Sky / USDS
CurrentPrimeSky USDS
Collateral ratio withheld
The itemized reserve composition and the on-chain liability read cover different scopes for this issuer; a ratio across them would misstate collateralization. Both observed figures are served.
Decision snapshot
Reserve evidence, published risk rating, and scope controls are separate signals.
Published asset rating; separate from the reserve snapshot
The itemized reserve composition and the on-chain liability read cover different scopes for this issuer; a ratio across them would misstate collateralization. Both observed figures are served.
No arithmetic is inferred across different scopes
Token supply read by Philidor at a pinned finalized block
Backing value in the current published snapshot
84.5% on-chain · 15.5% off-chain evidence · 0% gap, stale, or mismatched. Assurance strength is shown below
UTC as-of timestamp published by the reserve source
Evidence classification
Mutually exclusive assurance layers. Each side sums to 100% and is assessed separately.
Reserve evidence
strongest layer per dollar- Evidence coverage
- 100%
- On-chain
- 84.5%
- Off-chain
- 15.5%
Current evidence covers 100% of observed reserve value: 84.5% on-chain and 15.5% off-chain. 84.5% was reproduced by Philidor from pinned finalized-block state. 15.5% comes from the cited issuer or source report and is not independently reproduced for the current snapshot. 0% has no admissible current evidence. Coverage describes evidence availability, not an audit or solvency opinion.
Liability evidence
classified separately- Evidence coverage
- 100%
- On-chain
- 100%
- Off-chain
- 0%
Philidor reproduced the circulating liability from pinned finalized-block token state.
Reserves vs liabilities
Observed backing against circulating supply. Ratio appears only on scope-compatible points.
Evidence ledger
Provenance and freshness for the selected snapshot.
- Monitoring status
- Current
- Evidence method
- On-chain observation
- Liability method
- Philidor on-chain supply read
- On-chain reserve evidence
- 84.5%
- Issuer-published attestation
- Not applicable
- Ratio evidence basis
- Withheld
- Source
- BA Labs
- Source updated
- 2026-10-14 06:34 UTC
- Liability observed
- 2026-10-14 06:26 UTC
- Snapshot observed
- 2026-10-14 06:39 UTC
- Snapshot age / limit
- 106m / 7.0h · within limit
- Source age / limit
- 112m / 24.0h · within limit
- Operand skew / limit
- 7m / 60m · within limit
- Monitoring cadence
- Every 15 minutes
- Source cadence
- Every 15 minutes
- Primary source
- Open evidence
- API record
- JSON
Issuer analytics composition with Philidor pinned-block balance checks where structurally possible; liabilities combine Ethereum USDS and DAI totalSupply.
Reserve composition
Observed backing sleeves with value, share, and sleeve-level risk treatment.
| Backing sleeve | Observed value | Share | Sleeve score | Score basis |
|---|---|---|---|---|
| Reserve stablecoins | $5.29B | 52.0% | 8.5/10 | Underlying assets |
| On-chain overcollateralized lending | $2.81B | 27.7% | 7.0/10 | Reviewed methodology |
| OTC / institutional lending | $1.02B | 10.0% | 5.5/10 | Reviewed methodology |
| AAA corporate debt (CLOs) | $497.93M | 4.9% | 6.5/10 | Reviewed methodology |
| Short-duration T-bills | $429.37M | 4.2% | 8.5/10 | Reviewed methodology |
| Other / unclassified | $79.30M | 0.8% | 2.0/10 | Fail-closed |
| Private credit | $20.59M | 0.2% | 5.0/10 | Reviewed methodology |
| Delta-hedged basis | $20.47M | 0.2% | 5.5/10 | Reviewed methodology |
Explicit evidence gaps
Unobserved fields remain null. They are never estimated or zero-filled.
- Delta-neutral claim
- No observed source asserts delta-neutrality for this product.
- Insurance fund
- No adapter observes an insurance fund for this product yet.
Market context
Investable TVL and net APR for USDS. This series is not reserve evidence and does not enter the collateral ratio.
Derived points reconstruct historical vault snapshots using today's vault eligibility; observed points are captured directly from that day's investable set.
Published coverage 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.