Accessible Version
Banks in the Age of Stablecoins: Some Possible Implications for Deposits, Credit, and Financial Intermediation, Accessible Data
Figure 1. Composition of Reserves Across Major Stablecoin Issuers
This figure shows three colored pie charts representing the reserve composition for three stablecoins: Tether (USDT), Circle (USDC), and Gemini (GUSD) as of different dates in 2025. For Tether (USDT) as of June 30, 2025, the reserves are composed of 64.15% U.S. Treasuries, 10.47% Repurchase Agreements, 5.89% Secured Loans, 13.91% Money Market Funds, 3.69% Bank Deposits, and 1.89% Other. Circle (USDC) as of August 23, 2025 shows a composition of 33.59% U.S. Treasuries, 50.79% Repurchase Agreements, 14.24% Bank Deposits, and 1.38% Other. Gemini (GUSD) as of August 23, 2025 has a simple composition of 100% Bank Deposits.
The “Other” category includes assets like non-U.S. Treasuries, other investments, precious metals/bitcoin, and issuer-specific residuals. It’s noted that Circle and Gemini figures exclude timing & settlement differences, with remaining assets renormalized to sum to 100%.
Note: Other includes assets like non-U.S. Treasuries, other investments, precious metals/bitcoin, and issuer-specific residuals. Circle and Gemini figures exclude timing & settlement differences; remaining assets renormalized to sum to 100%. Author’s own calculations
Source: Publicly available transparency reports by stablecoin issuers