Most crypto casino bankrolls sit in stablecoins between sessions. Which one you hold matters more than most players think. The three issuers below represent ~95% of stablecoin supply, and their reserves are structured in three different ways: USDT runs a mixed-asset book including Bitcoin and gold, USDC sits in cash and short-dated US Treasuries via a SEC-registered fund, and DAI is overcollateralised by on-chain crypto plus a tokenised T-bill leg. We grade each on attestation quality, composition, and the historical record.
This month's scorecard
| Issuer | Circulating | 30d Δ | 4-month supply | Last attestation | Grade |
|---|---|---|---|---|---|
| Tether (USDT) Tether Limited (BVI) | $158.2B | 0.0% | 2026-03-31 | B+ | |
| USD Coin (USDC) Circle Internet Financial | $77.0B | 0.0% | 2026-04-30 | A | |
| DAI / USDS (Sky) Sky Protocol (formerly MakerDAO), decentralised | $7.7B | 0.0% | 2026-10-05 | A- |
Per-issuer detail
Tether (USDT)
Tether Limited (BVI) · founded 2014
Gold buying slowed to about 6 tonnes in Q1 from 27 tonnes in Q4 2025. That cools one volatile line, not the audit problem.
- Circulating
- $158.2B
- Attestor
- BDO Italia
- Last attestation
- 2026-03-31
- Audit type
- Quarterly attestation, BDO Italia
Reserve composition
- US Treasuries80.0%
- Gold10.0%
- Bitcoin (BTC)4.0%
- Cash + overnight repo + secured loans + other6.0%
What works
- About 80% of reserves are US Treasuries.
- BDO Italia is a named accounting firm, with quarterly attestations.
- The Q1 report showed an $8.23B excess reserve buffer above token liabilities.
- Gold and BTC diversify the holdings beyond government debt.
What does not
- This is an attestation, not a full financial audit.
- Gold and BTC prices can move sharply, which is awkward for a dollar token's backing.
- Quarterly reporting leaves longer gaps between public checks than USDC's monthly schedule.
- Several smaller reserve categories are grouped together.
Casinos that accept USDT
USD Coin (USDC)
Circle Internet Financial · founded 2018
The April mix put 76.4% in short-duration Treasuries and 23.6% in bank cash, nudging the portfolio further toward government paper. Boring is doing useful work here.
- Circulating
- $77.0B
- Attestor
- Deloitte & Touche LLP
- Last attestation
- 2026-04-30
- Audit type
- Monthly attestation, Deloitte. Reserve Fund N-MFP on SEC EDGAR
Reserve composition
- Short-duration US Treasuries via BlackRock-managed Circle Reserve Fund76.4%
- Cash at federally insured banks (BNY Mellon, Customers Bank, Cross River)23.6%
What works
- Short-duration US Treasuries make up 76.4% of the reported reserve mix.
- The remaining 23.6% is cash at federally insured banks.
- Deloitte publishes monthly attestations.
- The Circle Reserve Fund's N-MFP filings provide a public SEC trail for its Treasury holdings.
What does not
- A monthly attestation is useful, but it is still not a full annual audit.
- Bank cash brings counterparty risk outside the Treasury fund.
- Circle's March 2023 exposure to Silicon Valley Bank remains part of its reserve history.
Casinos that accept USDC
DAI / USDS (Sky)
Sky Protocol (formerly MakerDAO), decentralised · founded 2017
Spark crypto vaults remain the largest requested bucket at 33%, with RWA vaults and the USDC PSM at 24% each. The on-chain ledger is inspectable; the PSM still brings centralized stablecoin risk along for the ride.
- Circulating
- $7.7B
- Attestor
- Decentralized, on-chain verifiable
- Last attestation
- 2026-10-05
- Audit type
- On-chain verifiable, no third-party attestor
Reserve composition
- USDC PSM24.0%
- USDT PSM8.0%
- RWA vaults (Monetalis + BlockTower)24.0%
- Spark crypto vaults (ETH, wstETH)33.0%
- Other11.0%
What works
- Collateral positions and supply can be checked on-chain instead of waiting for an issuer report.
- PSM balances, RWA vaults, and Spark positions are visible in protocol dashboards.
- RWA vaults add Treasury exposure through named partners such as Monetalis and BlockTower.
- Overcollateralized vaults provide a buffer against ordinary price moves.
What does not
- The USDC and USDT PSM buckets bring centralized stablecoin risk into the backing.
- RWA vaults depend on off-chain custodians and partner reporting.
- ETH and wstETH collateral can fall quickly during a market selloff.
- There is no third-party attestor reviewing the whole system in one signed report.
Casinos that accept DAI
Long-tail issuers
Smaller stablecoins. Useful to know about, not where you park serious money.
| Issuer | Entity | Supply | Attestor | Notes |
|---|---|---|---|---|
| PYUSD | Paxos / PayPal | $1.2B | WithumSmith+Brown | NYDFS-supervised. PayPal distribution gives it real-world payment surface area that the rest of the long tail lacks. Reserves are cash and Treasuries only. |
| FDUSD | First Digital Trust (Hong Kong) | $2.4B | Prescient Assurance | Splashed onto Binance flows. Hong Kong custody is opaque by Western standards, the attestor is small. Treat as a liquidity tool, not a savings vehicle. |
| TUSD | Techteryx | $0.5B | Moore Hong Kong | Once the cleanest in the long tail, now down to half a billion in supply after the 2023 banking pipe broke. The attestor is smaller than the brand suggests. |
| AUSD | Agora | $1.4B | State Street | State Street custody is the headline. Distribution still nascent, but the institutional plumbing is in place if Agora can win partners. |
Grading methodology
Each issuer's grade is a composite of five factors, weighted as follows:
- Attestation cadence and quality (30%). Monthly Big-Four attestation with a portfolio composition table scores higher than quarterly attestation by a mid-tier firm. A full financial audit scores higher still.
- Reserve composition (25%). Cash and short-dated US Treasuries are the gold standard. Overnight repos, money market funds, and tokenised T-bills score next. Commercial paper, secured loans, gold, and Bitcoin score progressively lower because they introduce duration, credit, or market risk that a stablecoin should not carry.
- Regulatory standing (15%). NY DFS supervision, MiCA compliance, or a regulated trust charter score highest. Offshore-only domiciles score lower.
- Historical incidents (15%). Past depegs, restated reserves, regulatory settlements, and reserve gaps weigh against the grade. A clean record at the same scale weighs for it.
- Structural transparency (15%). Public-company audited financials, on-chain verifiability, and weekly portfolio data score above quarterly PDFs.
We re-read the attestation, re-pull the composition table, and re-score every issuer on the 5th of each month. The grade only changes when the underlying data does, which means it tends to be a slow-moving signal. If the grade is moving fast, something is wrong.
What this page does not say
This is not a recommendation to hold any specific stablecoin. Every stablecoin has tail risk we cannot model: smart-contract bugs, custodian fraud, sovereign action against the issuer, a coordinated bank run on the underlying T-bill book. The grade rates how visible the risks are, not whether they exist. The safest stablecoin is the one whose risks you can read about and decide for yourself.
If you are looking for the cheapest rail to move a stablecoin onto a casino account, the deposit cost tracker is the page for that. If you want to see how the operators themselves hold their float, the on-chain reserves tracker covers that side of the trade.