The latest stablecoin reserve transparency reports are published.
On 30th June, several top stablecoin issuers and stablecoin custodian Anchorage had officially revealed their latest attestation reports. Let’s take a closer look at some of these.
Stablecoin Issuer Attestations
All key stablecoin issuers have now released their stablecoin reserve reports for the month of June, including the release announced later today by Tether.
- Circle – the issuer ended the month with 73.2B in USDC circulation (on 36 networks), with $73.3B in reserve assets as audited by Deloitte. Also, month end’s EURC circulation (on 7 networks) stood at 381.9K with €384.7K in reserves. While the former had more assets in U.S. Treasury securities and repurchase agreements, the latter was fully backed by cash deposits. Since last attestations, total supply slightly decreased for both.
- Paxos – the issuer ended the month with 2.9B in USDG (Global Dollar) circulation (on 6 networks with X Layer being the largest) with $2.89B reserves as audited by KPMG. These were held between Singapore and European entities, split between GMMFs (Government Money Market Funds), U.S. Treasuries, and cash (lowest). Similarly, PYUSD (PayPal) stood at $2.6B in circulation (on 4 networks) and reserves; USDP (Paxos Dollar) stood at 31.9M in circulation (on 2 networks) and $31.9M reserves; and lastly, PAXG (Paxos Gold) had exactly 452,355 in tokens (on 2 networks) and fine troy ounces of Gold as reserves. A mix of changes since May’s attestations: USDG increased, PYUSD and PAXG decreased, while PYUSD remained largely unchanged.
- Ripple – the issuer ended the month with 1.4B in RLUSD circulation (on 2 networks) with $1.5B in reserves, with the majority held in U.S. Treasury bills, and the rest split between GMMFs and cash deposits. Since May, there was a slight decrease in the total supply.
- Tether – the issuer ended the month with 183.6B in USDT circulation (13 networks) with $187.7B in reserves as audited by BDO Advisory Services. Majority of the reserves stayed within the cash and cash equivalent category (including U.S. Treasuries, reverse repurchase agreements, cash deposits, as well as non-U.S. Treasuries as a new asset type). The remainder was redistributed across 6 other categories, with slight decreases in precious metals, secured loans, Bitcoin, and slight increases in corporate bonds, other investments, and public equities since the last attestation came out in March. Tether is yet to publish the XAUT attestation.
Anchorage Custodian Attestations
Anchorage Digital is one of the two largest custodians licensed as a bank (the other being BitGo) that offers white-label stablecoin issuance for digital asset firms.
All attestation reports were audited by big four firm Deloitte.
- Tether’s USAT stablecoin had 176.7M in circulation (on Ethereum) with $177M held in reserves. Reverse repurchase agreements with U.S. Treasury securities make up the majority of reserves, and the remainder held in cash deposits.
- Western Union’s USDPT stablecoin had around 21.5K in circulation (on Solana) with $122.2K in money market funds and a small amount in cash deposits.
- OSL’s USDGO stablecoin had 859.2K in circulation (2 networks) with $861K in reserves. This was held in money market funds, including BlackRock’s tokenized BUIDL fund, and the rest in cash.
- Ethena’s USDtb stablecoin had 775M in circulation (2 networks) with $777M in reserves spread between the majority in BlackRock’s BUIDL fund and a smaller amount left in cash deposits.
Overall, large decrease for USDPT (although majority of new supply comes in July) and USDtb from May, with the opposite for USDGO. USAT enjoyed a small increase in supply.
Stablecoin Market
These stablecoin attestations paint an interesting picture.
Since May’s attestations were published, there has been not a huge change in the stablecoin market narrative in terms of net new supply produced by the top stablecoin issuers.
Of course, there are still more stablecoin reserve attestations to be published from Tether, as well as the other major stablecoin custodian and bank BitGo (for USD1 and SoFiUSD).
Although stablecoin transaction volumes have been growing, it remains to be seen if the tide of the stablecoin market can change by the end of the summer to encourage more minting activity.
Indeed, as more institutions utilize stablecoins in tokenization solutions, and with the Clarity Act continuing to slowly advance in the U.S., future attestations could show more networks and supply.
