Persona-Adjusted Stress Exit
PASE (Persona-Adjusted Stress Exit) is an illustrative risk assessment model that scores stablecoins on how confidently a holder can verify the backing and how much of their position they could exit under stress — weighted for different kinds of holders.
Four pillars: Verifiability (V), Stress Exit (SE), Incentive & Mechanism Robustness (IM) and Residual Structural & Dependency Risk (RS), combined with persona weights for Institutional, DeFi, Retail and Yield holders.
This public beta currently publishes the Verifiability pillar; Stress Exit is still in testing and is shown in a separate test section. Latest data: 2026-10-23. See the risk scores →
PASE Stablecoin Risk Index · public beta · 2026-10-23
56.36 1-day change -0.02 PSRI v1.0 · rubric 0.3.6 · 17 coins · scale 0–100, higher = more verifiable
About this index (public beta): an illustrative risk assessment — not a credit rating and not investment advice. It measures how verifiable stablecoin reserves are. It does not measure price, peg stability, liquidity or default risk, and a high value does not mean a coin is safe. It is not an investable index and is for information only; it is not licensed or intended for use as a benchmark in, or for pricing or settling, any financial product. It reflects PASE methodology PSRI v1.0 (Verifiability rubric v0.3.6), which may change. It is based on public data that may be incomplete or delayed, and it includes provisional coin scores.
Data date 2026-10-23 · snapshot 2026-10-23 · PSRI v1.0 · Verifiability rubric v0.3.6
- Scope: The index uses the Verifiability (V) pillar only. Stress Exit, which is still in testing, and the IM and RS pillars are not included.
- Method: average V score weighted by circulating supply, capped at 25% per coin (excess redistributed pro rata); chain-linked when coins enter or leave. Circulating supply in USD from the PASE morning data snapshot of 2026-10-23: DefiLlama circulating supply, all chains (stablecoins.llama.fi) for 15 of 17 coins; EURC: DefiLlama EUR supply converted to USD at the frankfurter.dev ECB reference rate; REUSD: CoinGecko market cap (yield-bearing token).
- Included (17): USDT, USDC, USDS, DAI, USD1, USDG, PYUSD, RLUSD, U*, USDGO*, GHO*, USDTB*, EURC*, REUSD*, SOFID*, APXUSD*, CASH*. 9 of the 17 constituents have provisional scores (*), which are included.
- Excluded today: USDe — insufficient data (no score); USDD — held for review (unknown collateral); AUSD, BFUSD, EURCV, FDUSD, JPYC, TUSD, YLDS — TEST coin (not part of the published scores).
- Sources: issuer attestations and reserve reports, on-chain data and public disclosures behind each V score (see Risk Scores); circulating supply from DefiLlama, CoinGecko and frankfurter.dev, as captured in the PASE daily snapshot. Risk Scores · /data/index.json