$5.85B reserves for $5.18B market cap
- USDC 36%
- Secured loans 30%
- Not traced yet 16%
- WETH 12%
- PYUSD 3%
- Money market funds 1%
- wstETH 1%
- WBTC 0%
- USDT 0%
As of Oct 31, 2026 · On-chain · sources
01 · Backing chain
What USDS is backed by
Move the slider or press play to see the chain week by week since 2022.
Backed by: the reserves behind USDS, through every level
Backing on Oct 31, 2026, the last recorded day of its week. Backing from reports counts until the next report, for at most 140 days. Between two reports the values are estimated, see the settings.
02 · Backing ratio
Reserves against market cap
Daily, since market data is recorded. The composition reaches further back.
03 · Reserves today
Every reserve asset
| Reserve asset | Value | Share |
|---|---|---|
| USDC | $2.08B | 35.6% |
| Secured loans | $1.73B | 29.7% |
| Not traced yet | $963.23M | 16.5% |
| WETH | $728.83M | 12.5% |
| PYUSD | $183.50M | 3.1% |
| Money market funds | $85.90M | 1.5% |
| wstETH | $46.82M | 0.8% |
| WBTC | $14.68M | 0.3% |
| USDT | $7.64M | 0.1% |
04 · Sources
Read from the chain
Vaults in the Sky Vat, read on-chain: USDC in the Lite PSM, all ETH, wstETH and WBTC locked in vaults, and the positions of the Spark, Grove and Obex allocators (loans, money market funds, stablecoins). Debt of other vaults, and allocator debt whose positions are not found, is not traced yet. USDS gets the share of its circulating supply, without the USDS the allocators hold. It shares the reserves with DAI.
- Price
- $1.00
- Market cap
- $5.18B
- Supply
- 5.17B
- Updated
- Oct 31, 2026