PASE Stablecoin Risk Index
About this index (public beta): an illustrative risk assessment — not a credit rating and not investment advice. 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. It is not an investable index and is for information only; it is not licensed or intended for use as a benchmark in, or for pricing or settling, any financial product. It reflects PASE methodology PSRI v1.0 (Verifiability rubric v0.3.6), which may change. It is based on public data that may be incomplete or delayed, and it includes provisional coin scores.
PASE Stablecoin Risk Index · public beta · 2026-10-23
56.36 1-day change -0.02 PSRI v1.0 · rubric 0.3.6 · 17 coins · scale 0–100, higher = more verifiable
Data date 2026-10-23 · snapshot 2026-10-23 · PSRI v1.0 · Verifiability rubric v0.3.6
- Scope: The index uses the Verifiability (V) pillar only. Stress Exit, which is still in testing, and the IM and RS pillars are not included.
- Method: average V score weighted by circulating supply, capped at 25% per coin (excess redistributed pro rata); chain-linked when coins enter or leave. 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).
- Included (17): USDT, USDC, USDS, DAI, USD1, USDG, PYUSD, RLUSD, U*, USDGO*, GHO*, USDTB*, EURC*, REUSD*, SOFID*, APXUSD*, CASH*. 9 of the 17 constituents have provisional scores (*), which are included.
- Excluded today: USDe — insufficient data (no score); USDD — held for review (unknown collateral); AUSD, BFUSD, EURCV, FDUSD, JPYC, TUSD, YLDS — TEST coin (not part of the published scores).
- Sources: issuer attestations and reserve reports, on-chain data and public disclosures behind each V score (see Risk Scores); circulating supply from DefiLlama, CoinGecko and frankfurter.dev, as captured in the PASE daily snapshot. Risk Scores · /data/index.json
Today's constituents (2026-10-23)
17 coins. Weight = share of circulating supply, capped at 25% per coin. Contribution = weight × V score; contributions sum to the raw weighted-average V (56.36).
| Coin | V score | Circulating supply ($M) | Weight | Contribution | Supply source |
|---|---|---|---|---|---|
| USDT | 38 | 182,695.5 | 25.00% | 9.50 | stablecoins.llama.fi |
| USDC | 75 | 72,252.4 | 25.00% | 18.75 | stablecoins.llama.fi |
| USDS | 53 | 6,743.0 | 11.38% | 6.03 | stablecoins.llama.fi |
| DAI | 53 | 4,745.1 | 8.01% | 4.25 | stablecoins.llama.fi |
| USD1 | 64 | 3,986.6 | 6.73% | 4.31 | stablecoins.llama.fi |
| USDG | 68 | 3,052.3 | 5.15% | 3.50 | stablecoins.llama.fi |
| PYUSD | 72 | 2,936.7 | 4.96% | 3.57 | stablecoins.llama.fi |
| RLUSD | 58 | 2,397.7 | 4.05% | 2.35 | stablecoins.llama.fi |
| U (provisional) | 10 | 1,603.1 | 2.71% | 0.27 | stablecoins.llama.fi |
| USDGO (provisional) | 62 | 1,311.4 | 2.21% | 1.37 | stablecoins.llama.fi |
| GHO (provisional) | 71 | 699.0 | 1.18% | 0.84 | stablecoins.llama.fi |
| USDTB (provisional) | 40 | 517.4 | 0.87% | 0.35 | stablecoins.llama.fi |
| EURC (provisional) | 75 | 507.5 | 0.86% | 0.64 | api.frankfurter.dev |
| REUSD (provisional) | 10 | 351.4 | 0.59% | 0.06 | api.coingecko.com |
| SOFID (provisional) | 68 | 349.4 | 0.59% | 0.40 | stablecoins.llama.fi |
| APXUSD (provisional) | 33 | 291.7 | 0.49% | 0.16 | stablecoins.llama.fi |
| CASH (provisional) | 4 | 127.8 | 0.22% | 0.01 | stablecoins.llama.fi |
| Total | 284,568.2 | 100% | 56.36 |
History
| Date | Index | 1-day change | Coins | Method | Notes |
|---|---|---|---|---|---|
| 2026-10-23 | 56.36 | -0.02 | 17 | v1.0 · rubric 0.3.6 | |
| 2026-10-22 | 56.38 | +0.01 | 17 | v1.0 · rubric 0.3.6 | |
| 2026-10-21 | 56.37 | -0.24 | 17 | v1.0 · rubric 0.3.6 | basket change; added APXUSD, CASH, EURC, GHO, REUSD, SOFID, U, USDGO, USDTB; linked on 8 common coins |
| 2026-10-20 | 56.61 | +0.02 | 8 | v1.0 · rubric 0.3.6 | |
| 2026-10-19 | 56.59 | +0.01 | 8 | v1.0 · rubric 0.3.6 | |
| 2026-10-18 | 56.58 | — | 8 | v1.0 · rubric 0.3.6 |
Methodology (PSRI v1.0)
- What it measures: one daily number from 0 to 100, the supply-weighted average Verifiability (V) score of the stablecoins PASE assesses. It rises when large coins become easier for an outsider to verify and falls when they become harder to verify. 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.
- Pillars: The index uses the Verifiability (V) pillar only. Stress Exit, which is still in testing, and the IM and RS pillars are not included.
- Constituents: coins with a published numeric V score (including provisional scores). Coins held for review, coins without a score, TEST coins and coins dropped from coverage are excluded.
- Weights: circulating supply from the PASE morning data snapshot (DefiLlama circulating, all chains, with the exceptions shown in the table), capped at 25% per coin; any excess is redistributed pro rata to the other coins until no coin is above the cap. Weights reset daily.
- Missing data: if a coin's supply is missing, the last value is carried forward for up to 3 days; after that the coin is left out for that day and flagged.
- Chain-linking: when coins enter or leave, the day's move is measured on the coins present on both days, so basket changes do not cause jumps. When the Verifiability rubric version changes without a same-data overlap run, the level is carried over from the previous day. History starts 2026-10-18 (rubric v0.3.6); values are scaled so the index equals the raw capped average on 2026-10-23, the launch date.
- Sources: issuer attestations and reserve reports, on-chain data and public disclosures behind each V score (see Risk Scores); circulating supply from DefiLlama, CoinGecko and frankfurter.dev, as captured in the PASE daily snapshot. Today: 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).
- Schedule and data: recomputed with each daily site update. Machine-readable: /data/index.json (history and today's weights) and the
indexfield in /data/latest.json.
See also the PASE methodology summary and the disclaimer.