Stablecoins have become a central pillar of the crypto economy, offering traders and investors a digital asset pegged to the stability of the U.S. dollar. But behind their promise of stability lies an important question: what are they backed by?

This visualization breaks down the asset reserves of the two largest stablecoins, Tether (USDT) and Circle (USDC), which together represent over $240 billion in market value.

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