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Explainers & Analysis: reserves

Diagram showing an issuer, a segregated stablecoin reserve at a custodian, and the holder's redemption claim
stablecoins ·

Stablecoin Reserve Segregation: Protections and Limits

What reserve segregation protects in a stablecoin insolvency, and why it cannot guarantee liquidity or insurance.

Diagram comparing a stablecoin issuer's primary mint-and-redeem market with secondary exchange pricing and arbitrage
stablecoins ·

Stablecoin Primary and Secondary Markets

How minting, redemption and arbitrage link stablecoin primary and secondary markets—and why a depeg can persist.

Monochrome reserve-attestation diagram showing a management reserve statement, practitioner tests and a public report, with checks for the date, tokens, assets and opinion wording.
Stablecoins ·

Stablecoin Reserve Attestations: A Reader's Guide

Read a stablecoin reserve attestation by its date, scope, asset categories and opinion without overclaiming.

Bar diagram of the minimum share of an EU e-money token reserve held as bank deposits, 30% for all issuers and 60% for significant tokens as described by Circle, with two figures below: $3.3 billion of USDC reserve cash at Silicon Valley Bank in March 2023, about 8% of the reserve, and the EBA's 1.5% cap on reserve exposure to one bank.
Banking ·

Stablecoin Reserves in Bank Deposits: Why Issuers Hold Cash at Banks

Redemptions are paid in bank money, so issuers keep part of the reserve at banks. MiCA sets a minimum; March 2023 showed the risk.

Reserve assets connected to interest income and costs
Stablecoins ·

How Stablecoin Issuers Make Money

How stablecoin issuers make money: reserve income, distribution costs and interest-rate exposure.

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