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—Stablecoin Quality
01How it's moving
02How the tiers work
03Constituents
04Where it lives
05Perimeter
06Methodology
OnChain Benchmark/Indices/Quality/Stablecoin Quality
OnChain Benchmark Stablecoin IndicesLive · Oct 30, 2026

OnChain Benchmark Stablecoin Quality

$85.1BInstitutional-grade capitalScoring ≥70 · 30.3% of coverage · includes carried figures

Measuring the quality of stablecoin supply — not just how much exists, but how much is backed, redeemable, and transparent enough to clear a published rubric applied to onchain evidence.

Institutional-grade capital

$85.1B

Scoring ≥70 · 30.3% of coverage · includes carried figures

Coverage

$281.1B

Tokenized stablecoin supply under OnChain Benchmark coverage · includes carried figures

This index has not published a new level since Oct 30, 2026 (2 days). It publishes only when every constituent has a current score; when one cannot be scored, it holds at its last published level rather than publishing a narrowed basket that would not be comparable to the days either side of it. The level shown is that last published value, not an estimate.

The OnChain Benchmark Stablecoin Quality Index tracks, daily, the supply-weighted quality of the stablecoin market across 15 covered instruments. Every instrument is evaluated on its measured dimensions among four published ones: reserve quality, redemption depth, holder concentration, and transparency. Supply backed by an instrument scoring 70 or above is counted as Institutional-Grade Capital; the remainder is tracked separately. The Index publishes the Institutional-Grade Capital figure, the coverage gap, and the trajectory over time. Native deployments are aggregated across 46 chains drawn from the measured legs of 10 of 15 members (methodology v2.3-ocb).

01

How it's moving

Institutional-Grade Capital against the covered universe.

Institutional-Grade Capital (≥70) is the supply that clears the rubric; Coverage is the full tracked stablecoin universe. The gap between them is supply we track but that hasn't met the standard — each gap dollar has a specific issuer-side action that would close it.

OnChain Benchmark Index

OnChain Benchmark Stablecoin Quality Index

Institutional-grade capital measured against the full tracked universe of stablecoins.

Index level 67.5

First reading · OCT 30, 2026

History starts at the first close, Oct 30, 2026.

Methodology v2.3-ocb

Coverage

OnChain Benchmark tracks stablecoin reserve quality, redemption depth, holder concentration, and transparency across every stablecoin in the index. Data updated daily.

USDT USDC USDS Other (12)
Why this matters

Hundreds of billions of dollars 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.
How we measure health

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 scoring 70 or above counts as Institutional-Grade Capital.
02

How the quality tiers work

From the OnChain Benchmark-tracked stablecoin market to the institutional-grade subset.

Every covered stablecoin is scored on the composite. Instruments scoring ≥70 on the measured dimensions are counted as Institutional-Grade Capital — the supply the Index aggregates.

01OnChain Benchmark-tracked market

Tokenized stablecoins actively covered by OnChain Benchmark — USD-pegged, fiat-backed or collateralized instruments with a verifiable onchain supply.

02Observed

Supply and holder data ingested daily across each issuer's native deployments, normalized to a common standard for comparison.

03Scored

Instruments the rubric scores on their measured dimensions to produce a composite quality score.

04Institutional Grade ≥70

Instruments scoring 70 or above across reserve quality, redemption depth, holder concentration, and transparency are counted as Institutional-Grade Capital.

What makes this view different

Most stablecoin market data reports total supply. OnChain Benchmark applies a published rubric to onchain evidence — independent of issuer self-reporting — and separates the supply that clears a structured verified threshold from the supply that does not.

Stablecoin coverage

15 stablecoins, four dimensions, one framework.

  • —Every stablecoin in the index is scored under one published rubric; the full roster is listed in the constituents table below.
  • —Each instrument evaluated independently on Reserve Quality, Redemption Depth, Holder Concentration, and Transparency — four equal-weight 25-point dimensions.
Reserve transparency

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.
Daily methodology

Published, versioned, and change-controlled.

  • —Scores compute daily. Every methodology change increments the version and is logged in the public changelog.
03

What it's made of

Every constituent, its score, band, and four dimensions.

The full scored roster, richest first. Each row carries the composite score, the public quality band, and the four dimension scores that compose it — reserve quality, redemption depth, holder concentration, and transparency. Sort any column, or filter by instrument.

As of Oct 30, 2026
Stablecoin Quality constituents — score, band, four dimensions, and supply
InstrumentIssuerScore / 100TierReserveRedemptionHoldersTransp.Supply▼
USDTTether60.0Developing6.018.0Not measured yet19.0$180.0B
USDCCircle85.3Verified Capital23.022.0Not measured yet19.0$71.7B
USDSSky (formerly MakerDAO)59.1Developing18.025.09.07.1$6.6B
DAISky (formerly MakerDAO)75.1Institutional-grade18.025.025.07.1$4.7B
USDeEthena68.0Developing12.013.0Not measured yet19.0$4.5B
USD1World Liberty Financial69.7Developing23.013.0Not measured yet15.4$3.9B
PYUSDPaxos / PayPal80.0Institutional-grade23.018.0Not measured yet19.0$3.1B
USDGPaxos Digital Singapore75.0Institutional-grade23.013.020.019.0$3.0B
RLUSDRipple82.7Institutional-grade23.018.014.019.0$2.6B
USD0Usual53.2Developing18.022.09.020.5$541.4M
FDUSDFirst Digital61.3Developing18.018.09.016.3$300.4M
GUSDGemini Trust Company64.5Developing23.013.09.023.0$35.7M
XUSDStraitsX50.6Limited18.013.04.015.6$34.2M
EUReMonerium70.8Institutional-grade18.022.022.08.8$29.2M
USDPPaxos83.0Institutional-grade23.019.022.019.0$20.8M
04

Where the supply lives

Where the supply lives, chain by chain.

Methodology v2.3-ocb 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.

Each bar draws the measured chain legs at this close; its shares are of measured supply. Measured legs sum $268.8B against the $281.1B headline; $12.3B of the headline is not in a measured leg. Not measured at this close: GUSD: no chain legs in the record at this close; PYUSD: no chain legs in the record at this close; RLUSD: no chain legs in the record at this close; USD0: BNB Chain, Base, Arbitrum not measured; USDP: Solana not measured; USDS: Ethereum, Solana, Arbitrum not measured; USDT: Liquid Network not measured.

USDT

$180.0B

12 chains

Tron$92.4B51.4%
Ethereum$83.6B46.4%
Solana$2.4B1.3%
TON$500.8M0.3%
Aptos$376.7M0.2%
Avalanche$349.3M0.2%
Kaia$164.0M0.1%
Celo$83.9M<0.1%
Polkadot Asset Hub$37.0M<0.1%
NEAR$36.9M<0.1%
Kava$28.0M<0.1%
Tezos$27.3M<0.1%

Liquid Network not measured. Shares are of measured supply.

USDC

$71.7B

36 chains

Ethereum$47.7B66.6%
Solana$6.8B9.4%
Hyperliquid$6.4B8.9%
Base$4.3B6.0%
Arbitrum$2.5B3.5%
Arc$1.1B1.5%
Polygon$612.8M0.9%
Avalanche$344.2M0.5%
Stellar$304.1M0.4%
Sui$277.1M0.4%
Aptos$240.5M0.3%
Monad$210.1M0.3%
Optimism$142.7M0.2%
Algorand$105.7M0.1%
Sonic$90.2M0.1%
Noble$86.4M0.1%
NEAR$76.5M0.1%
XDC$60.0M0.1%
Ink$50.4M0.1%
X Layer$34.3M<0.1%
Sei$31.3M<0.1%
Polkadot Asset Hub$31.1M<0.1%
Hedera$24.5M<0.1%
Linea$23.9M<0.1%
Morph$22.5M<0.1%
Unichain$20.8M<0.1%
World Chain$15.7M<0.1%
Celo$15.4M<0.1%
Pharos$11.8M<0.1%
ZKsync Era$10.6M<0.1%
Injective$10.6M<0.1%
Cronos$8.5M<0.1%
XRP Ledger$4.8M<0.1%
Codex$4.2M<0.1%
Plume$3.9M<0.1%
Plasma$3.3M<0.1%
DAI

$4.7B

1 chain

Ethereum$4.7B100.0%
USDe

$4.5B

1 chain

Ethereum$4.5B100.0%
USD1

$3.9B

11 chains

Solana$1.4B35.6%
Ethereum$1.3B33.2%
BNB Chain$1.2B29.9%
Aptos$19.5M0.5%
AB Core$18.6M0.5%
Tron$10.1M0.3%
Mantle$2.3M0.1%
Monad$31.3K<0.1%
Plume$1.2K<0.1%
Morph$3<0.1%
X Layer$0<0.1%
USDG

$3.0B

7 chains

X Layer$1.2B39.8%
Robinhood Chain$653.1M21.7%
Solana$613.4M20.4%
Ethereum$420.6M14.0%
Ink$64.8M2.2%
Arbitrum$57.0M1.9%
Mantle$501.1K<0.1%
USD0

$541.4M

1 chain

Ethereum$541.4M100.0%

BNB Chain, Base, Arbitrum not measured. Shares are of measured supply.

FDUSD

$300.4M

6 chains

Ethereum$190.7M63.5%
BNB Chain$57.6M19.2%
Sui$43.6M14.5%
Solana$8.5M2.8%
Arbitrum$44.7K<0.1%
TON$1.1K<0.1%
XUSD

$34.2M

4 chains

BNB Chain$22.0M64.3%
Ethereum$12.1M35.5%
Solana$50.5K0.1%
Polygon$1<0.1%
EURe

$29.2M

7 chains

Gnosis$16.5M56.6%
Arbitrum$6.0M20.5%
Ethereum$3.5M12.0%
Polygon$2.7M9.4%
Noble$252.3K0.9%
Linea$149.4K0.5%
Base$25.9K0.1%
05

What the index does not score

Three structural facts that shape how to read this Index.

Stablecoin Quality scores the four measured dimensions of the perimeter below. Where issuers have not established a disclosure norm, or the market structure limits the signal, those inputs are tracked and shown, not scored. Each item below is a fact about the present state of the market.

Attestation cadence

Reserve attestation frequency varies significantly across issuers.

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.

The current methodology 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 institutional-grade threshold. A separate methodology extension is required before any algorithmic instrument can be added to the scored population.

06

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 institutional-grade band at 70, the exclusion rules — is the OnChain Benchmark Stablecoin Quality Methodology. The Index aggregates supply across instruments that clear the 70-point bar. Any analyst applying the same rubric to the same onchain evidence should arrive at the same number. Methodology changes are version-bumped and logged in the public changelog.

Stablecoin Quality measures

01Reserve qualityWeight 25.0%

Composition and chain-verifiability of what backs supply. Cash + T-bills with onchain-readable composition scores highest; synthetic crypto-collateral scores lower.

02Redemption depthWeight 25.0%

Genuine ability to exit — issuer direct redemption and DEX onchain depth at 1% slippage. A joint-path bonus applies when both paths exist.

03Holder concentrationWeight 25.0%

Top-10 holder share post-exclusion of known exchange and protocol addresses. Lower concentration scores higher.

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Independent · 2026

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Important disclosures

Nothing on this site or in the OnChain Benchmark service is investment, financial, legal, tax, or accounting advice, an offer or solicitation to buy or sell any security, token, or other instrument, or a recommendation, endorsement, or rating of suitability regarding any instrument, issuer, or transaction. Quality ratings, dimension scores, and index values are independent analytical opinions based on the data available to us at the time of computation; they are not statements of fact, guarantees of quality or safety, and not endorsements. Outputs are produced from public sources and third-party data and infrastructure outside our control — including RPC and node providers, indexers, oracle feeds, issuer attestations, auditor reports, and public regulatory filings — any of which may be delayed, unavailable, incomplete, incorrect, manipulated, or revised after the fact. Scores are computed periodically and may not reflect events occurring after the most recent computation. OnChain Benchmark does not warrant that any score, index, or evidence item is accurate, complete, reliable, current, or suitable for any purpose. You are solely responsible for any decision you make using the service, you should not rely on it as the sole basis for any investment, trading, custody, or counterparty decision, and you should conduct your own independent diligence and consult your own qualified professional advisors. To the maximum extent permitted by law, you assume all risk arising from your use of, or reliance on, the service. See our for the complete terms governing your use of the service.

Share of covered supply · Oct 30, 2026

USDT$180.0B64.0%
USDC$71.7B25.5%
USDS$6.6B2.4%
Other (12)$22.8B8.1%
Total covered supply$281.1B
—
How the gap changes

Two things move the chart.

  • —New stablecoin supply joins Coverage right away — but only joins Institutional-Grade Capital if its backing, liquidity, and disclosures meet the bar.
  • —When the gap widens, more supply is flowing in than is clearing the standard.
  • —Each gap dollar has a specific action an issuer would take to close it: publish a verified reserve breakdown, deepen onchain liquidity, or improve attestation cadence.
  • —Historical scores are never silently rewritten. A reader citing a score on any past date will always find the same number.

    • Holder concentration is not yet scored for these names; their scores are on the measured dimensions.

    15 constituents · Methodology v2.3-ocb · Last published · Oct 30, 2026

    How bridged variants are treated

    Bridged representations (USDC.e on Avalanche, USDbC on Base, community-bridged USDT on Polygon) are excluded from this breakdown and from the index headline. They represent Ethereum-locked supply re-issued by a bridge, not new issuance, so counting both would double the headline. Methodology v2.3-ocb filters on deployment_supply_kind = ‘native_mint’ to enforce this.

    DEX depth measurement

    Onchain depth uses absolute dollar thresholds, not a percentage of supply.

    The Redemption Depth dimension's onchain path measures aggregate dollar depth at 1% slippage across configured DEX pools. For stablecoins, percentage-of-supply thresholds are not useful — a supply in the hundreds of billions (USDT) means even 0.1% is hundreds of millions of dollars, while a supply of a few billion (USDe) at the same percentage is a few million. Absolute dollar depth (≥$500M = 24 points; ≥$100M = 21 points, etc.) compares instruments fairly regardless of market cap. The measurement is Ethereum mainnet pools only at launch; Tron-side liquidity for USDT is not yet captured.

    04TransparencyWeight 25.0%

    Attestation freshness, disclosure consistency over trailing 180 days, and regulatory standing. Voluntary-attestation cap applies at 19.

    Score bands

    Verified Capital · ≥ 85Institutional-grade · 70–84Developing · 55–69Limited · < 55

    Cite: OnChain Benchmark. OnChain Benchmark Stablecoin Quality Index, methodology v2.3-ocb. Published daily. Retrieved from onchainbenchmark.com/index/stablecoin-quality.

    Read the methodology →
    Terms of Service

    Previous methodology level

    Series through Oct 29, 2026, under the previous methodology. The index is being republished under the current rules. This is a separate series with its own base, not continued by the level below.

    OnChain Benchmark Index

    Stablecoin Quality Index, previous methodology

    Supply-weighted quality of the constituents under the previous methodology, scored 0–100.
    ONCHAIN
    BENCHMARK
    Window
    INDEX LEVEL 0–100 0 30 60 90 100 Aug 1 Aug 10 Aug 19 Aug 28 Sep 6 Sep 15 Sep 24 Oct 3 Oct 12 Oct 21 65.9
    Source: OnChain Benchmark Stablecoin Quality Index, previous methodology · onchainbenchmark.comRecomputed daily · Aug 1, 2026 → Oct 29, 2026