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 | -13.7% | 2026-03-31 | B+ | |
| USD Coin (USDC) Circle Internet Financial | $77.0B | +3.4% | 2026-04-30 | A | |
| DAI / USDS (Sky) Sky Protocol (formerly MakerDAO), decentralised | $7.7B | +149.7% | 2026-09-05 | A- |
Per-issuer detail
Tether (USDT)
Tether Limited (BVI) · founded 2014
USDT's May snapshot still looked like a Treasury fund wearing a crypto jacket, with about 80% in US government paper and roughly 10% in gold. Gold buying slowed to about 6 tons in Q1 from 27 tons in Q4 2025, while BTC sat near $7B. The reserve is large, but the audit is still not.
- 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 the reserve mix is in US Treasuries, the least dramatic part of this balance sheet.
- BDO Italia provides a named accounting firm and a quarterly attestation cadence.
- The Q1 report showed an $8.23B excess reserve buffer above token liabilities.
- Gold and BTC add assets outside the Treasury position.
What does not
- This remains an attestation, not a full financial audit.
- Gold and BTC bring market-price risk to a reserve that is supposed to behave like dollars.
- Quarterly reporting leaves more time between public checks than USDC's monthly schedule.
- The smaller reserve buckets are grouped together, so the detail is not as clean as the headline split suggests.
Casinos that accept USDT
USD Coin (USDC)
Circle Internet Financial · founded 2018
USDC's May mix leaned further toward short-duration Treasuries, at 76.4%, with 23.6% in bank cash for redemptions and settlement. The structure is not exciting, which is exactly what reserve reporting should be. Deloitte's monthly cadence and the SEC-visible Reserve Fund keep the A where it belongs.
- 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 held at federally insured banks.
- Deloitte provides a monthly attestation rather than a quarterly postcard.
- The Circle Reserve Fund's N-MFP filings give the Treasury holdings a public SEC trail.
What does not
- A monthly attestation is useful, but it is still not a full annual audit.
- Bank cash introduces counterparty risk outside the Treasury fund.
- Circle's March 2023 SVB exposure remains part of the reserve history.
Casinos that accept USDC
DAI / USDS (Sky)
Sky Protocol (formerly MakerDAO), decentralised · founded 2017
May's Sky reading kept Spark crypto vaults as the largest bucket at 33%, while RWA vaults and the USDC PSM each sat at 24%. That is a more transparent setup than a corporate reserve statement, but the PSM still means USDC and USDT are part of the chain of trust. On-chain does not mean risk-free.
- Circulating
- $7.7B
- Attestor
- Decentralized, on-chain verifiable
- Last attestation
- 2026-09-05
- 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 a quarterly PDF.
- Spark crypto vaults, RWA vaults and the PSM balances are visible in the protocol dashboards.
- RWA vaults add short-duration Treasury exposure through named partners such as Monetalis and BlockTower.
- Overcollateralized vaults give the system a buffer against ordinary price moves.
What does not
- The USDC and USDT PSM buckets bring centralized stablecoin risk into the backing.
- RWA vaults still 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 to test 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.