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) | $158.4B | +0.1% | 2026-03-31 | B+ | |
| USD Coin (USDC) Circle Internet Financial | $77.8B | +24.7% | 2026-04-30 | A | |
| DAI / USDS (Sky) Sky Protocol (formerly MakerDAO), decentralised | $5.4B | 0.0% | 2026-06-05 | A- |
Per-issuer detail
Tether (USDT)
Tether Limited (BVI) · founded 2014
Gold buying slowed sharply in Q1 2026. Tether added about 6 tons against 27 tons in Q4 2025. The Treasury share is up, the metal is down, and the operating cushion keeps doing the heavy lifting. Still not an audit.
- Circulating
- $158.4B
- Attestor
- BDO Italia
- Last attestation
- 2026-03-31
- Audit type
- Quarterly attestation, BDO Italia
Reserve composition
- US Treasuries (direct + via repo)80.0%
- Gold10.0%
- Bitcoin4.0%
- Cash and overnight repo3.5%
- Secured loans1.5%
- Other investments1.0%
What works
- Treasury weighting hit 80 percent in the Q1 2026 attestation, the highest in Tether's history.
- BDO Italia attestations published quarterly on a predictable cadence.
- Operating profit cushion of roughly 6 billion USD a year covers credit losses many times over.
- Real-time on-chain supply data lets you check issuance against attested reserves.
What does not
- Still no full financial audit despite repeated public commitments. An attestation is a photo, an audit is a movie.
- BTC and gold positions are real exposure, not cash equivalents. The headline reserve number masks a multi-asset balance sheet.
- Secured loans line is opaque. Counterparties are not disclosed.
Casinos that accept USDT
USD Coin (USDC)
Circle Internet Financial · founded 2018
USDC tilted further toward Treasuries this month. The cash share keeps drifting down as Circle parks more reserves in the BlackRock-managed fund. Cleanest reserve story in the top three, and the closest thing to a money-market fund with a ticker.
- Circulating
- $77.8B
- 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 (Circle Reserve Fund, BlackRock-managed)76.4%
- Cash at federally insured banks (BNY Mellon, Customers Bank, Cross River)23.6%
What works
- Monthly Deloitte attestations, plus weekly N-MFP filings on the Reserve Fund via SEC EDGAR.
- Reserve mix is just two buckets, both as boring as you want them to be.
- BlackRock manages the Treasury portfolio. Custody risk is split across BNY Mellon, Customers, Cross River.
- Circle is a registered US issuer with state money-transmitter licensing and federal supervision pending.
What does not
- Cash leg still leans on Customers Bank and Cross River, which are smaller than BNY Mellon. The March 2023 SVB scare is the case in point.
- Federal stablecoin regime under the GENIUS Act is settling in. New rules can move composition again.
Casinos that accept USDC
DAI / USDS (Sky)
Sky Protocol (formerly MakerDAO), decentralised · founded 2017
Sky finished consolidating the Spark and Grove buckets this quarter. The split between lending, PSM and RWAs is the cleanest the protocol has run in years. The honesty about the USDC dependency is still the trade-off you accept for the on-chain transparency.
- Circulating
- $5.4B
- Attestor
- Decentralized, on-chain verifiable
- Last attestation
- 2026-06-05
- Audit type
- On-chain verifiable, no third-party attestor
Reserve composition
- Spark lending vaults33.0%
- Stablecoin PSM (USDC, USDT)32.0%
- Grove RWA allocations24.0%
- Obex strategy vaults5.0%
- Crypto vaults (ETH, wstETH)4.0%
- Sky staking layer1.0%
- Legacy vaults1.0%
What works
- Every collateral position is verifiable on-chain in real time, no quarterly wait.
- Decade-long operational history through multiple market shocks.
- Grove RWA allocations bring Treasury-bill exposure with public counterparties.
- Stablecoin PSM keeps the peg tight by letting arbitrage do the work.
What does not
- About a third of the backing is other stablecoins. DAI inherits whatever risk USDC and USDT carry.
- No outside attestor stamp. Some institutional users still want one.
- Crypto vaults are a small share now, but they remain the historical source of volatility.
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.