OCB Reference/Stablecoins
Which stablecoins are fully backed — and how would you know?
"Backed" is a claim until you can check it. What separates the well-reserved, transparent stablecoins from the rest is measurable — reserve quality, redemption depth, transparency, and how few wallets hold them. Here's how real stablecoins score.
OnChain Benchmark · Reference · figures update live
A stablecoin is only as good as its reserves, your ability to redeem at par, and how openly the issuer reports — and each of those is measurable. OnChain Benchmark scores stablecoins on four things, each 0–25 for a 0–100 composite: reserve quality (cash and T-bills versus riskier collateral), redemption depth (can you exit at par, with the issuer and onchain?), transparency (attestation freshness, consistency, and regulatory standing), and holder concentration (broadly held, or a few large wallets). The higher the composite, the more of the "is it backed?" question is verified.
Every stablecoin says it's backed. The useful question is how much of that you can check — the quality of what sits behind each token, whether you can always get a dollar back for it, and how openly the issuer proves it. Those are measurable, so "fully backed" stops being a slogan and becomes a score you can compare across coins.
What makes a stablecoin sound?
- Reserve quality
- What backs each token — cash and short-dated Treasuries are the strongest; commercial paper, crypto collateral, or undisclosed reserves rate lower.
- Redemption depth
- Can you reliably exit at par — directly with the issuer and through onchain venues — and how deep is that path when everyone wants out at once?
- Transparency
- How fresh and consistent the reserve attestations are, and the issuer's regulatory standing — a monthly PCAOB-audited attestation is not the same as a quarterly self-report.
- Holder concentration
- Whether the coin is broadly held or sits in a few large wallets, which shapes how it behaves under a rush to redeem.
How do real stablecoins score?
Here is the rubric applied to major stablecoins, read live from current data — a single composite so you can compare backing and transparency side by side:
Current quality scores · read live
Is a high score the same as "fully backed"?
It's the closest thing to a checkable answer. A high composite means the reserves are high-quality, redemption is deep, the attestations are fresh and consistent, and ownership isn't dangerously concentrated — the four things "fully backed and safe to hold" depends on. Where a piece can't be verified, the rubric reflects that in the score rather than assuming the best. The full methodology is on the methodology page.
- Which stablecoins are fully backed?
- The best-reserved stablecoins hold cash and short-dated Treasuries, publish fresh third-party attestations, offer deep redemption at par, and are broadly held. OnChain Benchmark scores each stablecoin on reserve quality, redemption depth, transparency, and holder concentration (each 0–25, a 0–100 composite) so 'fully backed' becomes a comparable score rather than a claim.
- How can you tell if a stablecoin is backed?
- Check four things: reserve quality (cash and T-bills vs riskier collateral), redemption depth (can you exit at par, with the issuer and onchain), transparency (attestation freshness and regulatory standing), and holder concentration. Reserves and attestations come from the issuer's disclosures; redemption venues and holder distribution are observable onchain.
- What is the most transparent stablecoin?
- Transparency is one of the four scored dimensions — it rewards fresh, consistent, independently-audited reserve reporting and strong regulatory standing. The stablecoins scoring highest on transparency publish frequent PCAOB-grade attestations under a recognized regulator, rather than infrequent self-reports.
- Do stablecoins use the same rating as tokenized treasuries?
- The same four-dimension, 0–100 architecture, but with a stablecoin-specific rubric: reserve quality, redemption depth, transparency, and holder concentration (a tokenized treasury uses disclosure quality, redemption liquidity, structural trust, and holder concentration). Both produce a comparable 0–100 composite.
Last reviewed Sep 4, 2026 · figures read live