This table lets you see at a glance how the three big stablecoins differ on who issues them, what their reserves are, how often they disclose, whether they are regulated, and what each is best for. Want to compare just one row? Click a dimension button below to highlight it. All the figures here are qualitative (such as "largest / large / medium") rather than hard-coded exact market caps — the precise numbers change constantly, so go by official.
| Dimension | USDT | USDC | FDUSD |
|---|---|---|---|
| Issuer | Tether | Circle | First Digital (Hong Kong) |
| Reserves | Cash, short-term US Treasuries and other assets; commercial paper was a large share in the early years, with Treasuries a clearly larger share more recently | Mostly cash and short-term US Treasuries; a relatively simple structure | Mostly cash and cash equivalents plus short-term Treasuries |
| Disclosure | Regular reserve attestation reports | Monthly reserve disclosures | Regular attestation reports |
| Market cap | Largest (long the biggest by supply) | Large (long in the second tier) | Medium (clearly smaller than the other two) |
| Regulation | Watched by regulators in several jurisdictions; faced US regulatory action in earlier years | Follows a US-compliant path, bound by a regulatory framework | Operates under a Hong Kong regulatory framework |
| Best for | Everyday trading and moving funds — the broadest liquidity and trading pairs | Those who value transparency and compliance, and holding long-term | Low-fee trading on Binance — keep an eye on fee promotions |
The three issuers are different, they sit under different regulators, and their reserve structures and disclosure methods differ too. When you read the table, focus on two things: first, "what the reserves are and how often reports come out" — this decides how transparent it is; second, "best for" — just pick by your own use. Market cap is shown as "largest / large / medium" because the precise figures change every day, and hard-coding them would go stale and mislead. To check the real current numbers, look at each issuer's official transparency page.
USDT wins on liquidity and reach, USDC on transparency and compliance, FDUSD often appears in Binance low-fee promotions. All three have briefly depegged; none is "absolutely safe."
This table is static, hand-checked as of July 2026. Reserve composition, disclosure frequency and market cap change over time; the figures here are qualitative only, with no live data — always go by each issuer's official transparency page (Tether, Circle, First Digital). Not investment advice.