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Stablecoins Explained: USDT, USDC, Reserves and the New Rules
Crypto & Currencies

Stablecoins Explained: USDT, USDC, Reserves and the New Rules

Digital dollars now move billions a day. What actually backs them, where they can break and how the US and EU now regulate them.

MAN TARGET EditorsOctober 28, 2026 3 min read

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Stablecoins are the quiet workhorses of crypto. They are tokens designed to hold a steady value, usually one US dollar, and they are used to park money between trades, settle payments and send value across borders in minutes. Two dominate: Tether's USDT and Circle's USDC. Both promise that one token can be redeemed for one dollar. The question every holder should ask is simple: what stands behind that promise?

How the reserves work

  • Fiat-backed. For every token issued, the company holds cash, bank deposits or short-term government debt. Interest on those reserves is the issuer's main source of profit.
  • Tether's mix. Its Q1 2026 attestation, prepared by BDO, showed about $183 billion of token liabilities and about $141 billion in US Treasury bills, plus gold and bitcoin.
  • Circle's approach. USDC reserves are held in cash and short-term US Treasuries, with regular public reports on their composition.
  • Attestation is not audit. An attestation checks the reserves at a point in time; it is narrower than a full financial audit.
A stablecoin is a promise to pay. Read it like you would read a bank's balance sheet.
Each digital dollar should map to a real asset held by the issuer.
Each digital dollar should map to a real asset held by the issuer.

The rules have arrived

The US GENIUS Act, signed in July 2025, created the first federal regime for payment stablecoins. Permitted issuers must hold one-to-one reserves in eligible assets, publish monthly reserve reports certified by senior executives and may not pay interest to holders. It takes effect 120 days after final regulations or on 18 January 2027, whichever comes first. In the EU, MiCA's stablecoin rules have applied since June 2024: Circle holds an e-money licence covering USDC and EURC, while Tether has no MiCA authorisation, and major platforms have restricted USDT for EU users. In Brazil, Banco Central rules effective February 2026 treat international transfers with stablecoins as foreign-exchange operations.

Where stablecoins can break

  • Reserve risk. In March 2023 USDC briefly lost its peg when part of its reserves was stuck at the failed Silicon Valley Bank.
  • Design risk. Algorithmic coins without real reserves can collapse; TerraUSD imploded in May 2022.
  • Issuer and freeze risk. Issuers can freeze tokens at the request of authorities, and redemption may be limited to approved clients.
  • Platform risk. Holding stablecoins on an exchange adds that company's own security and solvency risk.

Risk note: this article is general information, not investment advice. A stablecoin is not a bank deposit, is not covered by deposit insurance and can lose its peg. Check the issuer's latest reserve reports and speak to a licensed adviser before using stablecoins for significant sums.

Key takeaways

  • A stablecoin is only as good as its issuer's reserves and redemption promise.
  • Tether reported about $141 billion in US Treasury bills at the end of March 2026.
  • The US GENIUS Act requires one-to-one reserves and monthly reports; it applies by January 2027.
  • Under EU MiCA, USDC is authorised and USDT is not.
#stablecoins#usdt#usdc#genius act#mica

FAQ

Is USDT or USDC safer?

Neither is risk-free. USDC is authorised under EU MiCA and publishes regular reserve reports; Tether publishes quarterly BDO attestations and holds large Treasury reserves but has no MiCA authorisation.

Do stablecoins pay interest?

Under the US GENIUS Act, issuers may not pay interest or yield to holders. Some platforms offer rewards, and whether that is allowed is still being debated in Congress.

What is a stablecoin depeg?

A depeg happens when the token trades below its target value, usually because holders doubt the reserves or cannot redeem quickly, as USDC briefly did in March 2023.

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