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PROGRAMMABLEMONEY

Six pieces of programmable money pulled apart layer by layer, and The Full Stack in the middle showing how they connect. Pick a world to open it.

ANATOMY OF ASTABLECOIN

Peg$1.000
Backing101%
In / out6 / 6
GENIUS8/8
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Motion
Theme
Real stablecoin · Anatomy of a Stablecoin

Tether USD (USDT)

The biggest stablecoin by far. Issued offshore and used mostly for trading and moving dollars across borders.

Issuer
Tether
Launched
2014
Supply
≈ $182.5B
Route
Offshore
How it is issued
Own license, offshore
License
Issued from El Salvador. Not a US permitted issuer.
Reserves
Mostly US Treasuries, plus gold, bitcoin and secured loans (Q2 2026)
Reports
Quarterly attestation by BDO; KPMG audit of 2025 finished
Networks
Tron and Ethereum hold most; also Solana, TON and others
Yield
No
Access
Exchanges and OTC desks. Direct mint and redeem for verified large clients.
GENIUS Act
Not a permitted issuer. It can reach US users only if Treasury finds El Salvador’s regime comparable and Tether registers with the OCC. Tether’s US route is a separate coin, USAT, issued by Anchorage Digital Bank since January 2026.

Check the supply yourself

More stablecoins

XO ctUSD USDC USDe DAI USD1 USDG PYUSD RLUSD USDD U TUSD EURC SoFiUSD USDai CASH

Public information as of October 2026, simplified. Not legal or investment advice. Open the full stablecoins world.

Sources165Created by Andres Lamothe