The parts that make this work
What U is, and who issues it
U is a token that United Stables Limited, a company in the British Virgin Islands, promises to redeem for one US dollar's worth of cash or stablecoins. A sister company in the Cayman Islands, United Stables Holdings Limited, manages the reserve. U launched on December 18, 2025 on BNB Chain and Ethereum, with PancakeSwap, Aster, Four.meme and Lista DAO integrated from the first day. It passed one billion tokens by the end of June 2026 and stood at about 1.5 billion on October 1, 2026, the eleventh largest stablecoin.
The pitch is in the name. Rather than asking for new dollars, U takes the stablecoins traders already hold and pools them behind one token, so that liquidity split between USDT, USDC and USD1 can trade as a single dollar.
A stablecoin backed by stablecoins
Most of U's reserve is other companies' tokens: USDC from Circle, USD1 from BitGo and a little USDT from Tether, each counted at one dollar. That makes U a second layer. Its reserve is only as good as those issuers' reserves, and the reports say plainly that the par values "do not reflect the realisable value in the event of a de-pegging event, issuer insolvency, or redemption restriction". DefiLlama lists U as crypto-backed for this reason; unlike DAI or USDD, though, nothing is over-collateralised or liquidated. It is a one-for-one reserve, like a fiat stablecoin's, made mostly of tokens.
Minting and redeeming
Only eligible institutions that pass anti-money-laundering and business checks mint and redeem directly. They deposit dollars, USDC, USDT, USD1 or another stablecoin the issuer approves, and receive U on the chain they choose; or send U back and receive dollars or approved stablecoins. The white paper allows a "nominal" fee and says redemptions can be delayed, restricted or suspended. Everyone else buys U on an exchange; when it trades below a dollar, a minting firm can buy it and redeem it at par. On-chain a mint arrives from the issuer's minter contract as a transfer from the zero address, and a burn is a transfer to it, which is how live mode spots them.
What backs each token
United Stables publishes a reserves report every month, with a limited assurance report from Moore CPA Limited in Hong Kong. The latest, as of July 31, 2026 at 11:59 pm UTC, counted 1,103,009,107.80 U in circulation against $1,109,077,959.78 of reserve assets, 0.55 % more.
U reserve, July 31, 2026
| Held in | US dollars |
|---|
| USDC, at Binance, with the custodian Ceffu and in a smart contract wallet on Ethereum (10.0 M of it Binance-bridged USDC on BNB Chain) | 413,831,810 |
| RWUSD, an off-chain yield product inside Binance, counted at par | 303,376,168 |
| TBILL, OpenEden's tokenised Treasury bill fund on BNB Chain: 174,709,845 tokens at a net asset value of $1.1515 | 201,178,561 |
| USD1 (80,219,239) and USDT (375,620), almost all at Binance | 80,594,858 |
| Cash at BitGo Bank & Trust (16.1 M) and Singapore Gulf Bank in Bahrain (40.0 M) | 56,096,563 |
| Shares in a US Treasury money market fund | 54,000,000 |
| Total reserve assets | 1,109,077,960 |
The report counted U on three chains: 934,858,608 on BNB Chain, 113,150,300 on Ethereum and 55,000,200 on TRON. It is published monthly and is not on-chain: live mode shows it as reported, not as it is now. As of October 1, 2026 the August report had not yet been posted. Source: United Stables Assurance & Reserves Report, July 2026 (PDF, signed August 8, 2026), linked from United Stables' attestation page.
Where the reserve sits
Sorted by who holds it rather than what it is, the July reserve was 65 % at Binance ($724 M in the issuer's exchange account), 23 % in a smart contract wallet the issuer controls (the TBILL tokens and $50 M of USDC), 5 % in banks, 5 % in the money fund and 2 % with Ceffu, the custodian formerly known as Binance Custody. The largest single risk is that concentration. RWUSD in particular is a claim on Binance, not a token: the report notes that the deposited assets "become the property of Binance" and come back as USDC on redemption. Some of the Binance balance sat in margin wallets, though the report says nothing was borrowed against it. Neither the report nor the white paper says who keeps the income the reserve earns.
Proof of reserve on-chain
Between reports, a Chainlink Proof of Reserve feed on BNB Chain (contract 0xFa8e…0c18, "United Stables U Reserves") publishes the reserve total that United Stables' data sources report. On September 30, 2026 at 16:06 UTC it read $1,510,172,231, against about 1,498.7 million U across the four chains the next morning. The feed shows a number, not what it is made of, and the issuer's own disclaimer says it gives no guarantee of its accuracy. Live mode reads it every five minutes.
Where U lives
The token has the same address, 0xcE24…6666, on BNB Chain, Ethereum and Robinhood Chain, and its own on TRON (TFNirp…oeFJ), each with 18 decimals. On October 1, 2026 the chains held 1,054.5 M on BNB Chain, 359.2 M on Ethereum, 55.0 M on TRON and 30.0 M on Robinhood Chain. TRON's supply hasn't changed since June. Robinhood Chain, the layer 2 Robinhood opened on July 1, 2026, was added in September, when Binance opened deposits there and Uniswap a U–USDG pool. There is no bridge between the chains yet; in July 2026 United Stables said it plans to use Chainlink CCIP.
Regulation
U is not authorised under the EU's MiCA rules, Hong Kong's stablecoin ordinance or the US GENIUS Act, and United Stables says it geofences and screens firms so as not to offer U to residents of the United States, the EU or Hong Kong. The issuer is a BVI company without a stablecoin licence; the white paper says no trust or fiduciary relationship arises unless one is expressly set up, so holders have no legal claim on specific reserve assets. Compare USDG or USDC, whose issuers are licensed and whose reserves are examined to reasonable assurance.
What live mode shows, and what the animation simplifies
Live mode reads all four chains straight from public nodes every 30 to 60 seconds and adds them up. It polls BNB Chain, Ethereum and Robinhood Chain for mints and burns every 12 to 15 seconds; TRON's events aren't decoded by its public API, so a change in supply there shows as a net mint or burn. Mints come a few times a day, so columns are 15 minutes. The reserve in the vault is the July report, labelled with its date; the reserve stat is Chainlink's latest figure. The animation draws the reserve as one vault, though it sits with an exchange, a custodian, banks and a fund, and the deposit as one transfer, though it may be several. Step-by-step mode starts from an illustrative billion. Read United Stables' white paper and proof-of-reserves page for details.