US-Regulated Stablecoin Index
Dollar stablecoins whose issuers hold a top-tier US charter — an NYDFS limited-purpose trust or a federal OCC national trust, with a PCAOB-registered auditor and a current attestation. Scored on the same four-dimension rubric as the full stablecoin market.
Measured supply
$80.24B
▲ 13.7% / 25d
Quality score
84.94
▲ 0.09 / 25d
Institutional grade
$78.95B
98% 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 trust 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.
OCB Index
US-Regulated Stablecoin Index
The members
Every member’s issuing entity and US charter sit in the table beside its measured supply, index weight, and score. Membership is set by the charter; 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.
$73.62B
16 chains
$2.75B
3 chains
$2.39B
2 chains
$1.25B
1 chain
$39.57M
1 chain
$27.47M
1 chain
The inclusion rule
A constituent is included if, and only if, all three hold:
Inclusion requires a top-tier US charter — an NYDFS trust or an OCC national trust.
A stablecoin enters this index when its issuer holds a New York limited-purpose trust charter or a federal OCC national trust charter. Both impose fiduciary reserve, custody, and examination obligations. USDC, PYUSD, USDP, RLUSD, GUSD, and USDGO clear it; the two largest stablecoins by supply do not, and are measured in the broader Stablecoin Quality Index instead.
A PCAOB-registered auditor must attest the reserves.
The charter admits the issuer; a PCAOB-registered auditor attesting the reserve is the second gate. An issuer with the right charter 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.
- Six issuers clear a top-tier US charter — USDC, PYUSD, RLUSD, USDP, GUSD, and USDGO — 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.
A charter is not a score