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 | +2.1% | 2026-05-30 | B | |
| USD Coin (USDC) Circle Internet Financial | $62.4B | +4.3% | 2026-05-15 | A | |
| DAI / USDS (Sky) Sky Protocol (formerly MakerDAO), decentralised | $8.1B | +1.4% | 2026-06-01 | A- |
Per-issuer detail
Tether (USDT)
Tether Limited (BVI) · founded 2014
Largest stablecoin by 3x. Reserve quality has materially improved post-2022. Trust gap with USDC is shrinking but still real.
- Circulating
- $158.2B
- Attestor
- BDO Italia
- Last attestation
- 2026-05-30
- Audit type
- No full audit. Attestation only.
Reserve composition
- US Treasury bills81.4%
- Overnight reverse repos8.2%
- Money market funds1.9%
- Cash and bank deposits0.3%
- Bitcoin4.1%
- Gold3.7%
- Secured loans0.3%
- Other investments0.1%
What works
- Reserve composition published monthly with line items
- Treasury holdings independently verified by Cantor Fitzgerald custody
- Survived multiple bank runs (Silvergate, SVB, Cyprus) without breaking peg
What does not
- Attestation, not full audit. Big-Four refused engagement.
- BVI domicile keeps the issuer outside major regulator oversight
- Bitcoin and gold positions are pro-cyclical against a bank-run scenario
- Historical $41M CFTC fine (2021) for misrepresenting backing 2016-2018
Casinos that accept USDT
USD Coin (USDC)
Circle Internet Financial · founded 2018
Reserve transparency is the bar. SVB incident exposed bank-deposit tail risk but the response (full peg recovery within 72 hours) and post-incident bank diversification has been credible.
- Circulating
- $62.4B
- Attestor
- Deloitte & Touche LLP
- Last attestation
- 2026-05-15
- Audit type
- Public company audited financials (NYSE: CRCL)
Reserve composition
- US Treasury bills (Circle Reserve Fund)76.2%
- Overnight US Treasury repos16.5%
- Cash at regulated US banks7.3%
What works
- Monthly Deloitte attestation, weekly portfolio data, gold-standard transparency
- Public company (NYSE: CRCL) with full SEC-grade audited financials
- 100% reserves in cash and short-dated US Treasuries via SEC-registered fund (BlackRock manages USDXX)
- MiCA-compliant in EU, NY DFS-regulated in US
What does not
- March 2023 SVB exposure forced temporary depeg to $0.87 for 48 hours
- Bank-deposit fraction is the residual operational risk, not the T-bill book
Casinos that accept USDC
DAI / USDS (Sky)
Sky Protocol (formerly MakerDAO), decentralised · founded 2017
The on-chain stablecoin. Different risk model entirely from USDT and USDC. Strongest transparency, weakest scale. USDS rebrand from DAI is in progress, both tickers circulate.
- Circulating
- $8.1B
- Attestor
- Continuously verifiable on-chain
- Last attestation
- 2026-06-01
- Audit type
- Smart-contract code audited by ChainSecurity and PeckShield; off-chain RWAs audited per-vault by issuer-specific auditors
Reserve composition
- USDC (Peg Stability Module)28.1%
- Real-world assets (T-bills via Monetalis, BlockTower)43.8%
- ETH and stETH (overcollateralised vaults)17.2%
- Other crypto collateral8.4%
- DAI Savings Rate buffer2.5%
What works
- Collateral position is continuously verifiable on-chain in a public block explorer
- Overcollateralisation: every $1 of DAI is backed by $1.20+ of collateral at minimum
- No bank dependency outside the off-chain T-bill leg, which is bankruptcy-remote
- Decentralised governance via MKR/SKY token, no single-entity issuance authority
What does not
- USDC collateral via PSM means USDC contagion would partially transmit
- Off-chain RWA leg (T-bills) reintroduces counterparty risk USDT and USDC also carry
- Smart-contract risk is real (Black Thursday 2020 cost $5M in bad debt)
Casinos that accept DAI
Long-tail issuers (not deeply covered)
We track these monthly but do not publish full scorecards until supply, casino acceptance, or a reserve incident materially changes the position.
| Issuer | Entity | Supply | Estimate | One-line |
|---|---|---|---|---|
| PYUSD PayPal USD | Paxos Trust (NYDFS regulated) | $1.4B | A- | Small but well-regulated. NY trust company custody, BNY Mellon banking, monthly attestation by WithumSmith+Brown. |
| FDUSD First Digital USD | First Digital Trust (Hong Kong) | $2.8B | C | Spiked on Binance flows. Hong Kong custody is opaque, attestation by Prescient Assurance offers limited assurance. |
| TUSD TrueUSD | Techteryx Limited | $0.5B | D | Two depeg incidents 2024-2025, attestation gaps, control changes at the issuer have not been fully explained. |
| AUSD Agora USD | Agora Inc | $1.1B | B | Newer, VanEck-affiliated, T-bill backed, monthly attestation by Steel Eye. Tracked for completeness. |
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.