USDC vs USDG — reserve disclosures side by side
This page places USDC and USDG 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.
USDC — Circle
Latest attested coverage
1.001081× ISSUER_ATTESTED
- as of
- 2026-07-31 · report 2026-07
- source
- 9bb3e852cc…9b6ec0e2
Latest attestation — 2026-07 ISSUER_ATTESTED
- composition as of
- 2026-07-31
- source document
- 9bb3e852cc…9b6ec0e2
| kind | line (verbatim) | amount | unit |
|---|---|---|---|
| TOTAL | TOTAL USDC RESERVE ASSETS | 71,904,101,332.000000 | USD |
| LIABILITY | USDC in Circulation (as defined in the criteria below) | 71,826,453,410.000000 | TOKEN |
| CATEGORY | U.S. Treasury Repurchase Agreements | 52,723,000,000.000000 | USD |
| CATEGORY | Cash held at regulated financial institutions | 10,607,410,596.000000 | USD |
| CATEGORY | TOTAL U.S. TREASURY SECURITIES | 7,179,080,057.000000 | USD |
| CATEGORY | Cash held in Circle Reserve Fund | 1,003,971,911.000000 | USD |
| CATEGORY | TOTAL U.S. TREASURY SECURITIES (OTHER USDC RESERVE ASSETS) | 499,418,694.000000 | USD |
| CATEGORY | Cash due to/(owed by) Circle due to timing and settlement differences, net | 80,025,077.000000 | USD |
| CATEGORY | Cash due to/(owed by) Circle Reserve Fund due to timing and settlement differences, net | -188,805,003.000000 | USD |
USDG — Paxos
Latest attested coverage
1.001295× ISSUER_ATTESTED
- as of
- 2026-07-31 · report 2026-07
- source
- 0a7d128ef8…8e841509
Latest attestation — 2026-07 ISSUER_ATTESTED
- composition as of
- 2026-07-31
- source document
- 0a7d128ef8…8e841509
| kind | line (verbatim) | amount | unit |
|---|---|---|---|
| TOTAL | Total redemption assets in United States Dollar (Exhibit B) | 3,404,876,225.000000 | USD |
| LIABILITY | Total USDG redeemable tokens outstanding (Exhibit A line d) | 3,400,474,143.000000 | TOKEN |
| CATEGORY | Government money market funds, at net asset value | 1,939,425,768.000000 | USD |
| CATEGORY | Obligations of U.S. Treasury, at fair value | 1,362,008,387.000000 | USD |
| CATEGORY | Cash | 103,442,070.000000 | USD |
| CATEGORY | Repurchase agreements, at fair value | 0.000000 | 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.
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.