BPI study finds just two of ten major stablecoins matched its GENIUS reserve test

A Bank Policy Institute study published on 6 November found that two of the ten largest dollar stablecoins had reserves aligned with GENIUS Act requirements. Its data generally describe June 2026, not today's portfolios.

The researchers identified USDC and PYUSD as meeting their reserve-asset test. Together, those coins represented 26% of the outstanding tokens in the analysis. The sample covered 97% of dollar stablecoins by outstanding amount at the June snapshot.

This is research from a banking-industry organisation, not an enforcement finding or a regulator's approval list. The paper groups onshore, offshore and crypto-backed tokens separately; falling outside its test should not be reported as a finding that every issuer is breaking the law.

Some classifications also depend on assumptions. For Ripple USD, the authors say they inferred possible ineligible holdings from an undisclosed government money-market fund. That caveat belongs alongside the headline result.

The study warns that reserve alignment does not guarantee a stablecoin will hold its peg. Its useful question is what assets support a token and how current the evidence is; it establishes no new depeg or loss.