v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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USDC

Circle · Regulated payment stablecoin (benchmark anchor) · Multichain · $75.0B supply · as of 2026-07-11

Benchmark anchor for the scale. Regulated, monthly-attested cash and T-bill reserves via regulated funds. The 2023 SVB depeg showed bank-channel exposure is real but survivable; structure has strengthened since.

A
89.6
draftconf high
Haircut: 4.0%
base 4% (A) x 1.00 (high confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves95 · 25%
Cash + short T-bills in regulated fund structure, monthly attestations by major auditor. [1][2]
Redemption & exit92 · 20%
Direct 1:1 institutional redemption, deep secondary liquidity across every major venue. [1]
Counterparty & custody85 · 15%
Bank and custodian concentration remains the residual risk; SVB (Mar 2023) was the realized case. [1]
Peg & market infrastructure82 · 15%
One historical depeg to ~$0.87 (SVB weekend), recovered in days. Widely oracle-priced at market, not hardcoded. [1]
Leverage & rehypothecation88 · 15%
Ubiquitous collateral but not a recursive-yield instrument itself. [1]
Transparency & governance92 · 10%
Public issuer, named executives, regulatory reporting. [1]
What would change this grade: Evidence of reserve composition drifting from cash/T-bills, or loss of a primary banking/custody relationship without replacement, would cut Backing and Counterparty scores.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1][2]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1