Stablecoin Health Index · Jul 7, 2026Calibrating
$66.57B of stablecoins clear the health bar.
Native deployments across seven chains · methodology v1.1-stablecoin
The OCB Stablecoin Health Index tracks, daily, the supply-weighted health of the stablecoin market across six covered instruments. Every instrument is evaluated on four published dimensions: reserve quality, redemption depth, holder concentration, and transparency. Supply backed by an instrument scoring 80 or above is counted as Healthy Capital. The remainder is observed, tracked, and reported — but has not cleared the bar. The Index publishes the Healthy Capital figure, the coverage gap, and the trajectory over time.
Stablecoin Health measures
Composition and chain-verifiability of what backs supply. Cash + T-bills with onchain-readable composition scores highest; synthetic crypto-collateral scores lower.
Genuine ability to exit — issuer direct redemption and DEX onchain depth at 1% slippage. A joint-path bonus applies when both paths exist.
Top-10 holder share post-exclusion of known exchange and protocol addresses. Lower concentration scores higher.
Attestation freshness, disclosure consistency over trailing 180 days, and regulatory standing. Voluntary-attestation cap applies at 19.
Health bands
Over $150 billion in stablecoins circulate today.
- —They are the primary settlement layer for onchain finance.
- —But not all of that supply is equally sound.
- —Some stablecoins hold their reserves in audited, verifiable assets and offer clear redemption paths. Others do not.
- —When capital moves onchain, the market needs a way to tell the difference.
Health measured across four parts.
- —What backs the supply and whether it can be independently verified.
- —The depth of real exit paths available to holders.
- —How concentrated ownership is across the top wallets.
- —How consistently the issuer publishes reserve disclosures.
- Supply in instruments that clear every check counts as Healthy Capital.
What the supply is made of
The stablecoin mix.
Covered stablecoin supply is concentrated in a handful of instruments. The mix below shows each instrument’s share of the total supply OCB tracks — the shape of the market the health score is measured against.
Share of covered supply · Jul 7, 2026
| USDT |
How Stablecoin Health narrows from the covered market
Tokenized stablecoins actively covered by OCB — USD-pegged, fiat-backed or collateralized instruments with a verifiable onchain supply.
Six instruments ingested daily across Ethereum and, where active, Tron. Supply and holder data normalized to a common standard for comparison.
Instruments with enough clean, consistent data across all four dimensions for the rubric to produce a stable read.
Instruments scoring 80 or above across reserve quality, redemption depth, holder concentration, and transparency are counted as Healthy Capital.
What makes this view different
Most stablecoin market data reports total supply. OCB applies a published rubric to onchain evidence — independent of issuer self-reporting — and separates the supply that clears a structured health bar from the supply that does not.
Six instruments, four dimensions, one framework.
- —USDC, USDT, PYUSD, USDe, USD0, and USDB scored under a published rubric.
- —Each instrument evaluated independently on Reserve Quality, Redemption Depth, Holder Concentration, and Transparency — four equal-weight 25-point dimensions.
What's in reserve matters as much as whether a reserve exists.
- —Reserve Quality scores the composition and chain-verifiability of what backs supply — not just that an attestation was published.
- —Cash + T-bills with onchain-verifiable composition scores 25. Delta-neutral synthetic with a buffer mechanism scores 12. Opaque or aggregate-only attestation scores 6.
Published, versioned, and change-controlled.
- Scores compute daily. Every methodology change increments the version, logs a public changelog entry, and marks the chart with a vertical marker.
What it’s made of
Six stablecoins, one rubric.
Each card shows the composite health score and the four dimension bars behind it. The reader can see not just the final band, but where each instrument scores and loses points against the rubric. Supply figures weight the index; instruments with more supply move the aggregate more when their scores change.
Constituent data — full table
Where the supply lives
The $154.47B headline is 7 chains, not one.
Methodology v1.1-stablecoin aggregates native-mint supply across every chain an issuer officially deploys to — never bridged variants, which would double-count Ethereum-locked supply. Each bar below is one stablecoin’s total supply, split by chain. USDT lives roughly half on Ethereum and half on Tron; USDC is Ethereum-dominant with material Solana, Base, and Arbitrum deployments; PYUSD is Solana-first today.
$192.04B
4 chains
$66.57B
6 chains
$692M
1 chain
Why bridged variants don’t appear
Bridged representations (USDC.e on Avalanche, USDbC on Base, community-bridged USDT on Polygon, etc.) are excluded from this breakdown — and from the index headline. They represent Ethereum-locked supply that’s been re-issued by a bridge, not new issuance. Counting both would double the headline. Methodology v1.1-stablecoin filters on deployment_supply_kind = ‘native_mint’ to enforce this.
Structural facts you should know
Three structural facts to read this Index correctly.
Stablecoin Health reflects what is measurable today — not an exhaustive assessment of every risk a stablecoin carries. Where issuers have not established a disclosure norm, where coverage is engineering-pending, or where the market structure limits the signal, OCB observes without overstating what the score proves. Each item below is a fact about the present state of the market.
Attestation cadence
Reserve attestation frequency varies significantly across issuers.
Circle attests USDC reserves daily; Paxos attests PYUSD monthly under NYDFS oversight; Tether publishes quarterly consolidated reports. The Transparency dimension weights freshness (sub-signal A) and consistency over trailing 180 days (sub-signal B) to reflect this variation in the score — instruments with daily disclosure cadence score demonstrably higher than instruments with quarterly cadence, all else equal. The cadence gap between the best and worst performers in this cohort is a market signal, not a footnote.
Algorithmic stablecoins
Algorithmic-only stablecoins are excluded by population definition.
v1.0 has no defensible benchmark for pure-algorithmic backing following the Terra/UST collapse in May 2022. The rubric is built around Reserve Quality — the composition and chain-verifiability of what backs the supply — and requires a verifiable reserve surface to score. Instruments with no credible collateral evidence score Reserve Quality 0 and cannot clear the Healthy threshold. A separate methodology extension is required before any algorithmic instrument can be added to the scored population.
How it’s computed
The rubric is published and reproducible.
The full scoring rubric — the four dimensions, the tier tables within each, the equal 25-point weights, the band threshold at 80, the exclusion rules — is OCB Stablecoin Health Methodology v1.0-stablecoin. The Index aggregates supply across instruments that clear the 80-point bar. Any analyst applying the same rubric to the same onchain evidence should arrive at the same number. Methodology changes are version-bumped, marked on the chart, and logged in the public changelog.
The four dimensions, weighted
Cite: OnChain Benchmark (OCB). OCB Stablecoin Health Index, methodology v1.0-stablecoin. Published daily. Retrieved from onchainbenchmark.com/index/stablecoin-health.
Read the methodology →