Dollar pick for 2026: USDT

1. 01USDTALeads on scale and reported trading.

   Greater reported trading and circulation in the dated snapshot, with native USDT support on TRON and TON. Eligibility and complete costs remain route-specific.

   Reported 24h trading

   $50.85B

   Circulating tokens

   183.46B

   Token launched

   2014

   Reserve reporting

   Quarterly

   LiquidityA+$50.85B reported 24h volume

   usdc.org / Source context×

   Trading activity

   In the 17 Oct snapshot, USDT has $50.85B in reported 24-hour trading, compared with USDC’s $16.56B and USDS’s $95.23M. That is 3.07 times USDC.

   Reported volume is one measure of market activity. It does not establish order-book depth, organic activity or the price you can execute at.

   • CoinGecko: reported 24-hour trading, 17 Oct 2026 ↗Provider observation 17 Oct 2026 at 03:15:53 UTC. USDT $50.85B; USDC $16.56B; provider USDS $95.23M. Reported volume is not organic-volume verification, order-book depth or an executable quote. Stored in trading-snapshot.json.

   Network accessANative on TRON and TON

   usdc.org / Source context×

   Two networks we value

   USDT supports TRON and TON. Circle ended native USDC support on TRON, and its published native-network list does not include TON. We have not verified USDS on either of these networks.

   These are selected access examples. Circle supports many other networks. This is not a claim that USDT has the most total networks or is always cheaper to transfer. Native support is distinct from third-party bridged tokens.

   Venue access can favor USDC: Kraken has delisted USDT trading for EEA clients, while Circle France identifies itself as authorized to issue USDC under MiCA. This is a venue and jurisdiction distinction, not a blanket ban on owning USDT.

   • Circle: discontinuing USDC on TRON ↗Circle stopped minting native USDC on TRON in 2024 and wound down its remaining support. Chain support is a use-case consideration, not evidence of misconduct.
   • Kraken: stablecoin changes for EEA clients ↗Notice updated 13 Apr 2026. USDT is delisted for Kraken EEA clients; trading, buying and selling are unavailable there. This does not establish a blanket ban on possession or every venue.
   • Circle France: MiCA issuance authorization ↗Circle France identifies itself as a licensed electronic money institution authorized to issue USDC and EURC as regulated e-money tokens in the EEA/EU. Check the exact venue and jurisdiction for availability.
   • Tether supported protocols ↗Official integration list includes USDT on TRON. This is one network example, not a claim of universal access or lower fees.
   • Tether: USDt launches on TON ↗19 Apr 2024. Native USDt on TON; continued support is also listed on Tether’s current supported-protocols page. This does not establish uniform Telegram-wallet availability.
   • Circle: native USDC network list ↗The page lists 38 native networks as of 16 Sep 2026. TON is not listed. That is not a claim that no bridged or wrapped USDC can exist there, nor a total-coverage comparison.

   ScaleA+183.46B reported tokens (DefiLlama)

   usdc.org / Source context×

   Reported circulation at peg

   Reported circulation at peg was $183.46B for USDT, $72.74B for USDC and $7.05B for USDS in the dated snapshot. These are circulation-at-peg figures, not CoinGecko market capitalization. Scale alone is not a safety score.

   • DefiLlama: reported circulation for the three selected assets ↗Retrieved 17 Oct 2026 UTC, explicit IDs 1 (USDT), 2 (USDC) and 209 (Sky USDS). Values represent reported USD-pegged circulation, not CoinGecko market capitalization or a share of all stablecoins. CoinGecko's USDS supply notice includes wrappers such as DAI; its aggregate is not substituted here.

   Track recordA-Since 2014, including 2021 CFTC and NYAG settlements

   usdc.org / Source context×

   Longer token history

   USDT launched in 2014 and USDC in 2018. We value the longer history available to inspect. Age alone does not prove safety, a flawless record or uninterrupted price stability.

   USDS was introduced in 2024 through the Maker/Sky upgrade. Its Maker/DAI lineage predates the new token, so this is a token-introduction comparison, not the entire protocol’s operating age.

   The history includes setbacks. In 2021, Tether settled a CFTC reserve-statement case with a $41M penalty; a separate New York settlement required Bitfinex and Tether to pay $18.5M. USDC temporarily depegged during the March 2023 SVB crisis; Circle subsequently confirmed access to its $3.3B SVB deposit. These are dated events, not claims about today’s reserves.

   • bitFlyer: DAI and USDS upgrade history ↗The exchange’s September 2025 handling notice records that conversion between DAI and USDS has been available since September 2024. This corroborates the introduction year; it does not reset the earlier Maker/DAI lineage.
   • Tether: original USDt launch ↗Tether dates the first USDt launch to 6 Oct 2014. A longer history is one comparison criterion; it does not establish uninterrupted peg stability or guarantee future performance.
   • Circle: USDC history ↗Circle states that USDC launched on Ethereum in September 2018.
   • Maker/Sky: USDS token initialization ↗Sep 2024 primary governance record for the new USDS token and associated products. The displayed 2024 date is for USDS, not the beginning of Maker/DAI.
   • Sky: the earlier Maker protocol lineage ↗28 May 2026. Sky describes more than seven years of protocol operation, extending back to Maker. USDS’s 2024 introduction does not erase that earlier history.
   • CFTC: Tether reserve-statement settlement, 2021 ↗15 Oct 2021. The Tether order imposed a $41M penalty over historical reserve statements. The separate $1.5M Bitfinex order is not included in that Tether figure.
   • New York Attorney General: Tether and Bitfinex settlement, 2021 ↗23 Feb 2021. The settlement required Bitfinex and Tether to pay $18.5M and imposed reporting and New York activity restrictions.
   • Circle: SVB reserve access restored and depeg closes, 2023 ↗13 Mar 2023. Circle described the SVB-linked depeg and confirmed access to the $3.3B reserve deposit following the US authorities’ deposit protection announcement.

   TransparencyB-Quarterly reserve reporting; KPMG FY2025 company audit announced

   usdc.org / Source context×

   Independent reserve reports

   Tether publishes quarterly reserve attestations. Circle publishes monthly independent reserve assurance, as well as weekly reserve disclosures. Circle has the more frequent reserve reporting cadence and says Deloitte has audited its company financials since fiscal 2022. Tether separately announced KPMG FY2025 company audit completion; full audited statements were not assessed here.

   Sky provides onchain protocol collateral information. We label its model separately rather than treating it as the same kind of issuer attestation. Reserve reports and company financial audits are different evidence.

   • Tether: FY2025 KPMG audit announced complete ↗Tether's 13 Aug 2026 issuer announcement says KPMG U.S. completed the FY2025 company financial-statement audit. We did not examine the full audited statements. This is distinct from quarterly reserve reporting.
   • Circle reserve transparency ↗Circle describes weekly reserve disclosure and monthly third-party reserve assurance. This is assurance over reserves, not a guarantee against every risk.
   • Tether Q2 2026 reserve report announcement ↗Issuer announcement dated 31 Jul 2026, covering 30 Jun 2026. Quarterly attestation prepared by BDO. The then-ongoing company audit was subsequently announced as completed on 13 Aug 2026; see the separate KPMG audit source. Attestations and annual financial-statement audits have different scopes.
   • Sky: What is USDS? ↗USDS is a USD-denominated stablecoin of Sky Protocol. USDS and savings receipt tokens such as sUSDS are different assets. Holding plain USDS does not itself earn the Sky Savings Rate.

   Read our take on USDT →

   usdc.org / Source context×

   USDT / Tether

   USDT is graded A against the stated criteria: 3.07 times USDC’s reported daily trading in our snapshot, the largest reported circulation of these three assets, native USDT support on TRON and TON, and a history going back to 2014. Its weak spot is reporting: reserve attestations are quarterly, and the reserve mix includes assets such as gold and Bitcoin alongside Treasuries. Tether announced a KPMG FY2025 company audit in August 2026; full audited statements were not assessed here.

   Reported circulation at peg	$183.46B
   Reported 24h trading	$50.85B

   Circulation and reported-volume snapshots: 17 Oct 2026.

   • Tether: FY2025 KPMG audit announced complete ↗Tether's 13 Aug 2026 issuer announcement says KPMG U.S. completed the FY2025 company financial-statement audit. We did not examine the full audited statements. This is distinct from quarterly reserve reporting.
   • CoinGecko: reported 24-hour trading, 17 Oct 2026 ↗Provider observation 17 Oct 2026 at 03:15:53 UTC. USDT $50.85B; USDC $16.56B; provider USDS $95.23M. Reported volume is not organic-volume verification, order-book depth or an executable quote. Stored in trading-snapshot.json.
   • DefiLlama: reported circulation for the three selected assets ↗Retrieved 17 Oct 2026 UTC, explicit IDs 1 (USDT), 2 (USDC) and 209 (Sky USDS). Values represent reported USD-pegged circulation, not CoinGecko market capitalization or a share of all stablecoins. CoinGecko's USDS supply notice includes wrappers such as DAI; its aggregate is not substituted here.
   • Tether Q2 2026 reserve report announcement ↗Issuer announcement dated 31 Jul 2026, covering 30 Jun 2026. Quarterly attestation prepared by BDO. The then-ongoing company audit was subsequently announced as completed on 13 Aug 2026; see the separate KPMG audit source. Attestations and annual financial-statement audits have different scopes.
   • Circle: discontinuing USDC on TRON ↗Circle stopped minting native USDC on TRON in 2024 and wound down its remaining support. Chain support is a use-case consideration, not evidence of misconduct.
   • Tether supported protocols ↗Official integration list includes USDT on TRON. This is one network example, not a claim of universal access or lower fees.
   • Tether / BDO: 30 Jun 2026 reserve report ↗Asset table on PDF page 9 includes Treasury bills, cash and repos, plus gold, Bitcoin, loans and investments. These have different risk profiles.
   • Tether: USDt launches on TON ↗19 Apr 2024. Native USDt on TON; continued support is also listed on Tether’s current supported-protocols page. This does not establish uniform Telegram-wallet availability.
   • Circle: native USDC network list ↗The page lists 38 native networks as of 16 Sep 2026. TON is not listed. That is not a claim that no bridged or wrapped USDC can exist there, nor a total-coverage comparison.
   • Tether: original USDt launch ↗Tether dates the first USDt launch to 6 Oct 2014. A longer history is one comparison criterion; it does not establish uninterrupted peg stability or guarantee future performance.
   • Circle: USDC history ↗Circle states that USDC launched on Ethereum in September 2018.
2. 02USDCB-More frequent reserve reporting.

   Stronger reserve reporting, but less reported trading in our snapshot. Circle has ended native TRON support.

   Reported 24h trading

   $16.56B

   Circulating tokens

   72.74B

   Token launched

   2018

   Reserve reporting

   Monthly

   LiquidityB$16.56B reported 24h volume

   usdc.org / Source context×

   Trading activity

   In the 17 Oct snapshot, USDT has $50.85B in reported 24-hour trading, compared with USDC’s $16.56B and USDS’s $95.23M. That is 3.07 times USDC.

   Reported volume is one measure of market activity. It does not establish order-book depth, organic activity or the price you can execute at.

   • CoinGecko: reported 24-hour trading, 17 Oct 2026 ↗Provider observation 17 Oct 2026 at 03:15:53 UTC. USDT $50.85B; USDC $16.56B; provider USDS $95.23M. Reported volume is not organic-volume verification, order-book depth or an executable quote. Stored in trading-snapshot.json.

   Network accessCTRON support ended; TON not on native list

   usdc.org / Source context×

   Two networks we value

   USDT supports TRON and TON. Circle ended native USDC support on TRON, and its published native-network list does not include TON. We have not verified USDS on either of these networks.

   These are selected access examples. Circle supports many other networks. This is not a claim that USDT has the most total networks or is always cheaper to transfer. Native support is distinct from third-party bridged tokens.

   Venue access can favor USDC: Kraken has delisted USDT trading for EEA clients, while Circle France identifies itself as authorized to issue USDC under MiCA. This is a venue and jurisdiction distinction, not a blanket ban on owning USDT.

   • Circle: discontinuing USDC on TRON ↗Circle stopped minting native USDC on TRON in 2024 and wound down its remaining support. Chain support is a use-case consideration, not evidence of misconduct.
   • Kraken: stablecoin changes for EEA clients ↗Notice updated 13 Apr 2026. USDT is delisted for Kraken EEA clients; trading, buying and selling are unavailable there. This does not establish a blanket ban on possession or every venue.
   • Circle France: MiCA issuance authorization ↗Circle France identifies itself as a licensed electronic money institution authorized to issue USDC and EURC as regulated e-money tokens in the EEA/EU. Check the exact venue and jurisdiction for availability.
   • Tether supported protocols ↗Official integration list includes USDT on TRON. This is one network example, not a claim of universal access or lower fees.
   • Tether: USDt launches on TON ↗19 Apr 2024. Native USDt on TON; continued support is also listed on Tether’s current supported-protocols page. This does not establish uniform Telegram-wallet availability.
   • Circle: native USDC network list ↗The page lists 38 native networks as of 16 Sep 2026. TON is not listed. That is not a claim that no bridged or wrapped USDC can exist there, nor a total-coverage comparison.

   ScaleB72.74B reported tokens (DefiLlama)

   usdc.org / Source context×

   Reported circulation at peg

   Reported circulation at peg was $183.46B for USDT, $72.74B for USDC and $7.05B for USDS in the dated snapshot. These are circulation-at-peg figures, not CoinGecko market capitalization. Scale alone is not a safety score.

   • DefiLlama: reported circulation for the three selected assets ↗Retrieved 17 Oct 2026 UTC, explicit IDs 1 (USDT), 2 (USDC) and 209 (Sky USDS). Values represent reported USD-pegged circulation, not CoinGecko market capitalization or a share of all stablecoins. CoinGecko's USDS supply notice includes wrappers such as DAI; its aggregate is not substituted here.

   Track recordB-Since 2018, including the March 2023 SVB depeg

   usdc.org / Source context×

   Longer token history

   USDT launched in 2014 and USDC in 2018. We value the longer history available to inspect. Age alone does not prove safety, a flawless record or uninterrupted price stability.

   USDS was introduced in 2024 through the Maker/Sky upgrade. Its Maker/DAI lineage predates the new token, so this is a token-introduction comparison, not the entire protocol’s operating age.

   The history includes setbacks. In 2021, Tether settled a CFTC reserve-statement case with a $41M penalty; a separate New York settlement required Bitfinex and Tether to pay $18.5M. USDC temporarily depegged during the March 2023 SVB crisis; Circle subsequently confirmed access to its $3.3B SVB deposit. These are dated events, not claims about today’s reserves.

   • bitFlyer: DAI and USDS upgrade history ↗The exchange’s September 2025 handling notice records that conversion between DAI and USDS has been available since September 2024. This corroborates the introduction year; it does not reset the earlier Maker/DAI lineage.
   • Tether: original USDt launch ↗Tether dates the first USDt launch to 6 Oct 2014. A longer history is one comparison criterion; it does not establish uninterrupted peg stability or guarantee future performance.
   • Circle: USDC history ↗Circle states that USDC launched on Ethereum in September 2018.
   • Maker/Sky: USDS token initialization ↗Sep 2024 primary governance record for the new USDS token and associated products. The displayed 2024 date is for USDS, not the beginning of Maker/DAI.
   • Sky: the earlier Maker protocol lineage ↗28 May 2026. Sky describes more than seven years of protocol operation, extending back to Maker. USDS’s 2024 introduction does not erase that earlier history.
   • CFTC: Tether reserve-statement settlement, 2021 ↗15 Oct 2021. The Tether order imposed a $41M penalty over historical reserve statements. The separate $1.5M Bitfinex order is not included in that Tether figure.
   • New York Attorney General: Tether and Bitfinex settlement, 2021 ↗23 Feb 2021. The settlement required Bitfinex and Tether to pay $18.5M and imposed reporting and New York activity restrictions.
   • Circle: SVB reserve access restored and depeg closes, 2023 ↗13 Mar 2023. Circle described the SVB-linked depeg and confirmed access to the $3.3B reserve deposit following the US authorities’ deposit protection announcement.

   TransparencyAMonthly reserve assurance; company auditing per Circle

   usdc.org / Source context×

   Independent reserve reports

   Tether publishes quarterly reserve attestations. Circle publishes monthly independent reserve assurance, as well as weekly reserve disclosures. Circle has the more frequent reserve reporting cadence and says Deloitte has audited its company financials since fiscal 2022. Tether separately announced KPMG FY2025 company audit completion; full audited statements were not assessed here.

   Sky provides onchain protocol collateral information. We label its model separately rather than treating it as the same kind of issuer attestation. Reserve reports and company financial audits are different evidence.

   • Tether: FY2025 KPMG audit announced complete ↗Tether's 13 Aug 2026 issuer announcement says KPMG U.S. completed the FY2025 company financial-statement audit. We did not examine the full audited statements. This is distinct from quarterly reserve reporting.
   • Circle reserve transparency ↗Circle describes weekly reserve disclosure and monthly third-party reserve assurance. This is assurance over reserves, not a guarantee against every risk.
   • Tether Q2 2026 reserve report announcement ↗Issuer announcement dated 31 Jul 2026, covering 30 Jun 2026. Quarterly attestation prepared by BDO. The then-ongoing company audit was subsequently announced as completed on 13 Aug 2026; see the separate KPMG audit source. Attestations and annual financial-statement audits have different scopes.
   • Sky: What is USDS? ↗USDS is a USD-denominated stablecoin of Sky Protocol. USDS and savings receipt tokens such as sUSDS are different assets. Holding plain USDS does not itself earn the Sky Savings Rate.

   Read our take on USDC →

   usdc.org / Source context×

   USDC / USD Coin

   USDC is graded B- against the stated criteria. USDC has the best reserve reporting of the three, with monthly independent assurance and a reserve mix of cash, short-term Treasuries and Treasury repos. But it trades at a fraction of USDT’s volume, Circle ended native support on TRON, and TON is not on its native network list. Well documented, less used.

   Reported circulation at peg	$72.74B
   Reported 24h trading	$16.56B

   Circulation and reported-volume snapshots: 17 Oct 2026.

   • CoinGecko: reported 24-hour trading, 17 Oct 2026 ↗Provider observation 17 Oct 2026 at 03:15:53 UTC. USDT $50.85B; USDC $16.56B; provider USDS $95.23M. Reported volume is not organic-volume verification, order-book depth or an executable quote. Stored in trading-snapshot.json.
   • DefiLlama: reported circulation for the three selected assets ↗Retrieved 17 Oct 2026 UTC, explicit IDs 1 (USDT), 2 (USDC) and 209 (Sky USDS). Values represent reported USD-pegged circulation, not CoinGecko market capitalization or a share of all stablecoins. CoinGecko's USDS supply notice includes wrappers such as DAI; its aggregate is not substituted here.
   • Circle reserve transparency ↗Circle describes weekly reserve disclosure and monthly third-party reserve assurance. This is assurance over reserves, not a guarantee against every risk.
   • Circle: discontinuing USDC on TRON ↗Circle stopped minting native USDC on TRON in 2024 and wound down its remaining support. Chain support is a use-case consideration, not evidence of misconduct.
3. 03USDSCA protocol alternative and different model.

   A protocol-backed alternative with much less reported trading. Its collateral and protocol risks make it a more involved choice.

   Reported 24h trading

   $95.23M

   Circulating tokens

   7.05B

   Token launched

   2024

   Protocol reporting

   Onchain

   LiquidityD$95.23M reported 24h volume

   usdc.org / Source context×

   Trading activity

   In the 17 Oct snapshot, USDT has $50.85B in reported 24-hour trading, compared with USDC’s $16.56B and USDS’s $95.23M. That is 3.07 times USDC.

   Reported volume is one measure of market activity. It does not establish order-book depth, organic activity or the price you can execute at.

   • CoinGecko: reported 24-hour trading, 17 Oct 2026 ↗Provider observation 17 Oct 2026 at 03:15:53 UTC. USDT $50.85B; USDC $16.56B; provider USDS $95.23M. Reported volume is not organic-volume verification, order-book depth or an executable quote. Stored in trading-snapshot.json.

   Network accessCTRON and TON support not verified

   usdc.org / Source context×

   Two networks we value

   USDT supports TRON and TON. Circle ended native USDC support on TRON, and its published native-network list does not include TON. We have not verified USDS on either of these networks.

   These are selected access examples. Circle supports many other networks. This is not a claim that USDT has the most total networks or is always cheaper to transfer. Native support is distinct from third-party bridged tokens.

   Venue access can favor USDC: Kraken has delisted USDT trading for EEA clients, while Circle France identifies itself as authorized to issue USDC under MiCA. This is a venue and jurisdiction distinction, not a blanket ban on owning USDT.

   • Circle: discontinuing USDC on TRON ↗Circle stopped minting native USDC on TRON in 2024 and wound down its remaining support. Chain support is a use-case consideration, not evidence of misconduct.
   • Kraken: stablecoin changes for EEA clients ↗Notice updated 13 Apr 2026. USDT is delisted for Kraken EEA clients; trading, buying and selling are unavailable there. This does not establish a blanket ban on possession or every venue.
   • Circle France: MiCA issuance authorization ↗Circle France identifies itself as a licensed electronic money institution authorized to issue USDC and EURC as regulated e-money tokens in the EEA/EU. Check the exact venue and jurisdiction for availability.
   • Tether supported protocols ↗Official integration list includes USDT on TRON. This is one network example, not a claim of universal access or lower fees.
   • Tether: USDt launches on TON ↗19 Apr 2024. Native USDt on TON; continued support is also listed on Tether’s current supported-protocols page. This does not establish uniform Telegram-wallet availability.
   • Circle: native USDC network list ↗The page lists 38 native networks as of 16 Sep 2026. TON is not listed. That is not a claim that no bridged or wrapped USDC can exist there, nor a total-coverage comparison.

   ScaleC-7.05B reported tokens (DefiLlama)

   usdc.org / Source context×

   Reported circulation at peg

   Reported circulation at peg was $183.46B for USDT, $72.74B for USDC and $7.05B for USDS in the dated snapshot. These are circulation-at-peg figures, not CoinGecko market capitalization. Scale alone is not a safety score.

   • DefiLlama: reported circulation for the three selected assets ↗Retrieved 17 Oct 2026 UTC, explicit IDs 1 (USDT), 2 (USDC) and 209 (Sky USDS). Values represent reported USD-pegged circulation, not CoinGecko market capitalization or a share of all stablecoins. CoinGecko's USDS supply notice includes wrappers such as DAI; its aggregate is not substituted here.

   Track recordC+Token since 2024; Maker/DAI lineage is older

   usdc.org / Source context×

   Longer token history

   USDT launched in 2014 and USDC in 2018. We value the longer history available to inspect. Age alone does not prove safety, a flawless record or uninterrupted price stability.

   USDS was introduced in 2024 through the Maker/Sky upgrade. Its Maker/DAI lineage predates the new token, so this is a token-introduction comparison, not the entire protocol’s operating age.

   The history includes setbacks. In 2021, Tether settled a CFTC reserve-statement case with a $41M penalty; a separate New York settlement required Bitfinex and Tether to pay $18.5M. USDC temporarily depegged during the March 2023 SVB crisis; Circle subsequently confirmed access to its $3.3B SVB deposit. These are dated events, not claims about today’s reserves.

   • bitFlyer: DAI and USDS upgrade history ↗The exchange’s September 2025 handling notice records that conversion between DAI and USDS has been available since September 2024. This corroborates the introduction year; it does not reset the earlier Maker/DAI lineage.
   • Tether: original USDt launch ↗Tether dates the first USDt launch to 6 Oct 2014. A longer history is one comparison criterion; it does not establish uninterrupted peg stability or guarantee future performance.
   • Circle: USDC history ↗Circle states that USDC launched on Ethereum in September 2018.
   • Maker/Sky: USDS token initialization ↗Sep 2024 primary governance record for the new USDS token and associated products. The displayed 2024 date is for USDS, not the beginning of Maker/DAI.
   • Sky: the earlier Maker protocol lineage ↗28 May 2026. Sky describes more than seven years of protocol operation, extending back to Maker. USDS’s 2024 introduction does not erase that earlier history.
   • CFTC: Tether reserve-statement settlement, 2021 ↗15 Oct 2021. The Tether order imposed a $41M penalty over historical reserve statements. The separate $1.5M Bitfinex order is not included in that Tether figure.
   • New York Attorney General: Tether and Bitfinex settlement, 2021 ↗23 Feb 2021. The settlement required Bitfinex and Tether to pay $18.5M and imposed reporting and New York activity restrictions.
   • Circle: SVB reserve access restored and depeg closes, 2023 ↗13 Mar 2023. Circle described the SVB-linked depeg and confirmed access to the $3.3B reserve deposit following the US authorities’ deposit protection announcement.

   TransparencyBOnchain protocol collateral data

   usdc.org / Source context×

   Independent reserve reports

   Tether publishes quarterly reserve attestations. Circle publishes monthly independent reserve assurance, as well as weekly reserve disclosures. Circle has the more frequent reserve reporting cadence and says Deloitte has audited its company financials since fiscal 2022. Tether separately announced KPMG FY2025 company audit completion; full audited statements were not assessed here.

   Sky provides onchain protocol collateral information. We label its model separately rather than treating it as the same kind of issuer attestation. Reserve reports and company financial audits are different evidence.

   • Tether: FY2025 KPMG audit announced complete ↗Tether's 13 Aug 2026 issuer announcement says KPMG U.S. completed the FY2025 company financial-statement audit. We did not examine the full audited statements. This is distinct from quarterly reserve reporting.
   • Circle reserve transparency ↗Circle describes weekly reserve disclosure and monthly third-party reserve assurance. This is assurance over reserves, not a guarantee against every risk.
   • Tether Q2 2026 reserve report announcement ↗Issuer announcement dated 31 Jul 2026, covering 30 Jun 2026. Quarterly attestation prepared by BDO. The then-ongoing company audit was subsequently announced as completed on 13 Aug 2026; see the separate KPMG audit source. Attestations and annual financial-statement audits have different scopes.
   • Sky: What is USDS? ↗USDS is a USD-denominated stablecoin of Sky Protocol. USDS and savings receipt tokens such as sUSDS are different assets. Holding plain USDS does not itself earn the Sky Savings Rate.

   Read our take on USDS →

   usdc.org / Source context×

   USDS / Sky Dollar

   USDS is graded C against the stated criteria. Sky backs USDS with protocol collateral, including other stablecoins, which adds a different set of dependencies from an issuer-reserve model. Trading is thin and the token dates from 2024, though its Maker/DAI lineage is older. Plain USDS and savings tokens such as sUSDS are different assets.

   Reported circulation at peg	$7.05B
   Reported 24h trading	$95.23M

   Circulation and reported-volume snapshots: 17 Oct 2026.

   • CoinGecko: reported 24-hour trading, 17 Oct 2026 ↗Provider observation 17 Oct 2026 at 03:15:53 UTC. USDT $50.85B; USDC $16.56B; provider USDS $95.23M. Reported volume is not organic-volume verification, order-book depth or an executable quote. Stored in trading-snapshot.json.
   • DefiLlama: reported circulation for the three selected assets ↗Retrieved 17 Oct 2026 UTC, explicit IDs 1 (USDT), 2 (USDC) and 209 (Sky USDS). Values represent reported USD-pegged circulation, not CoinGecko market capitalization or a share of all stablecoins. CoinGecko's USDS supply notice includes wrappers such as DAI; its aggregate is not substituted here.
   • Sky: What is USDS? ↗USDS is a USD-denominated stablecoin of Sky Protocol. USDS and savings receipt tokens such as sUSDS are different assets. Holding plain USDS does not itself earn the Sky Savings Rate.

Grades summarize the criteria and tradeoffs. How we compare ↗