Ratings — 2026-10-20
Verifiability (V)
Rubric v0.3.6. Ranked by V score; coins without a score are listed last.
| Coin | Issuer | V score | Band | Data coverage | Data as of | Caveats |
|---|---|---|---|---|---|---|
| USDC | Circle | 75 | Strong | 100% | 2026-08-31 | |
| PYUSD | Paxos for PayPal | 72 | Strong | 100% | 2026-08-31 | |
| USDG | Paxos (Global Dollar Network) | 68 | Moderate | 100% | 2026-08-31 | |
| USD1 | World Liberty Financial / BitGo | 64 | Moderate | 100% | 2026-08-31 | |
| RLUSD | Ripple | 58 | Moderate | 100% | 2026-08-31 | |
| DAI | Sky | 53 | Limited | 90% | 2026-10-20 | 0.0% of debt with unknown collateral; group_totals cross-check: Σ row debt 11,525,786,711 vs Σ group_totals debt 10,738,347,344 (+7.33%); group_totals not scored; debt_to_supply_ratio_pct 101.36 (informational, no penalty until explained) |
| USDS | Sky | 53 | Limited | 90% | 2026-10-20 | 0.0% of debt with unknown collateral; group_totals cross-check: Σ row debt 11,525,786,711 vs Σ group_totals debt 10,738,347,344 (+7.33%); group_totals not scored; debt_to_supply_ratio_pct 101.36 (informational, no penalty until explained) |
| USDT | Tether | 39 | Weak | 100% | 2026-06-30 | attestation firm changed within the BDO network (BDO Italia S.p.A. → BDO Advisory Services S.r.l.); no G8 penalty (v0.3.2); latest attestation as of 2026-06-30 is 112 days old (>60) |
| USDD | TRON DAO Reserve | — | — | 90% | 2026-07-31 | Held for review: indicative 37; 70.85% of debt with unknown collateral; multi-chain dataset ['tron', 'ethereum', 'bsc'] (rows carry chain / chain:ILK names); debt_to_supply_ratio_pct 114.22 (informational, no penalty until explained); latest self-reported reserve report as of 2026-07-31 is 81 days old (>60) |
| USDe | Ethena | — | — | 30% | 2026-09-27 | Insufficient data; funding-rate exposure (flag only, not scored in V) |
Bands
| Band | Range | Meaning |
|---|---|---|
| Critical | 0–24 | An outsider can't confirm most of the backing. Publisher caps the overall score at 45. |
| Weak | 25–39 | Some third-party evidence, but stale, coarse, or largely unverifiable. Publisher caps the overall score at 65. |
| Limited | 40–54 | A regular third-party attestation exists, but independent verifiability is limited. |
| Moderate | 55–69 | Regular reasonable-assurance attestations with good detail; a few gaps. |
| Strong | 70–84 | Frequent high-quality attestation with position-level detail and named custody, or mostly on-chain collateral. |
| Very strong | 85–100 | Backing is almost entirely verifiable in real time on-chain, or equivalent. |
TEST coins — Verifiability (not rated)
| Coin | Issuer | V score | Band | Data coverage | Data as of | Caveats |
|---|---|---|---|---|---|---|
| EURC | Circle Internet Financial Europe SAS | 75 | Strong | 60% | 2026-08-31 | Provisional |
| GHO | Aave DAO (facilitator-minted) | 72 | Strong | 65% | 2026-10-20 | Provisional; 11.54% of debt with unknown collateral; debt_to_supply_ratio_pct 100.0 (informational, no penalty until explained) |
| SOFID | SoFi Bank, N.A. | 68 | Moderate | 68% | 2026-08-31 | Provisional |
| USDGO | Anchorage Digital Bank, N.A. | 62 | Moderate | 72% | 2026-08-31 | Provisional |
| USDTB | Ethena (issued via Anchorage Digital Bank) | 40 | Limited | 72% | 2026-08-31 | Provisional |
| APXUSD | Apyx | 33 | Weak | 78% | 2026-09-30 | Provisional |
| REUSD | Re Protocol (Resilience) | 27 | Weak | 56% | 2025-10-31 | Provisional; attestation 354 days old (> 60) |
| U | United Stables Limited (BVI) | 10 | Critical | 60% | 2026-09-30 | Provisional |
| CASH | Bridge Building Inc. (Bridge/Stripe, with Phantom) | 4 | Critical | 52% | 2026-10-20 | Provisional |
| AUSD | — | — | — | — | — | |
| BFUSD | — | — | — | — | — | |
| EURCV | — | — | — | — | — | |
| FDUSD | — | — | — | — | — | |
| JPYC | — | — | — | — | — | |
| TUSD | — | — | — | — | — | |
| YLDS | — | — | — | — | — | |
| crvUSD | Curve Finance (CDP protocol) | — | — | 5% | 2026-10-20 | Insufficient data; 0.0% of debt with unknown collateral; debt_to_supply_ratio_pct 47.57 (informational, no penalty until explained) |
TEST — Stress Exit (not part of the rating)
Stress Exit is in its test week (version 0.1.2-test). Base-persona score.
| Coin | SE score | Band | Status / notes |
|---|---|---|---|
| USDT | 73 | Strong | |
| USDC | 73 | Strong | |
| USDS | 100 | Very strong | |
| DAI | 100 | Very strong | |
| USDe | 73 | Strong | |
| USD1 | 73 | Strong | |
| USDG | 73 | Strong | |
| PYUSD | 74 | Strong | |
| RLUSD | 54 | Limited | |
| USDD | 87 | Very strong | indicative_only (V held: unknown collateral) |
| JPYC | — | — | not_scorable; missing core input: reserves.items with USD values; Converted from JPY at ECB rate of 2026-10-19; Legal protection of reserves under Japanese law not yet assessed; Statutory ¥1M per-transaction limit; no published daily cap |
| FDUSD | — | — | not_scorable; missing core input: reserves.items with USD values |
| EURCV | — | — | not_scorable; missing core input: reserves.items with USD values; Converted from EUR at ECB rate of 2026-10-19 |
| crvUSD | — | — | not_scorable; On-chain collateral data not yet collected; On-chain collateral data not yet collected |
| TUSD | — | — | not_scorable; missing core input: reserves.items with USD values |
| AUSD | — | — | not_scorable; missing core input: reserves.items with USD values |
| CASH | — | — | not_scorable; missing core input: reserves.items with USD values |
| YLDS | — | — | not_scorable; Not a stablecoin (SEC-registered yield security), not scored; Not a stablecoin (SEC-registered yield security), not scored |
| BFUSD | — | — | not_scorable; Exists only inside Binance, can't be verified on-chain, not scored; Exists only inside Binance, can't be verified on-chain, not scored |
| GHO | — | — | not_scorable; On-chain collateral data not yet collected; On-chain collateral data not yet collected |
| REUSD | — | — | not_scorable; missing core input: reserves.items with USD values; Yield-bearing; price rises with yield |
| U | 52 | Limited | Part of reserves held in other stablecoins/products, counted as unverified |
| EURC | 53 | Limited | Converted from EUR at ECB rate of 2026-08-31 |
| SOFID | 52 | Limited | |
| USDGO | 52 | Limited | |
| USDTB | 53 | Limited | |
| APXUSD | 54 | Limited | Attestation confirms collateral exists but not coverage of supply; Redemption terms not yet reviewed |