US-Regulated Stablecoin Index
Dollar stablecoins whose issuers hold top-tier US regulatory standing — an NYDFS limited-purpose trust, a federal OCC national trust, or a NYDFS BitLicense with state money-transmitter licences — with a PCAOB-registered auditor and a current attestation. Scored on the same four-dimension rubric as the full stablecoin market.
Measured supply
$79.53B
▼ 0.8% / 30d
Quality score
83.64
▼ 5.91 / 30d
Institutional-grade
$75.43B
95% of supply · score ≥ 70
Constituents
6
6 of 6 scored
Index level — quality, not size
The level is not a capital total — dollar amounts and their movement live in the strip above. It is the supply-weighted quality score of every constituent, on the 0–100 rating scale, recomputed daily. It rises when constituents score better or supply shifts toward stronger issuers, and falls when either reverses.
Insight
PYUSD (68/100) sits within 4 pts of the institutional-grade bar — $2.80B would cross on a score upgrade.
Constituents within 4 points of the institutional-grade bar · Oct 16, 2026
OCB Index
US-Regulated Stablecoin Index
The members
Every member’s issuing entity and US regulatory basis sit in the table beside its measured supply, index weight, and score. Membership is set by that standing; the score reports how each issuer measures against the rubric once inside it.
Where it lives
Each member’s supply is read from every chain it mints on — native issuance only, so bridged copies never double-count the Ethereum-locked supply they re-issue. The composition below is the onchain footprint behind the headline number.
$72.62B
18 chains
$2.82B
3 chains
$2.42B
2 chains
$1.27B
1 chain
$36.12M
1 chain
$21.80M
1 chain
The inclusion rule
A constituent is included if, and only if, all three hold:
Inclusion requires top-tier US regulatory standing — a trust charter, or a BitLicense with state money-transmitter licences.
A stablecoin enters this index when its issuer holds a New York limited-purpose trust charter, a federal OCC national trust charter, or a NYDFS BitLicense together with state money-transmitter licences. PYUSD, USDP, RLUSD, GUSD and USDGO clear it on a trust charter; USDC clears it on Circle's BitLicense and state money-transmitter licences. The largest stablecoin by supply, USDT, does not, and is measured in the broader Stablecoin Quality Index instead.
A PCAOB-registered auditor must attest the reserves.
Regulatory standing admits the issuer; a PCAOB-registered auditor attesting the reserve is the second gate. An issuer with the right standing but no PCAOB attestation is excluded until the attestation exists — the requirement is mechanical, not discretionary.
The most recent attestation must be current, not historical.
The rubric
Each member earns up to 25 points on each dimension, independent of issuer self-reporting. The band a member lands in follows directly from the total.
The four dimensions
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.
Methodology
The four dimensions, the equal 25-point weights, the institutional-grade band at 70, and the exclusion rules are the OCB stablecoin rubric. The index aggregates each member’s supply-weighted score into a daily 0–100 level. Any analyst applying the same rubric to the same onchain evidence should arrive at the same number; methodology changes are version-bumped and logged publicly.
Regulated coverage
The regulated set, four dimensions, one framework.
- 6 stablecoins in the index clear the top-tier US regulatory bar — USDC, PYUSD, RLUSD, USDGO, GUSD, and USDP — each scored under the same published rubric as the full market.
- Each instrument is evaluated independently on Reserve Quality, Redemption Depth, Holder Concentration, and Transparency — four equal-weight 25-point dimensions.
Standing is not a score