VENUEVERITAS

CORE-10 STABLECOIN INTELLIGENCE

Stablecoin backing, reserves & redemption

Structural differences across Core-10 — backing model, reserves, and redemption. Not a ranking or trust score.

Core-10 evidence scan

  • Fiat-reserve backed
    Issuer
    Tether International, S.A. de C.V.
    Peg
    USD
    Latest reserve evidence
    Jun 30, 2026 · BDO ISAE 3000R Financial Figures & Reserves Report
    Assurance
    Assurance report
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe
  • Fiat-reserve backed
    Issuer
    Circle entities (U.S. path) / Circle Internet Financial Europe SAS (EEA EMT)
    Peg
    USD
    Latest reserve evidence
    Jul 31, 2026 · Deloitte & Touche LLP USDC Examination Report (July 2026)
    Assurance
    Assurance report · Financial-statement audit
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe
  • Synthetic delta-neutral
    Issuer
    Ethena BVI Limited
    Peg
    USD
    Latest reserve evidence
    Structure (live composition unresolved)
    Assurance
    Reserve attestation · Proof of reserves · Smart-contract audit
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026
  • Over-collateralized
    Issuer
    Sky Protocol smart contracts (no corporate e-money issuer)
    Peg
    USD
    Latest reserve evidence
    Aug 29, 2026 · Sky protocol balance-sheet API (shared Vat with DAI)
    Assurance
    Other
    Direct redemption
    No
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe
  • Over-collateralized
    Issuer
    Sky Protocol smart contracts (no corporate e-money issuer)
    Peg
    USD
    Latest reserve evidence
    Aug 29, 2026 · Sky protocol balance-sheet API (shared Vat with USDS)
    Assurance
    Other
    Direct redemption
    No
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe
  • Fiat-reserve backed
    Issuer
    BitGo Bank & Trust, N.A.
    Peg
    USD
    Latest reserve evidence
    Jul 31, 2026 · KPMG LLP examination — USD1 Reserve Report July 2026
    Assurance
    Assurance report
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe
  • Fiat-reserve backed
    Issuer
    Paxos Digital Singapore Pte. Ltd. / Paxos Issuance Europe Oy
    Peg
    USD
    Latest reserve evidence
    Jul 31, 2026 · KPMG LLP Singapore — USDG Redemption Assets Report (reasonable assurance)
    Assurance
    Assurance report
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe
  • Fiat-reserve backed
    Issuer
    Paxos Trust Company, N.A.
    Peg
    USD
    Latest reserve evidence
    Jul 31, 2026 · KPMG LLP — PYUSD Redemption Assets Report (examination)
    Assurance
    Assurance report
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe
  • Fiat-reserve backed
    Issuer
    Standard Custody & Trust Company, LLC
    Peg
    USD
    Latest reserve evidence
    Feb 27, 2026 · Deloitte & Touche LLP RLUSD Reserve Report
    Assurance
    Assurance report
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026 HistoricalFresh evidence ≠ safe
  • Fiat-reserve backed
    Issuer
    Circle Internet Financial Europe SAS
    Peg
    EUR
    Latest reserve evidence
    Jul 31, 2026 · Deloitte & Touche LLP EURC Examination Report (July 2026)
    Assurance
    Assurance report
    Direct redemption
    Eligibility restricted
    Last verified
    Aug 29, 2026 Current verifiedFresh evidence ≠ safe

Compare surfaces

Structural comparisons across Core-10. Not a ranking.