Stablecoin Risk Manager
Tracks stability issues, audit delays, and red flags across major stablecoins
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USDT: Fiat-Backed Stability
Tether (USDT) is pegged 1:1 to the US dollar and remains the largest stablecoin by market capitalization, with a value exceeding $143 billion. Recent reports indicate its backing consists primarily of fiat currencies, with a significant portion held in US Treasury bills, following a shift away from commercial paper to enhance security. It prioritizes liquidity and stability, making USDT a cornerstone for global cryptocurrency transactions, with over 350 million users worldwide as of 2024.
USDC: Fiat-Backed with Regulatory Compliance
USD Coin (USDC), launched in September 2018, is a fiat-backed stablecoin designed for stability and trust. It maintains a 1:1 peg to the US dollar, with reserves held in cash, US Treasury bills, and other secure assets, and is audited monthly by top-tier accounting firms. USDC’s market cap, around $55.9 billion in 2025, highlights its prominence as a reliable, regulated option for global users.
TUSD: Fiat-Backed with Transparency
TrueUSD (TUSD), launched in January 2018, is a fiat-backed stablecoin focused on transparency and stability. As of 2025, it maintains a 1:1 peg to the US dollar, with reserves held in traditional banks and escrow accounts, audited regularly by independent third parties. These daily attestations ensure that the circulating supply is fully backed by USD, enhancing trust. TUSD's market cap, around $3.26 billion in early 2023 and likely higher in 2025, highlights its role in providing a secure and stable option for users.
DAI: Crypto-Collateralized and Decentralized
DAI, issued by MakerDAO, is a decentralized stablecoin operating on the Ethereum blockchain, designed to maintain a $1 peg through overcollateralization. It is backed by a basket of cryptocurrencies—primarily Ethereum (ETH), as well as Basic Attention Token (BAT), wrapped Bitcoin (wBTC), and others—held in Maker Vaults. DAI is crypto-collateralized and governed by smart contracts. Its stability is maintained by requiring
FRAX: Fiat-Backed with Transparency
Frax Finance, initially known for its fractional-algorithmic stablecoin FRAX, launched frxUSD in 2025. The rebranded version is backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and tokenized by Securitize (FRAX BUIDL Backing). This fund invests in **cash, U.S. Treasury bills, and repurchase agreements**, ensuring full collateralization and transparency.