Tether holds $139.6 billion in U.S. Treasuries, reverse repurchase agreements, and cash, representing approximately 73% of its total reserve stack

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.