Compare liabilities with observed backing by evidence strength: direct on-chain verification, issuer-published third-party attestation results, or source report only. Reserve and liability assurance are kept separate, and incomparable ratios are withheld.
Coverage first, then evidence location and assurance strength across the monitored universe. No portfolio collateral ratio is inferred.
Observed subtotal only; 1 issuer reserve total is withheld.
Share of observed reserve value with current admissible evidence; not a claim of audit independence.
Reserve value Philidor reproduced from pinned finalized-block state.
Withheld because 1 issuer liability total is unavailable.
Each record keeps freshness, reserve assurance, liability assurance, and ratio scope separate.
Ratio withheld. Requires complete, scope-comparable observed reserves and supply across every registered product.
Ondo US Dollar Yield · Ondo Short-Term US Treasuries Fund
Reserve evidence is 2.3 days old and exceeds this product's freshness limit.
Ratio withheld. Requires complete, scope-comparable observed reserves and supply across every registered product.
Current is not verified“Current” describes freshness, not independence. Read the evidence ladder before relying on any figure.
Zero is not unbackedEvidence coverage is the completeness measure. On-chain and off-chain describe observability: 0% on-chain with 100% off-chain evidence is fully covered by current evidence, while its assurance strength remains clearly labelled.
No ratio is deliberatePhilidor divides reserves by liabilities only when scope and timing align, and labels the ratio’s evidence basis.
Observed figures from Philidor’s stablecoin backing look-through. Reserve value is partitioned by its strongest admissible current evidence layer: direct on-chain verification, issuer-published third-party attestation results, source report only, or unverified. Philidor does not independently fetch the auditor artifacts behind issuer-published attestation results. Liability evidence is measured separately. Shares are mutually exclusive and total 100%; 0% direct on-chain does not mean 0% backing. Reserve and liability timestamps are separate, stale evidence fails closed, and cross-time or cross-scope ratios are withheld. Unobserved fields are null with a reason; nothing is inferred. This is decision evidence, not a solvency guarantee.
