PYUSD vs USDT — reserve disclosures side by side
This page places PYUSD and USDT reserve disclosures side by side, each read from its issuer's own published attestation report and independently measured on-chain supply. Figures render verbatim at their stated scope and dates; scopes and dates can differ between issuers, so figures sit side by side without a ranking, verdict, or safety comparison.
By ReserveBeat
This comparison places disclosed figures side by side, each at its issuer's stated scope and dates. Scopes differ — a consolidated group report and a per-token report are not the same measure — so nothing on this page ranks reserves, judges sufficiency, or states which token is safer.
PYUSD — Paxos Trust (PayPal USD)
Latest attested coverage
1.001761× ISSUER_ATTESTED
- as of
- 2026-07-31 · report 2026-07
- source
- 1873676ebe…b7bdc5b9
Latest attestation — 2026-07 ISSUER_ATTESTED
- composition as of
- 2026-07-31
- source document
- 1873676ebe…b7bdc5b9
| kind | line (verbatim) | amount | unit |
|---|---|---|---|
| TOTAL | Total redemption assets in United States Dollar (Exhibit B) | 2,694,072,163.000000 | USD |
| LIABILITY | Total PYUSD redeemable tokens outstanding (Exhibit A line d) | 2,689,335,674.000000 | TOKEN |
| CATEGORY | Repurchase agreements, at fair value | 2,200,625,000.000000 | USD |
| CATEGORY | Obligations of U.S. Treasury, at fair value | 398,747,625.000000 | USD |
| CATEGORY | Cash | 94,699,538.000000 | USD |
| CATEGORY | Government money market funds, at net asset value | 0.000000 | USD |
| POSITION | Ethereum | 1,790,065,386.000000 | TOKEN |
| POSITION | Solana | 675,295,029.000000 | TOKEN |
| POSITION | Arbitrum One | 205,920,633.000000 | TOKEN |
| POSITION | Polygon | 10,152,379.000000 | TOKEN |
| POSITION | Stellar | 7,902,125.000000 | TOKEN |
| POSITION | X-Layer | 100.000000 | TOKEN |
| POSITION | Ink | 22.000000 | TOKEN |
USDT — Tether
Attested at consolidated group scope: the issuer's report states one redemption value across every token it issues, so no per-token coverage ratio is derived.
Latest attestation — 2026-06 ISSUER_ATTESTED
- composition as of
- 2026-06-30
- source document
- aa7322474c…7aba5ea1
| kind | line (verbatim) | amount | unit |
|---|---|---|---|
| TOTAL | Total Assets (1+2+3+4+5+6+7) | 187,751,426,411.000000 | USD |
| LIABILITY | US$ 183,622,105,630 relates to digital tokens issued | 183,622,105,630.000000 | USD |
| CATEGORY | U.S. Treasury Bills | 114,960,963,604.000000 | USD |
| CATEGORY | Precious Metals | 18,838,357,171.000000 | USD |
| CATEGORY | Overnight Reverse Repurchase Agreements | 18,625,552,412.000000 | USD |
| CATEGORY | Secured Loans | 13,453,749,726.000000 | USD |
| CATEGORY | Term Reverse Repurchase Agreements | 6,993,428,950.000000 | USD |
| CATEGORY | Bitcoin | 5,801,630,681.000000 | USD |
| CATEGORY | Other Investments | 5,244,911,675.000000 | USD |
| CATEGORY | Public Equities | 3,761,438,892.000000 | USD |
| CATEGORY | Cash & Bank Deposits | 40,307,440.000000 | USD |
| CATEGORY | Non-US Treasury Bills | 22,374,689.000000 | USD |
| CATEGORY | Corporate Bonds | 8,711,171.000000 | USD |
Each coverage ratio divides two figures from the same issuer attestation at the same as-of date. On-chain measurements never enter a ratio — they are the independent cross-check of the liability side.
This issuer attests its reserves at consolidated group scope: one total redemption value across every token it issues, with no per-token itemization for this token. A ratio only ever divides figures the document itself states at the same as-of date, so no per-token coverage ratio or on-chain reconciliation is derived here; the reserve composition renders at its stated scope. Tracked tokens are subjects of public data: supply figures are read from their public Ethereum contracts, and composition figures from the issuers' own published attestation reports. No tracked issuer is a customer and none has endorsed this site.
Last updated: Timestamps reflect the underlying data — when a figure was captured or a report was published — never when a page was built.
Frequently asked questions
What does this comparison show?
The reserve disclosures each issuer has published, side by side: latest attested coverage, reserve composition, and disclosure score, each rendered verbatim at its stated scope and dates. It is a view of what each issuer disclosed, not a judgment of either.
Which of the two tokens is safer?
This page does not say — deliberately. Disclosure scopes and dates differ between issuers, a coverage ratio is never a judgment of reserve sufficiency, and ReserveBeat states no opinion on any issuer's solvency. It shows what each issuer disclosed and how completely, nothing more.
Why does one side show no coverage ratio?
Either that issuer attests only at consolidated group scope — one report covering several tokens, which renders as stated rather than inventing a per-token ratio — or no attestation series is held yet. Absence renders plainly, never as an estimate.
Can the two sides be compared directly?
Only as disclosed: figures come from each issuer's own report at its own as-of dates and scope, so the two sides may not measure the same thing. Scope and dates render beside every figure so the difference stays visible rather than hidden.