Stability and market resilience
The index tracks observed peg deviation behavior, market volatility, market cap stability, and volume trend context for major stablecoins.
Stablecoin risk, explained.
Stablecoin risk, explained.
Rules-based scoring across peg pressure, market resilience, and supply behavior, designed to stay legible and auditable.
The Index tracks public stablecoin risk signals. Blockbasis Watch applies those signals to the stablecoins in your watchlist.
Blockbasis WatchSelect USDC, USDT, USDe or other stablecoins. Blockbasis emails you when important risk signals change.
Public wallet scan is optional and read-only.
Last updated Sep 23, 2026, 12:00 AM UTC
Stablecoin type matters because different designs can fail in different ways.
Reviewed profiles require source-backed metadata and a recorded review date. Partial is the default when freshness, confidence, or sources are incomplete.
Latest signal is generated from rules-based score and market metric changes.
| Latest signal | View | ||||||
|---|---|---|---|---|---|---|---|
| #1 | PayPal USD PayPal Fiat-backedPartial profile | $2.9B | 0 events max 0.05% | Green | Watch: PYUSD supply contracted 5.1% in 7 days | ||
| #2 | USD Coin Circle Fiat-backedPartial profile | $75.3B | 0 events max 0.04% | Green | Info: USDC health score rose 9.6 points | ||
| #3 | Tether USDt Tether Reserve-backedPartial profile | $183.4B | 0 events max 0.07% | Green | No recent signal | ||
| #4 | TrueUSD TrueUSD Fiat-backedPartial profile | $494,406,522 | 0 events max 0.28% | Green | No recent signal | ||
| #5 | Dai Sky Mixed collateralPartial profile | $4.6B | 0 events max 0.03% | Green | Watch: DAI moved to #5 by market cap | ||
| #6 | Sky Dollar Sky Mixed collateralPartial profile | $9.6B | 0 events max 0.06% | Green | No recent signal | ||
| #7 | First Digital USD First Digital Fiat-backedPartial profile | $324,767,259 | 0 events max 0.22% | Green | Watch: FDUSD supply contracted 5.5% in 7 days | ||
| #8 | USDD TRON DAO Reserve Crypto-backedPartial profile | $1.5B | 0 events max 0.25% | Green | Info: USDD moved from Yellow to Green | ||
| #9 | Agora Dollar Agora Fiat-backedPartial profile | $230,635,807 | 0 events max 0.07% | Green | Watch: AUSD supply contracted 5.0% in 7 days | ||
| #10 | crvUSD Curve Crypto-backedPartial profile | $232,942,789 | 0 events max 0.10% | Yellow | Info: CRVUSD supply expanded 18.0% in 7 days | ||
| #11 | Mountain Protocol USDM Mountain Protocol Fiat-backedPartial profile | $1,395,744 | 2 events max 0.61% | Yellow | Info: USDM health score rose 9.6 points | ||
| #12 | Ethena USDe Ethena Synthetic / delta-neutralPartial profile | $4.9B | 0 events max 0.09% | Yellow | Info: USDE supply expanded 5.1% in 7 days | ||
| #13 | Euro Coin Circle Fiat-backedPartial profile | $464,716,943 | 31 events max 16.74% | Yellow | Info: EURC moved from Orange to Yellow | ||
| #14 | USDB Blast Fiat-backedPartial profile | $11,365,353 | 6 events max 0.81% | Yellow | Info: USDB moved from Orange to Yellow | ||
| #15 | Frax Frax Finance Mixed collateralPartial profile | $217,682,568 | 31 events max 0.98% | Yellow | Info: FRAX moved from Orange to Yellow | ||
| #16 | Savings Dai Sky Crypto-backedPartial profile | $164,349,585 | 31 events max 18.11% | Orange | No recent signal | ||
| #17 | USDH Hyperliquid Crypto-backedPartial profile | $21,321,994 | 10 events max 1.07% | Orange | Warning: USDH moved from Red to Orange | ||
| #18 | sUSDS Sky Crypto-backedPartial profile | $4.4B | 31 events max 11.03% | Orange | Watch: SUSDS supply contracted 5.7% in 7 days | ||
| #19 | Liquity USD Liquity Crypto-backedPartial profile | $26,368,070 | 27 events max 1.85% | Orange | Warning: LUSD moved from Red to Orange | ||
| #20 | Alchemix USD Alchemix Crypto-backedPartial profile | $9,952,587 | 31 events max 5.94% | Orange | Warning: ALUSD moved from Red to Orange | ||
| #21 | Fei USD Fei Protocol Crypto-backedPartial profile | $3,704,964 | 1 events max 3.02% | Red | Warning: FEI reached a new 30d peg stress high | ||
| #22 | Magic Internet Money Abracadabra Crypto-backedPartial profile | $3,077,601 | 31 events max 95.49% | Red | Info: MIM health score rose 9.6 points | ||
| #23 | USDX USDX Unknown typePartial profile | $6,242,002 | 19 events max 99.12% | Red | Watch: USDX health score fell 15.3 points |
The index tracks observed peg deviation behavior, market volatility, market cap stability, and volume trend context for major stablecoins.
Health Score v1 is a deterministic weighted score from five components: peg pressure, volatility, market cap stability, volume trend, and a disclosure subscore derived from profile transparency fields.
Rules-based risk events from day-over-day score and market metric changes.
Sep 23, 2026, 12:03 AM UTC
infoUnknown · Info · 24h · Medium confidence
Health score moved from 73.0 to 81.5 day over day.
Prev 73.0 Now 81.5
Sep 23, 2026, 12:03 AM UTC
infoUnknown · Info · 7d · Medium confidence
7d circulating supply change registered +17.99%.
Prev 13.99% Now 17.99%
Sep 23, 2026, 12:03 AM UTC
infoUnknown · Info · 24h · Medium confidence
Health score moved from 62.8 to 66.1, triggering a risk band transition.
Prev 62.8 Now 66.1
Sep 23, 2026, 12:03 AM UTC
watchUnknown · Watch · 7d · Medium confidence
7d circulating supply change registered -5.73%.
Prev -6.23% Now -5.73%
Sep 23, 2026, 12:03 AM UTC
infoUnknown · Info · 24h · Medium confidence
Health score moved from 78.7 to 85.3, triggering a risk band transition.
Prev 78.7 Now 85.3
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