of $191.77 billion against digital-token liabilities of $183.44 billion. Its reported portfolio included 61.0% U.S. Treasury bills with weighted average maturity under 90 days, 12.6% repo agreements, 10.3% gold, 8.3% secured loans, 3.5% other crypto, and 0.1% cash, among other categories. Those percentages and totals refer to that dated report and its defined assurance scope; they are not a claim about USDT’s current composition. Consult the linked primary report before quoting (StableRegistry).
RLUSD: issuer statements are a starting point
Ripple says RLUSD is backed by U.S. dollars and other cash equivalents held in segregated accounts, and that monthly third-party CPA reports cover circulation and reserve composition. Its issuer page displayed balances as of October 1, 2026. That statement alone does not establish an asset-by-asset breakdown: open the dated report to see what it lists.
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