Accounting firm BDO noted in Tether's Q3 2026 attestation, covering reserves as of September 30, 2026, that reserve asset valuations assume normal trading conditions rather than market stress

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.