Reserve / reserve assets
Reserve assets are the assets an issuer holds to back the stablecoins it has issued. MiCA defines the 'reserve of assets' as 'the basket of reserve assets securing the claim against the issuer' and requires e-money token issuers to keep at least 30% of funds received in credit institution accounts. The GENIUS Act requires identifiable reserves on at least a 1:1 basis and monthly publication of their composition. Tether says its Reserves may include loan receivables.
What the sources say
| Source | Quote | Link |
|---|---|---|
| MiCA Art 3(1)(32): reserve of assets | "‘reserve of assets’ means the basket of reserve assets securing the claim against the issuer" | publications.europa.eu |
| MiCA Art 54: deposit share for e-money token funds | "at least 30 % of the funds received is always deposited in separate accounts in credit institutions" | publications.europa.eu |
| GENIUS Act, sec. 4(a)(1): 1 to 1 reserves | "maintain identifiable reserves backing the outstanding payment stablecoins of the permitted payment stablecoin issuer on an at least 1 to 1 basis" | govinfo.gov |
| GENIUS Act, sec. 4(a)(1): monthly disclosure | "publish the monthly composition of the issuer's reserves on the website of the issuer" | govinfo.gov |
| Tether terms: composition of Reserves | "The Reserves are comprised of cash, cash equivalents and other assets and may include loan receivables and other assets from Affiliates." | tether.to |
Where the sources differ
The sources set different rules. MiCA sets a minimum share of bank deposits for e-money token funds. The GENIUS Act requires 1:1 reserves and monthly disclosure of their composition. Tether's own terms allow loan receivables.
Related terms
See also
- Explainer: How do Tether and Circle say USDT and USDC are backed?
- Review: revain.org/coins/usdt/
- Review: revain.org/coins/usdc/
- Review: revain.org/coins/usdtb/
Checked against the sources on 2026-11-01.