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01Today's reading
02Composition
03Coverage gaps

OCB Stablecoin Quality Index · Dashboard

Read the editorial ↗
OCB Stablecoin Quality Index·01·Today

Today's reading of the Stablecoin Quality Index.

Verified Capital

$82.93B
24h−0.30%
7d−0.98%
30d+22.87%

Coverage

$385.19B

24h+0.07%
7d−0.14%
30d+44.55%

Verified ratio

21.53%

24h−0.37%
7d−0.85%
30d−15.00%

Health score (idx)

67.24

24h−0.03%
7d−0.09%
30d+3.46%

OCB Stablecoin Quality Index

Verified Capital · Change over time

Verified Capital +22.9% · Coverage +44.6% this month.

Window
Series
ONCHAIN
BENCHMARK
Verified Capital
Coverage
$40.9B$133.7B$226.5B$319.3B$412.1BJun 27, 2026Jul 5, 2026Jul 12, 2026Jul 20, 2026Jul 27, 2026
Source: OCB Stablecoin Quality Index · onchainbenchmark.comUpdated Jul 27, 2026
OCB Stablecoin Quality Index·02·Composition

The stablecoin mix, then each constituent's dimension scores.

71%USDTUSDT 71%USDC 25%USDe 2%
OCB Stablecoin Quality Index·03·Coverage gaps

What's blocking each constituent from clearing the healthy threshold.

InstrumentScoreGapBlockerAction that would close
USDTTether
63.1+16.9Reserve attestation cadence: quarterly. Auditor (BDO Italia) is not PCAOB-registered.→ Issuer publishes reserve attestations on at least a monthly cadence with a PCAOB-registered auditor.
USDeEthena Labs
54.2+25.8Offchain delta-neutral positions across centralized exchanges are not publicly readable. The onchain USDC/USDT buffer captures only a portion of the backing.→ Issuer publishes verifiable attestations of the offchain delta-neutral collateral and hedge positions.
USD0Usual Money
63.5+16.5Reserve composition is not published at a single canonical URL. Custody addresses holding the rebalanced backing assets are not enumerated in a public contract or feed.→ Issuer publishes a canonical reserve composition page that enumerates all custody addresses.
USDBBridge (Stripe)
——USDB contract addresses are not publicly disclosed. No reserve attestation has been published.→ Issuer publishes USDB contract addresses and a recurring reserve attestation.
IndexesInstrumentsDataResearchAPI Keys
PYUSD 1%RLUSD 1%Other (5) 1%

Share of covered supply

USDT$190.7B71.2%
USDC$66.5B24.9%
USDe$4.8B1.8%
PYUSD$2.7B1.0%
RLUSD$1.6B0.6%
Other (5)$1.5B0.6%
Total covered supply$267.7B
TickerIssuerScoreBandCapitalΔ 30dLimitingTraceDrill
USDTTether63.1DEVELOPING$190.69B−$1.39B
Reserve quality6/25
+
USDCCircle83.0INSTITUTIONAL$66.55B−$945M
Redemption depth19/25
+
USDeEthena Labs54.2LIMITED$4.77B+$301M
Concentration4/25
+
PYUSDPaxos64.0DEVELOPING$2.66B+$192M
Concentration4/25
+
RLUSDRipple (Standard Custody & Trust Co.)73.0INSTITUTIONAL$1.59B—
Concentration14/25
+
GHOAave DAO21.8LIMITED$649M+$50M
Transparency2/25
+
USD0Usual Money63.5DEVELOPING$553M−$400K
Concentration4/25
+
FRAXFrax Finance27.8LIMITED$222M−$18M
Transparency2/25
+
GUSDGemini Trust Company50.0LIMITED$39M—
Redemption depth0/25
+
USDPPaxos64.0DEVELOPING$30M—
Redemption depth0/25
+