{
 "name": "PASE Stablecoin Risk Index",
 "license": "Public beta. Illustrative risk assessment, not a credit rating, not investment advice. Measures how verifiable stablecoin reserves are; does not measure price, peg stability, liquidity or default risk, and a high value does not mean a coin is safe. Uses the Verifiability pillar only. Not an investable index. For information only; not licensed or intended for use as a benchmark in, or for pricing or settling, any financial product. Reflects the stated PASE methodology version, which may change. Based on public data that may be incomplete or delayed; includes provisional coin scores.",
 "source": "https://paseworth.com/risk-index.html",
 "latest": {
  "date": "2026-10-23",
  "index": 56.36,
  "change_1d": -0.02,
  "raw_weighted_avg_v": 56.3594,
  "methodology_version": "1.0",
  "rubric_version": "0.3.6",
  "label": "PSRI v1.0 \u00b7 rubric 0.3.6",
  "base": "index = raw capped weighted-average V on 2026-10-23; history chain-linked from 2026-10-18",
  "cap": 0.25,
  "n_constituents": 17,
  "constituents": [
   {
    "symbol": "USDT",
    "v_score": 38,
    "provisional": false,
    "supply_usd": 182695466088.89,
    "supply_as_of": "2026-10-23",
    "weight": 0.25,
    "contribution": 9.5,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/1",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "USDC",
    "v_score": 75,
    "provisional": false,
    "supply_usd": 72252448047.95,
    "supply_as_of": "2026-10-23",
    "weight": 0.25,
    "contribution": 18.75,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/2",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "USDS",
    "v_score": 53,
    "provisional": false,
    "supply_usd": 6742994723.23,
    "supply_as_of": "2026-10-23",
    "weight": 0.113824,
    "contribution": 6.0327,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/209",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "DAI",
    "v_score": 53,
    "provisional": false,
    "supply_usd": 4745067787.39,
    "supply_as_of": "2026-10-23",
    "weight": 0.080098,
    "contribution": 4.2452,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/5",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "USD1",
    "v_score": 64,
    "provisional": false,
    "supply_usd": 3986615759.45,
    "supply_as_of": "2026-10-23",
    "weight": 0.067295,
    "contribution": 4.3069,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/262",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "USDG",
    "v_score": 68,
    "provisional": false,
    "supply_usd": 3052307836.08,
    "supply_as_of": "2026-10-23",
    "weight": 0.051524,
    "contribution": 3.5036,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/286",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "PYUSD",
    "v_score": 72,
    "provisional": false,
    "supply_usd": 2936728115.22,
    "supply_as_of": "2026-10-23",
    "weight": 0.049573,
    "contribution": 3.5692,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/120",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "RLUSD",
    "v_score": 58,
    "provisional": false,
    "supply_usd": 2397721634.95,
    "supply_as_of": "2026-10-23",
    "weight": 0.040474,
    "contribution": 2.3475,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/250",
    "supply_note": "DefiLlama circulating (peggedUSD), all chains"
   },
   {
    "symbol": "U",
    "v_score": 10,
    "provisional": true,
    "supply_usd": 1603144634.63,
    "supply_as_of": "2026-10-23",
    "weight": 0.027062,
    "contribution": 0.2706,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/336",
    "supply_note": null
   },
   {
    "symbol": "USDGO",
    "v_score": 62,
    "provisional": true,
    "supply_usd": 1311437933.39,
    "supply_as_of": "2026-10-23",
    "weight": 0.022137,
    "contribution": 1.3725,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/347",
    "supply_note": null
   },
   {
    "symbol": "GHO",
    "v_score": 71,
    "provisional": true,
    "supply_usd": 699000000.0,
    "supply_as_of": "2026-10-23",
    "weight": 0.011799,
    "contribution": 0.8378,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/118",
    "supply_note": null
   },
   {
    "symbol": "USDTB",
    "v_score": 40,
    "provisional": true,
    "supply_usd": 517444112.7,
    "supply_as_of": "2026-10-23",
    "weight": 0.008735,
    "contribution": 0.3494,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/221",
    "supply_note": null
   },
   {
    "symbol": "EURC",
    "v_score": 75,
    "provisional": true,
    "supply_usd": 507471285.72,
    "supply_as_of": "2026-10-23",
    "weight": 0.008566,
    "contribution": 0.6425,
    "supply_source": "https://api.frankfurter.dev/v1/2026-10-23?from=EUR&to=USD",
    "supply_note": "current supply x snapshot-date EURUSD"
   },
   {
    "symbol": "REUSD",
    "v_score": 10,
    "provisional": true,
    "supply_usd": 351432945,
    "supply_as_of": "2026-10-23",
    "weight": 0.005932,
    "contribution": 0.0593,
    "supply_source": "https://api.coingecko.com/api/v3/coins/markets?vs_currency=usd&ids=re-protocol-reusd",
    "supply_note": "yield-bearing: USD value = CoinGecko market cap (tokens x accrued price ~1.11), not token count"
   },
   {
    "symbol": "SOFID",
    "v_score": 68,
    "provisional": true,
    "supply_usd": 349401057.15,
    "supply_as_of": "2026-10-23",
    "weight": 0.005898,
    "contribution": 0.4011,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/430",
    "supply_note": null
   },
   {
    "symbol": "APXUSD",
    "v_score": 33,
    "provisional": true,
    "supply_usd": 291723514.82,
    "supply_as_of": "2026-10-23",
    "weight": 0.004924,
    "contribution": 0.1625,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/354",
    "supply_note": null
   },
   {
    "symbol": "CASH",
    "v_score": 4,
    "provisional": true,
    "supply_usd": 127840835.0,
    "supply_as_of": "2026-10-23",
    "weight": 0.002158,
    "contribution": 0.0086,
    "supply_source": "https://stablecoins.llama.fi/stablecoin/316",
    "supply_note": null
   }
  ],
  "definition_change": null,
  "flags": [],
  "excluded": [
   {
    "symbol": "USDe",
    "reason": "insufficient data (no score)"
   },
   {
    "symbol": "USDD",
    "reason": "held for review (unknown collateral)"
   },
   {
    "symbol": "AUSD",
    "reason": "TEST coin (not part of the published scores)"
   },
   {
    "symbol": "BFUSD",
    "reason": "TEST coin (not part of the published scores)"
   },
   {
    "symbol": "EURCV",
    "reason": "TEST coin (not part of the published scores)"
   },
   {
    "symbol": "FDUSD",
    "reason": "TEST coin (not part of the published scores)"
   },
   {
    "symbol": "JPYC",
    "reason": "TEST coin (not part of the published scores)"
   },
   {
    "symbol": "TUSD",
    "reason": "TEST coin (not part of the published scores)"
   },
   {
    "symbol": "YLDS",
    "reason": "TEST coin (not part of the published scores)"
   }
  ],
  "scope": "It measures how verifiable stablecoin reserves are. It does not measure price, peg stability, liquidity or default risk, and a high value does not mean a coin is safe. The index uses the Verifiability (V) pillar only. Stress Exit, which is still in testing, and the IM and RS pillars are not included.",
  "supply_method": "Circulating supply in USD from the PASE morning data snapshot of 2026-10-23: DefiLlama circulating supply, all chains (stablecoins.llama.fi) for 15 of 17 coins; EURC: DefiLlama EUR supply converted to USD at the frankfurter.dev ECB reference rate; REUSD: CoinGecko market cap (yield-bearing token).",
  "snapshot_id": "2026-10-23",
  "n_provisional": 9
 },
 "history": [
  {
   "date": "2026-10-18",
   "index": 56.58,
   "change_1d": null,
   "raw_weighted_avg_v": 58.2554,
   "n_constituents": 8,
   "methodology_version": "1.0",
   "rubric_version": "0.3.6",
   "definition_change": null,
   "flags": []
  },
  {
   "date": "2026-10-19",
   "index": 56.59,
   "change_1d": 0.01,
   "raw_weighted_avg_v": 58.2598,
   "n_constituents": 8,
   "methodology_version": "1.0",
   "rubric_version": "0.3.6",
   "definition_change": null,
   "flags": []
  },
  {
   "date": "2026-10-20",
   "index": 56.61,
   "change_1d": 0.02,
   "raw_weighted_avg_v": 58.2868,
   "n_constituents": 8,
   "methodology_version": "1.0",
   "rubric_version": "0.3.6",
   "definition_change": null,
   "flags": []
  },
  {
   "date": "2026-10-21",
   "index": 56.37,
   "change_1d": -0.24,
   "raw_weighted_avg_v": 56.3737,
   "n_constituents": 17,
   "methodology_version": "1.0",
   "rubric_version": "0.3.6",
   "definition_change": "basket change; added APXUSD, CASH, EURC, GHO, REUSD, SOFID, U, USDGO, USDTB; linked on 8 common coins",
   "flags": []
  },
  {
   "date": "2026-10-22",
   "index": 56.38,
   "change_1d": 0.01,
   "raw_weighted_avg_v": 56.3758,
   "n_constituents": 17,
   "methodology_version": "1.0",
   "rubric_version": "0.3.6",
   "definition_change": null,
   "flags": []
  },
  {
   "date": "2026-10-23",
   "index": 56.36,
   "change_1d": -0.02,
   "raw_weighted_avg_v": 56.3594,
   "n_constituents": 17,
   "methodology_version": "1.0",
   "rubric_version": "0.3.6",
   "definition_change": null,
   "flags": []
  }
 ]
}