Transparency grades
How much each issuer tells you, and how recently. Every point is a checkable fact: a published reserve report, its age, a named auditor, a described reserve mix, a supervisor, and supply you can verify on-chain.
usd.net has graded 100 stablecoin issuers on disclosure; 0 currently hold an A, as of 02 Oct 2026.
Assets graded
100
Active, over $25M
Grade A
0
Current, audited, disclosed
Grade D or F
87
Little or stale disclosure
Supply in A or B
$200.35B
Of graded market cap
| Asset | Issuer | Market cap | Score | Grade | Last report | Detail |
|---|---|---|---|---|---|---|
| Tether | $183.76B | 70 | B | 95d ago | ||
| Sky (formerly MakerDAO) | $6.85B | 70 | B | 124d ago | ||
| Ethena Labs | $4.90B | 70 | B | 80d ago | ||
| Sky (formerly MakerDAO) | $4.80B | 70 | B | 124d ago | ||
| StraitsX (Xfers Pte Ltd) | $41.13M | 70 | B | 64d ago | ||
| Circle | $74.23B | 65 | C | 64d ago | ||
| Paxos (for PayPal) | $2.85B | 65 | C | 64d ago | ||
| Ripple | $2.50B | 65 | C | 64d ago | ||
| Paxos | $26.06M | 65 | C | 64d ago | ||
| Techteryx | $484.32M | 60 | C | 855d ago | ||
| First Digital | $324.64M | 60 | C | 95d ago | ||
| BlackRock / Securitize | $2.25B | 55 | C | 64d ago | ||
| Ondo Finance | $2.20B | 55 | C | 64d ago | ||
| World Liberty Financial | $4.44B | 45 | D | 95d ago | ||
| Undisclosed | $249.08M | 45 | D | 95d ago | ||
| Undisclosed | $153.48M | 45 | D | 125d ago | ||
| Undisclosed | $103.46M | 45 | D | 125d ago | ||
| Undisclosed | $1.56B | 25 | F | None published | ||
| Undisclosed | $1.52B | 25 | F | None published | ||
| Undisclosed | $698.58M | 25 | F | None published | ||
| Undisclosed | $492.80M | 25 | F | None published | ||
| Undisclosed | $487.43M | 25 | F | None published | ||
| Undisclosed | $349.20M | 25 | F | None published | ||
| Undisclosed | $311.28M | 25 | F | None published | ||
| Undisclosed | $284.99M | 25 | F | None published | ||
| Undisclosed | $258.51M | 25 | F | None published | ||
| Undisclosed | $212.62M | 25 | F | None published | ||
| Undisclosed | $154.38M | 25 | F | None published | ||
| Undisclosed | $145.56M | 25 | F | None published | ||
| Undisclosed | $136.20M | 25 | F | None published | ||
| Undisclosed | $108.57M | 25 | F | None published | ||
| Undisclosed | $98.93M | 25 | F | None published | ||
| Undisclosed | $90.74M | 25 | F | None published | ||
| Undisclosed | $90.13M | 25 | F | None published | ||
| Undisclosed | $75.72M | 25 | F | None published | ||
| Undisclosed | $75.35M | 25 | F | None published | ||
| Undisclosed | $69.84M | 25 | F | None published | ||
| Undisclosed | $65.44M | 25 | F | None published | ||
| Undisclosed | $61.63M | 25 | F | None published | ||
| Undisclosed | $58.19M | 25 | F | None published | ||
| Undisclosed | $55.04M | 25 | F | None published | ||
| Undisclosed | $51.87M | 25 | F | None published | ||
| Undisclosed | $49.10M | 25 | F | None published | ||
| Undisclosed | $44.13M | 25 | F | None published | ||
| Undisclosed | $39.85M | 25 | F | None published | ||
| Undisclosed | $38.51M | 25 | F | None published | ||
| Undisclosed | $38.48M | 25 | F | None published | ||
| Undisclosed | $38.09M | 25 | F | None published | ||
| Undisclosed | $37.41M | 25 | F | None published | ||
| Undisclosed | $33.47M | 25 | F | None published | ||
| Undisclosed | $26.56M | 25 | F | None published | ||
| Undisclosed | $26.31M | 25 | F | None published | ||
| Undisclosed | $25.92M | 25 | F | None published | ||
| Undisclosed | $25.09M | 25 | F | None published | ||
| Paxos Digital Singapore | $3.09B | 20 | F | None published | ||
| Undisclosed | $2.40B | 10 | F | None published | ||
| Falcon Finance | $1.44B | 10 | F | None published | ||
| Undisclosed | $1.20B | 10 | F | None published | ||
| Undisclosed | $665.22M | 10 | F | None published | ||
| Invesco USTB | $558.20M | 10 | F | None published | ||
| Undisclosed | $546.04M | 10 | F | None published | ||
| Undisclosed | $533.68M | 10 | F | None published | ||
| Undisclosed | $509.65M | 10 | F | None published | ||
| Ethena USDtb | $492.74M | 10 | F | None published | ||
| Huma | $415.58M | 10 | F | None published | ||
| Re | $394.13M | 10 | F | None published | ||
| USD AI | $349.41M | 10 | F | None published | ||
| Anemoy Capital | $333.34M | 10 | F | None published | ||
| Undisclosed | $330.14M | 10 | F | None published | ||
| OnRe | $291.35M | 10 | F | None published | ||
| OpenTrade | $251.82M | 10 | F | None published | ||
| Plume Vaults | $232.15M | 10 | F | None published | ||
| Undisclosed | $196.36M | 10 | F | None published | ||
| Undisclosed | $183.18M | 10 | F | None published | ||
| RealT Tokens | $155.11M | 10 | F | None published | ||
| R25 | $133.73M | 10 | F | None published | ||
| Theo Network thUSD | $132.27M | 10 | F | None published | ||
| Undisclosed | $130.44M | 10 | F | None published | ||
| Undisclosed | $124.79M | 10 | F | None published | ||
| Undisclosed | $115.26M | 10 | F | None published | ||
| Frax USD | $107.96M | 10 | F | None published | ||
| Valos | $105.63M | 10 | F | None published | ||
| Lofty | $101.23M | 10 | F | None published | ||
| Undisclosed | $99.46M | 10 | F | None published | ||
| Usual USD0 | $87.80M | 10 | F | None published | ||
| Undisclosed | $86.06M | 10 | F | None published | ||
| Undisclosed | $77.95M | 10 | F | None published | ||
| Undisclosed | $75.62M | 10 | F | None published | ||
| Sky RWA | $75.34M | 10 | F | None published | ||
| Undisclosed | $68.38M | 10 | F | None published | ||
| Undisclosed | $60.40M | 10 | F | None published | ||
| stUSDT | $56.97M | 10 | F | None published | ||
| Undisclosed | $50.02M | 10 | F | None published | ||
| Undisclosed | $49.93M | 10 | F | None published | ||
| Undisclosed | $48.44M | 10 | F | None published | ||
| Brickken | $42.38M | 10 | F | None published | ||
| Tangible RWA | $41.55M | 10 | F | None published | ||
| KAIO | $39.66M | 10 | F | None published | ||
| Undisclosed | $34.34M | 10 | F | None published | ||
| Undisclosed | $27.65M | 10 | F | None published |
Grades measure disclosure only. For risk, see the safety score methodology and the attestation tracker. Issuers can correct a grade via the issuer page.
Frequently asked
+ − Is a transparency grade the same as a safety score?
No. The grade measures how much the issuer tells you and how recently. An issuer can disclose everything about a risky balance sheet and grade A. Our safety score is the risk view.
+ − How can an unregulated stablecoin score well?
Supervision is only 10 of the 100 points. A fully on-chain token with verifiable collateral and a clear composition can outscore a supervised issuer that publishes late.
+ − How often do the grades change?
Freshness is recomputed on every page load against the latest published attestation date, so a grade can drop simply because an issuer went quiet.