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 | $75.9B | +21.6% | 2026-04-30 | A | |
| DAI / USDS (Sky) Sky Protocol (formerly MakerDAO), decentralised | $7.7B | +44.4% | 2026-08-05 | A- |
Per-issuer detail
Tether (USDT)
Tether Limited (BVI) · founded 2014
Tether's Q1 mix still reads like a Treasury fund with a taste for side bets: roughly 80% US Treasuries, with gold and BTC outside the core. Supply was the concrete shift this month, while the disclosure standard stayed where it was.
- 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
- Most reserves sit in short-duration US government paper.
- BDO Italia provides a recurring quarterly check.
- Excess reserves give the peg some room before the numbers get uncomfortable.
What does not
- This is still an attestation, not a full audit.
- Gold and BTC add market-price risk outside the Treasury core.
- Secured loans and other investments are harder to assess from a point-in-time report.
- Past regulatory settlements and transparency gaps still matter.
Casinos that accept USDT
USD Coin (USDC)
Circle Internet Financial · founded 2018
USDC stayed boring, which is the compliment. The April mix held at 76.4% Treasuries and 23.6% bank cash, and no May report was visible in the supplied transparency sources, so April 30 remains the latest date in this snapshot.
- Circulating
- $75.9B
- 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 Circle Reserve Fund (BlackRock)76.4%
- Cash at federally insured banks23.6%
What works
- The reserve book is simple: Treasuries plus bank cash.
- Deloitte provides a monthly third-party check.
- The Reserve Fund structure and SEC N-MFP filing add public visibility.
- Circle keeps the composition close to the promise of a dollar token.
What does not
- It is still an attestation rather than a full audit.
- The cash leg remains exposed to bank and custody risk.
- A missing May report means the latest dated check is still April 30.
Casinos that accept USDC
DAI / USDS (Sky)
Sky Protocol (formerly MakerDAO), decentralised · founded 2017
Sky's live dashboard puts total stablecoin supply around $7.74B, with Spark the largest displayed bucket and stablecoins next. The on-chain view is clear, but the largest collateral legs still route through centralized stablecoins and RWA counterparties.
- Circulating
- $7.7B
- Attestor
- Decentralized, on-chain verifiable
- Last attestation
- 2026-08-05
- 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
- The backing can be checked on-chain instead of trusted from a closed report.
- Collateral spans stablecoins, RWA vaults, and crypto-backed Spark positions.
- The protocol publishes live supply and vault data.
- No single corporate balance sheet holds the whole story.
What does not
- The stablecoin PSM bucket inherits USDC and USDT issuer risk.
- RWA vaults add off-chain counterparties and governance decisions.
- Smart-contract parameters and liquidation rules can still fail under stress.
- The moving parts are harder to explain than a two-bucket reserve book.
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.