Independent monthly stablecoin report
Know what backs the stablecoins you use.
Each month we assess the major US-dollar stablecoins across six risk dimensions: peg, reserves, liquidity and redemption, regulation, operations and concentration. Clear grades, the detail behind them, and every figure traced to a dated public source.
Cancel anytime. Opinions under a published methodology, not credit ratings or investment advice.
| Asset | Issuer | Assessment Grade |
|---|---|---|
| USDC | Circle Internet Group | B |
| RLUSD | Ripple | B |
| PYUSD | Paxos Trust Company | B |
| USDG | Paxos | C |
| USDP | Paxos Trust Company | C |
- weighted risk dimensions
- 6weighted risk dimensions
- issues with a change log
- Monthlyissues with a change log
- linked to a dated source
- Every figurelinked to a dated source
- stablecoins and tokens covered
- 11stablecoins and tokens covered
Who it is for
For anyone who holds, uses or follows stablecoins
People who hold or use stablecoins
Before you park savings in a stablecoin or accept one in an app, see how its reserves, redemption terms and peg history compare with the alternatives.
Crypto investors and traders
Track which coins are drifting from their peg, whose reserve reports are getting old and which issuers face new rules, every month.
Fintech, treasury and financial institutions
Compare the coins you might integrate or hold for settlement: issuer, chains, redemption access, freeze capability and regulatory status. Banks and credit unions also get a section on balance-sheet considerations and a due-diligence question set.
Journalists and researchers
A consistent, dated record of reserves, depegs and regulatory milestones, with every figure linked to a public source you can cite.
What is in each issue
The full picture, every month
- 01
Executive summary
What changed this month and why it matters, in plain language.
- 02
Comparative score table
Every covered stablecoin on one page, with Risk Assessment Scores, Assessment Grades, six subscores and confidence.
- 03
Asset profiles
A page per asset: issuer, reserves, redemption rights, chains, peg history, risk factors and evidence.
- 04
Peg and liquidity
Depeg history, current deviation, market depth and how you can actually redeem.
- 05
Reserves
What backs each coin, who checks it, how recent the report is and where the gaps are.
- 06
Regulatory tracker
GENIUS Act implementation and federal and state rulemaking, with dates and sources.
- 07
Watchlist and incidents
New and early-stage tokens before they can be scored, plus material incidents and how we treat them.
- 08
Evidence trail
Every figure traced to a dated, linked source, with the time it was retrieved.
How it differs
More than a single score
| Capability | This report | Free public scores and grades | Blockchain analytics and AML tools |
|---|---|---|---|
| Independent of issuers (no paid coverage or grades) | Yes | Varies | Varies |
| Six risk dimensions, published weights | Yes | Varies | No |
| Monthly cadence with a change log | Yes | Varies; often annual | Continuous data |
| Reserve, redemption and regulatory detail per coin | Yes | Limited | Limited |
| Every figure linked to a dated source | Yes | Varies | Not applicable |
| Plain-English explanations alongside the numbers | Yes | Varies | No |
General categories, not a review of any specific provider. Capabilities of individual providers vary and change over time.
Methodology
Six dimensions, published weights, human sign-off
Each asset receives a Risk Assessment Score from 0 to 100, the weighted sum of six dimension subscores, and an Assessment Grade from A to F. Higher scores indicate lower assessed risk. Each subscore carries a confidence level and a data-coverage measure, so you can see where evidence is thin.
- · Weights and definitions are published and versioned.
- · Tested against historical depeg events before each methodology version is released.
- · An analyst reviews and signs off every issue.
- 20%Peg stability
- 25%Reserve quality
- 20%Liquidity
- 15%Regulatory
- 10%Operational
- 10%Concentration
Assessment Grades are opinions under our published methodology, not credit ratings. NR means Not Assessed.
New to stablecoins?
Stablecoin 101: a free, plain-English primer
A 10-minute guide to what stablecoins are, how they are backed and redeemed, the GENIUS Act, and how they compare with ACH, wires, FedNow, cards and payment apps. Fully sourced.
Sample issue
See a full issue before you subscribe
Preview the current issue online or as a PDF: executive summary, headline grades, the one-page summary, a complete USDC profile and the methodology summary. Free, no card needed.
I'm new to stablecoins. Where should I start?
Start with Stablecoin 101, our free, plain-English primer. It takes about 10 minutes to read and covers what stablecoins are, the GENIUS Act, how they compare with ACH, wires, FedNow, cards and payment apps, and how they relate to bank deposits. Every fact is sourced. Read Stablecoin 101
Is this a credit rating?
No. Risk Assessment Scores and Assessment Grades are our opinions about relative risk, formed by applying a published methodology to the information available on the stated as-of date. They are not credit ratings. The publisher is not an NRSRO or a registered credit rating agency.
Will the report tell me which stablecoin to buy or hold?
No. The report is general, impersonal research: every subscriber receives the same content, and it does not consider your finances, goals or circumstances. It does not give investment advice or personal recommendations. Use it as one input to your own research.
Which stablecoins are covered?
The launch coverage list is about ten US-dollar stablecoins, including USDC, USDT, PYUSD, USDP, USDG, RLUSD, USDS (formerly DAI), FDUSD and GUSD, plus qualitative coverage of early-stage tokens such as CUUSD and TSDA until they can be scored.
How often is it published?
Monthly, on the 1st, by email and in the subscriber portal, with an interim note if a material event (for example a significant depeg, reserve change or enforcement action) affects a covered asset.
How much does it cost, and can I cancel?
$49.99 per month, billed monthly. It renews automatically until you cancel, and you can cancel online at any time from your account. You keep access to the end of the month you have paid for.
I work at a bank, credit union or fintech. Is it useful for us?
Yes. Each issue includes a section for banks and credit unions with balance-sheet considerations and a due-diligence question set mapped to NCUA Letter 21-CU-16. It supports, but does not replace, your own due diligence. For several users or an invoice, contact us.
How do you manage conflicts of interest?
Issuers cannot pay for coverage, scores or grades. Par & Reserve LLC (in formation) is a wholly owned subsidiary of Block Bridge, Inc., which is developing stablecoin settlement infrastructure (Trust Bridge Network), and its founder serves on the Supervisory Committee of Awakon Federal Credit Union. Both are disclosed, with an information barrier and recusal rules set out in our Independence and Conflicts Policy. Any affiliate relationship with a covered asset is flagged next to its score.