{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"stablecoins","evidenceReadAt":"2026-09-29","generatedAt":"2026-11-12","criteria":[{"id":"counterparty_and_insolvency_rank","label":"Who exactly owes you the dollar, and where do you rank when they fail?","weight":30},{"id":"redemption_right_exercised","label":"Can the person actually holding it get a dollar back at par — and has anyone, at size?","weight":28},{"id":"reserve_and_assurance_scope","label":"What is really behind it, and what did the third party actually opine on?","weight":24},{"id":"seizure_and_upgrade_authority","label":"Who can freeze, burn or replace your balance — and have they?","weight":18}],"providers":{"pyusd":{"counterparty_and_insolvency_rank":{"s":7,"q":"Our USD Stablecoins are fully backed by an equivalent amount of U.S. Dollar-denominated assets with regulated financial institutions in segregated accounts apart from our corporate funds, on behalf of, and for the benefit of, Customer Token Holders and Non-Customer Token Holders (as defined below).","u":"https://paxos.com/stablecoin-terms-conditions/","d":"2026-09-29"},"redemption_right_exercised":{"s":8,"q":"PayPal USD is a stablecoin that’s backed by US dollar deposits, US treasuries, and similar cash equivalents. You can buy and sell 1 PYUSD for 1 USD on PayPal. | There are no fees to buy, sell, hold or transfer PYUSD to eligible PayPal users.","u":"https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":4,"q":"In our opinion, Management’s Assertion is fairly stated, in all material respects. | Obligations of U.S. Treasury are held by a qualified custodian. | Bank 1 in United States | Bank 2 in United States","u":"https://framerusercontent.com/assets/VdMoM8qevL5j7tgTTmLhkemRdY.pdf","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":6,"q":"As part of the Services, Paxos has the ability and the right to freeze and upgrade all USD Stablecoins tokens (on an aggregate basis), regardless of where the USD Stablecoins are being held. | Seizure may not occur under any circumstances absent such a binding legal directive.","u":"https://paxos.com/stablecoin-terms-conditions/","d":"2026-09-29"}},"usdc":{"counterparty_and_insolvency_rank":{"s":7,"q":"USDC is a digital token issued by Circle Internet Financial, LLC (“Circle”) that operates on each of the blockchains listed here | USDC is fully backed by an equivalent amount of U.S. Dollar-denominated assets held by Circle with U.S.","u":"https://www.circle.com/legal/usdc-terms","d":"2026-09-29"},"redemption_right_exercised":{"s":5,"q":"With the exception of general stablecoin holders subject to specific regulatory requirements such as those in the European Union, the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers.","u":"https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":8,"q":"Circle Internet Financial, LLC owns one hundred percent of the equity interests in the Fund represented by the Fund’s Net Asset Value (the “NAV”), held on behalf of USDC holders. | Cash held at regulated financial institutions 10,607,410,596","u":"https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20July%2026%20(1).pdf","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":4,"q":"Circle reserves the right to “block” certain USDC addresses and, if such addresses are Circle custodied addresses, freeze associated USDC (temporarily or permanently) that it determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Terms…","u":"https://www.circle.com/legal/usdc-terms","d":"2026-09-29"}},"fdusd":{"counterparty_and_insolvency_rank":{"s":2,"q":"FDD Reserves are owned beneficially by FD121. While FD121 may hold the FDD Reserves in interest-bearing accounts or other yield-generating instruments, you acknowledge that you are not entitled, whether by way of contract, trust or otherwise, to such assets or any interest or other returns…","u":"https://firstdigitallabs.webflow.io/legal/fdd-terms","d":"2026-09-29"},"redemption_right_exercised":{"s":3,"q":"FD121 endeavors to buy 1 FDD for 1 Dollar however your ability to sell 1 FDD to us for 1 Dollar is conditional on (i) your possession of a corresponding amount of FDD, (ii) you maintaining a FD121 Account, (iii) no violation of these Terms and the FD121 Account User Agreement, and (iv) no…","u":"https://firstdigitallabs.webflow.io/legal/fdd-terms","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":6,"q":"which are held and managed by a related party, being a public trust company registered in Hong Kong and a custodian for the Company | Our work is substantially less in scope than an audit conducted in accordance with “International Standards on Auditing” issued by the IAASB.","u":"https://cdn.prod.website-files.com/675ab99bf1f7ea944d49a55b/6aa8fb9c867332b394838288_Attestation%20Report%20on%20Reserves%20Account%20August%202026.pdf","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":4,"q":"To the extent you do not have a FD121 Account but hold FDD, these Terms still apply to your holding and use of FDD where applicable.","u":"https://firstdigitallabs.webflow.io/legal/fdd-terms","d":"2026-09-29"}},"dai":{"counterparty_and_insolvency_rank":{"s":2,"q":"You acknowledge that stablecoins, including USDS, may not maintain their intended peg to any fiat currency at all times. Stablecoins may not be fully or adequately collateralized, and may be subject to de-pegging events, bank runs, or sudden loss of value.","u":"https://docs.sky.money/legal/skybase-international/terms-of-use","d":"2026-09-29"},"redemption_right_exercised":{"s":4,"q":"Fees have not been activated for DAI → USDC and USDC → DAI. | Fees could change in the future.","u":"https://developers.skyeco.com/protocol/liquidity/litepsm/","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":2,"q":"Publisher: BA Labs / Block Analitica. | Status: independent analytics, not official protocol documentation.","u":"https://financial.skyeco.com/markdown/index.md","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":5,"q":"function mint(address usr, uint wad) external auth { | \"proxyResolution\":{\"isProxy\":false,\"proxyType\":null,\"implementations\":[]}","u":"https://sourcify.dev/server/v2/contract/1/0x6B175474E89094C44Da98b954EedeAC495271d0F?fields=sources,proxyResolution","d":"2026-09-29"}},"usdt":{"counterparty_and_insolvency_rank":{"s":2,"q":"Tether Tokens are not legal tender and are not backed by any Government or protected through any insurance provided by Tether or any of its Affiliates. | The Reserves are comprised of cash, cash equivalents and other assets and may include loan receivables and other assets from Affiliates.","u":"https://tether.to/en/legal","d":"2026-09-29"},"redemption_right_exercised":{"s":3,"q":"Minimum Tether Token acquisition or redemption amount 100,000 USD | Fee per redemption The greater of $1,000 or 0.1%","u":"https://tether.to/en/fees","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":2,"q":"This report does not represent the financial statements of the Company but discloses financial information extracted from its accounting records. | The “Other Investments” category comprises other investments within the Reserves that do not meet any of the criteria set out in the other categories.","u":"https://assets.ctfassets.net/vyse88cgwfbl/2kYf7r64h3tzwiu6F0CbUB/2997abd2f11ecea74a21528048b50707/Opinion___Report_-_Tether_International_Financial_Figure_30-06-2026.pdf","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":5,"q":"freezing or confiscation of any Fiat, funds, property, proceeds, Tether Tokens or any Digital Tokens in any Tether Tokens Wallet or other User Wallet; blacklisting any Digital Tokens Address which holds Tether Tokens","u":"https://tether.to/en/legal","d":"2026-09-29"}},"gho-aave":{"counterparty_and_insolvency_rank":{"s":1,"q":"We do not act as your broker, exchange, lender, borrower, counterparty, agent, adviser, trustee or fiduciary in connection with your use of the Protocol. | We do not take possession, custody or control of your digital assets or funds.","u":"https://aave.com/terms-of-service","d":"2026-09-29"},"redemption_right_exercised":{"s":3,"q":"eth_call at Ethereum block 26082183: GSM_USDT 0x882285E62656b9623AF136Ce3078c6BdCc33F5E3 getAvailableLiquidity() = 16136899348701 (16,136,899.348701 waEthUSDT), getGhoAmountForBuyAsset(16136899348701) ghoAmount = 19,012,821.45 GHO, getFeeStrategy() = 0x06fbDE909B43f01202E3C6207De1D27cC208AcC1…","u":"https://ethereum-rpc.publicnode.com","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":2,"q":"Every GHO is backed by more than $1 of crypto held inside Aave. | GHO is Aave's USD stablecoin — backed by crypto held in the protocol, with reserves always greater than supply.","u":"https://aave.com/gho","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":6,"q":"In case the price of the exogenous token deviates from a determined ratio, the freeze role can be utilized by the Aave DAO or assigned to an entity (autonomous agents or contracts) to respond and halt conversions.","u":"https://aave.com/docs/ecosystem/gho.md","d":"2026-09-29"}},"usde":{"counterparty_and_insolvency_rank":{"s":1,"q":"USDe is a digital token issued by Ethena BVI. USDe issued by Ethena BVI is a form of stored value or prepaid access and does not represent a claim, participation interest, economic right, voting right, or other similar right associated with Ethena BVI or any of its affiliates.","u":"https://docs.ethena.fi/resources/usde-terms-and-conditions.md","d":"2026-09-29"},"redemption_right_exercised":{"s":1,"q":"If you are a Holding User, you do not have a right to redeem USDe with Ethena BVI. | Ethena BVI (or an affiliate designated by Ethena BVI) commits to redeem 1 USDe for the notional value relating to its pro rata portion of the USDe Reserves in supported digital assets, up to a maximum amount of 1…","u":"https://docs.ethena.fi/resources/usde-terms-and-conditions.md","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":3,"q":"USDe is backed by an amount of spot crypto assets, such as BTC, ETH, SOL, certain liquid staking tokens, certain stablecoins (such as USDC, USDT, and USDtb), and offsetting hedging positions on derivatives contracts the (“USDe Reserves”).","u":"https://docs.ethena.fi/resources/usde-terms-and-conditions.md","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":7,"q":"Ethena BVI reserves the right to “block” certain USDe addresses of Mint Users that it determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Terms (“Blocked Addresses”).","u":"https://docs.ethena.fi/resources/usde-terms-and-conditions.md","d":"2026-09-29"}},"usds-sky":{"counterparty_and_insolvency_rank":{"s":1,"q":"You understand, acknowledge and agree that neither we, nor any of our affiliates, are party to any transaction on the Sky Protocol or Other Protocol. | You acknowledge that stablecoins, including USDS, may not maintain their intended peg to any fiat currency at all times.","u":"https://docs.sky.money/legal/skybase-international/terms-of-use","d":"2026-09-29"},"redemption_right_exercised":{"s":4,"q":"Governance can set either tin or tout to the value of type(uint256).max , halting sellGem and buyGem transactions respectively on the LitePSM. Transactions would be halted for both public and authorized users.","u":"https://developers.sky.money/guides/psm/litepsm/","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":1,"q":"Publisher: BA Labs / Block Analitica. | Status: independent analytics, not official protocol documentation.","u":"https://financial.skyeco.com/markdown/index.md","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":5,"q":"It is designed with upgradeability in mind, using the UUPS pattern and ERC-1967 proxy storage standards.","u":"https://developers.sky.money/protocol/tokens/usds/","d":"2026-09-29"}},"tusd":{"counterparty_and_insolvency_rank":{"s":1,"q":"TrueUSD tokens are not financial instruments and the Company may not be regulated as a financial institution in your jurisdiction. | There may be a risk of loss to these funds associated with the solvency of such Banking Partners holding such funds or other factors.","u":"https://app-cdn.tusd.io/static/js/4464.9b870b98.chunk.js","d":"2026-09-29"},"redemption_right_exercised":{"s":3,"q":"The Platform is only intended to facilitate such mints and redemptions and the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars.","u":"https://app-cdn.tusd.io/static/js/4464.9b870b98.chunk.js","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":2,"q":"Our procedures are limited to Total TrueUSD issued tokens and USD Denominated Collateral held in accounts. | Also, there is ongoing litigation between the Company and the Hong Kong Depository Institution in relation to the redemption of the fund, which may suggest potential liquidity and credit…","u":"https://widget.verinumus.io/api/v1/tusd/report?tokens=[TrueUSD]","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":3,"q":"This includes, but is not limited to, replacing the existing TrueUSD smart contracts with new smart contracts or moving any TrueUSD token to a new blockchain.","u":"https://app-cdn.tusd.io/static/js/4464.9b870b98.chunk.js","d":"2026-09-29"}},"frax":{"counterparty_and_insolvency_rank":{"s":2,"q":"You agree that the laws of the Cayman Islands, without regard to the principles of conflict of laws, govern these Terms. | Frax is a fractional-algorithmic stablecoin.","u":"https://net.frax.com/terms","d":"2026-09-29"},"redemption_right_exercised":{"s":3,"q":"eth_call at Ethereum block 26082258: FrxUSDCustodianUsdc proxy 0x4F95C5bA0C7c69FB2f9340E190cCeE890B3bd87c totalAssets() = 0, asset() = USDC 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48, previewRedeem(1e18) = 1000000; USDC.balanceOf(0x4F95C5bA0C7c69FB2f9340E190cCeE890B3bd87c) at block 26082253 = 0…","u":"https://ethereum-rpc.publicnode.com","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":3,"q":"Through partnerships with BlackRock and Superstate, frxUSD maintains full transparency of its U.S. Treasury fund reserves. Each frxUSD is backed by verifiable institutional-grade assets, with regular audits and reporting from industry-leading firms.","u":"https://docs.frax.com/frxusd","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":3,"q":"function burn(address _owner, uint256 _amount) external onlyOwner { | function freeze(address _owner) external { | /// @dev Owner can bypass pause and freeze checks","u":"https://sourcify.dev/server/v2/contract/1/0x0000000048D2c8baf31742f6765383278BAda4d5?fields=sources","d":"2026-09-29"}},"rlusd":{"counterparty_and_insolvency_rank":{"s":5,"q":"By obtaining, holding or otherwise using RLUSD, you understand and expressly agree to these Terms with SCTC. | Subject to Applicable Law, SCTC shall maintain the Reserve in accounts that are segregated from SCTC’s other assets | Additionally, for the avoidance of doubt, Ripple does not provide any…","u":"https://ripple.com/legal/stablecoin/","d":"2026-09-29"},"redemption_right_exercised":{"s":5,"q":"Sending RLUSD to another blockchain address automatically transfers and assigns to that holder, and any subsequent holder, the right to redeem RLUSD for an equivalent amount of U.S. dollars from Ripple so long as the holder of such RLUSD is eligible to, and does, become a Customer.","u":"https://ripple.com/legal/stablecoin/","d":"2026-09-29"},"reserve_and_assurance_scope":{"s":8,"q":"Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants | In our opinion, management’s assertion that the RLUSD Reserve Report is presented in accordance with the criteria set forth therein as of the Report Dates…","u":"https://cdn.sanity.io/files/ior4a5y3/production/42b2ca149329bbf0e34d5d687d30cbb750eea6b8.pdf","d":"2026-09-29"},"seizure_and_upgrade_authority":{"s":5,"q":"The User agrees that Ripple may blacklist digital addresses holding RLUSD, with or without advance notice. | User understands and agrees that Ripple may blacklist digital wallets holding RLUSD and that User may lose the entirety of their RLUSD.","u":"https://ripple.com/legal/stablecoin/","d":"2026-09-29"}}}}