Reserve Infrastructure
Every dollar accounted for.
StableMMF maps the money market funds behind stablecoins — from T-Bill maturity schedules to real-time NAV attestation. Reserve transparency, not trust.
T2 · Reserves & Vaults
How deep does reserve verification run?
The big picture: Reserve verification is migrating from quarterly PDF attestations (policy-enforced, L5) toward on-chain NAV oracles (code-enforced, L3–L4). This Stack Diagram shows the compliance depth across three issuers.
Why it matters
$150B in reserves. One question: where is it?
The big picture: Stablecoin issuers hold more U.S. Treasuries than most sovereign nations. Money market funds are the vehicle — but transparency varies wildly.
- Circle (USDC) — reserves in the Circle Reserve Fund managed by BlackRock. Weekly attestations, SEC-regulated 2a-7 fund
- Tether (USDT) — quarterly attestation by BDO Italia. Mix of T-Bills, repo, secured loans. No single-fund structure
- Paxos (PYUSD / USDP) — 100% cash and T-Bill equivalents. Monthly attestation. NYDFS-regulated trust
- The gap: No unified standard for reserve composition disclosure, NAV tracking, or real-time proof of reserves
Reserve Composition
What backs the dollar peg.
Each issuer structures reserves differently. StableMMF normalizes the data into a comparable framework.
U.S. Treasury Bills
Short-duration sovereign debt
T-Bills with ≤ 90-day maturity. The safest, most liquid collateral. Preferred by GENIUS Act and MiCA frameworks.
Overnight Reverse Repo
Fed RRP facility access
Overnight collateralized lending to the Federal Reserve. Zero duration risk. Available to 2a-7 funds.
U.S. Agency Debt
FHLB & FFCB bonds
Government-sponsored enterprise debt. Slightly higher yield than T-Bills, minimal credit risk. Small portfolio allocation.
Cash Deposits
FDIC-insured bank accounts
Demand deposits at systemically important banks. Immediate liquidity for redemption spikes. Subject to FDIC limits.
Implementation
Chainlink Proof of Reserves — on-chain NAV verification.
How it works: Read the Chainlink PoR feed on Base to verify USDC reserve backing in real time — no trust in an auditor PDF required.
// POC 01 — Read Chainlink PoR feed on Base
import { createPublicClient, http } from 'viem';
import { base } from 'viem/chains';
const client = createPublicClient({
chain: base,
transport: http(),
});
// Chainlink PoR Aggregator for USDC reserves
const nav = await client.readContract({
address: '0x...', // PoR feed
abi: aggregatorV3ABI,
functionName: 'latestRoundData',
});
// nav.answer → total reserves in USD (8 decimals)
// nav.updatedAt → last attestation timestamp
// Compare against USDC totalSupply:
const supply = await client.readContract({
address: '0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913',
abi: erc20ABI,
functionName: 'totalSupply',
});
const ratio = Number(nav.answer) / Number(supply);
// → 1.0002 (fully backed) Regulatory Landscape
What the law requires.
What to know: Two major frameworks are converging on reserve quality requirements for stablecoin issuers.
- GENIUS Act (U.S.) — requires 1:1 reserves in cash, T-Bills, or insured deposits. Monthly public disclosure. Issuer-level licensing
- MiCA (EU) — mandates 60% minimum in bank deposits across diversified credit institutions. EMI or credit institution license required
- NYDFS Trust Charter — Paxos model. 100% reserve ratio, monthly attestation by independent auditor, strict asset composition limits
- SEC Rule 2a-7 — governs money market funds holding stablecoin reserves. Weighted average maturity ≤ 60 days, weekly liquid assets ≥ 30%
GENIUS Act
United States
Federal stablecoin framework. 1:1 reserve mandate with approved asset classes. Expected enforcement 2026.
MiCA
European Union
Markets in Crypto-Assets Regulation. Live since June 2024. EMT reserve rules for euro-referenced tokens.
NYDFS
New York
Trust company charter for Paxos, Gemini. State-level reserve and attestation standard since 2018.
Build sequence
Proof of concepts.
How it works: Every POC ships on Cloudflare Workers, calls a real API or reads an on-chain contract. No simulated demos.
viem. Compare on-chain reserve attestation against USDC totalSupply to compute real-time reserve ratio. Same pattern as cbBTC PoR.The platform
Part of the Stablecoin Atlas ecosystem.
StableMMF is the reserve transparency layer. Each sibling site covers a different dimension of the stablecoin infrastructure.
StablecoinAtlas
Physical, logical, and visual diagrams of the stablecoin infrastructure layer. The transit map.
Stable402
x402 agentic payment protocol. Reference implementations on Cloudflare Workers.
StableMMF
This site. Reserve composition, NAV attestation, and money market fund transparency.
StableHQLA
High-quality liquid assets. Basel III classification and stablecoin reserve overlap analysis.
StableCharter
Charter types, licensing pathways, and regulatory jurisdiction mapping for stablecoin issuers.
StableKYA
Know Your Agent. Credential architecture and compliance framework for autonomous agents.