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) | $164.4B | +3.9% | 2026-03-31 | B+ | |
| USD Coin (USDC) Circle Internet Financial | $64.0B | +2.6% | 2026-04-30 | A | |
| DAI / USDS (Sky) Sky Protocol (formerly MakerDAO), decentralised | $5.4B | +0.8% | 2026-07-05 | A- |
Per-issuer detail
Tether (USDT)
Tether Limited (BVI) · founded 2014
Tether keeps doing its best impression of a Treasury fund that cannot resist a side quest. Roughly four-fifths sits in US Treasuries, but the rest is a grab bag, including chunky gold and BTC exposure. The Q1 2026 snapshot did not change the core story, it just restated it with a nicer suit.
- Circulating
- $164.4B
- 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 + other6.0%
What works
- Most reserves sit in short-duration US government paper.
- Quarterly attestations give at least a recurring snapshot.
- Meaningful excess reserves buffer, not a razor-thin peg story.
What does not
- Still an attestation, not a full audit.
- Meaningful non-Treasury exposure, including BTC and gold price risk.
- History includes major regulatory settlements and long-running transparency gaps.
Casinos that accept USDT
USD Coin (USDC)
Circle Internet Financial · founded 2018
USDC is still the stablecoin equivalent of eating your vegetables. The mix is two buckets and no mystery meat: roughly three-quarters short-duration Treasuries, the rest cash at US banks. If anything changed this month, it is the tilt further toward Treasuries as the default posture.
- Circulating
- $64.0B
- 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 (Circle Reserve Fund, BlackRock)76.4%
- Cash at regulated US banks23.6%
What works
- Simple book, basically T-bills plus cash.
- Monthly third-party attestations, not a once-a-year ritual.
- Treasury holdings sit in a regulated government money market fund with public filings.
What does not
- Still not a full audit.
- Cash leg is bank exposure, and we have seen how that movie goes.
Casinos that accept USDC
DAI / USDS (Sky)
Sky Protocol (formerly MakerDAO), decentralised · founded 2017
DAI is still the honest overachiever that cannot quit USDC. About a third sits in stablecoin PSM backing, and another quarter is RWA allocations that behave like TradFi wearing a DeFi hoodie. The on-chain transparency is the point, but the dependency chain is the price.
- Circulating
- $5.4B
- Attestor
- Decentralized, on-chain verifiable
- Last attestation
- 2026-07-05
- 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
- Backing is verifiable on-chain, in real time.
- Diversified across lending, RWAs, and crypto vault collateral.
- No single corporate issuer that can rug the reserves behind a closed door.
What does not
- A big chunk is other stablecoins, so you inherit their risk.
- RWAs introduce off-chain counterparty and governance risk.
- More moving parts means more smart-contract and parameter risk.
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.