{"data":{"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.","verification_interval":"15m","issuers":[{"issuer_slug":"tether","issuer_name":"Tether","logo":null,"products":[{"symbol":"USDT","name":"Tether USD"}],"unobserved_products":[],"headline_collateral_ratio":1.0296862552988186,"headline_reserves_usd":189624511354.4362,"headline_supply_usd":184157562926.20074,"verifiability_pct":0,"reserve_evidence":{"direct_onchain_pct":0,"issuer_published_third_party_attestation_pct":0,"source_report_only_pct":99.99999999999999,"unverified_pct":0},"liability_evidence":{"direct_onchain_pct":0,"source_report_only_pct":100,"unverified_pct":0},"status":"live","status_reason":null,"last_verified_at":"2026-10-14T08:56:05.294Z","oldest_source_updated_at":"2026-10-13T23:30:03.000Z","last_observed_at":"2026-10-14T08:56:05.294Z","published":true,"null_reasons":{}},{"issuer_slug":"circle","issuer_name":"Circle","logo":null,"products":[{"symbol":"USDC","name":"USD Coin"}],"unobserved_products":[],"headline_collateral_ratio":1.0042646856513964,"headline_reserves_usd":73000000000,"headline_supply_usd":72690000000,"verifiability_pct":0,"reserve_evidence":{"direct_onchain_pct":0,"issuer_published_third_party_attestation_pct":0,"source_report_only_pct":100,"unverified_pct":0},"liability_evidence":{"direct_onchain_pct":0,"source_report_only_pct":100,"unverified_pct":0},"status":"live","status_reason":null,"last_verified_at":"2026-10-14T05:23:54.953Z","oldest_source_updated_at":"2026-10-12T23:59:59.000Z","last_observed_at":"2026-10-14T05:23:54.953Z","published":true,"null_reasons":{}},{"issuer_slug":"sky","issuer_name":"Sky","logo":null,"products":[{"symbol":"USDS","name":"Sky USDS"}],"unobserved_products":[],"headline_collateral_ratio":null,"headline_reserves_usd":10173686316.494644,"headline_supply_usd":11635447810.243065,"verifiability_pct":84.49996289234255,"reserve_evidence":{"direct_onchain_pct":84.49996289234255,"issuer_published_third_party_attestation_pct":0,"source_report_only_pct":15.500018677759556,"unverified_pct":0.00001842989789306966},"liability_evidence":{"direct_onchain_pct":99.99999999999999,"source_report_only_pct":0,"unverified_pct":0},"status":"live","status_reason":null,"last_verified_at":"2026-10-14T06:39:31.394Z","oldest_source_updated_at":"2026-10-14T06:34:02.054Z","last_observed_at":"2026-10-14T06:39:31.394Z","published":true,"null_reasons":{"headline_collateral_ratio":"Requires complete, scope-comparable observed reserves and supply across every registered product."}},{"issuer_slug":"ethena","issuer_name":"Ethena","logo":null,"products":[{"symbol":"USDe","name":"Ethena USDe"}],"unobserved_products":[],"headline_collateral_ratio":0.9956017222897091,"headline_reserves_usd":4763450242,"headline_supply_usd":4784493774.322629,"verifiability_pct":0,"reserve_evidence":{"direct_onchain_pct":0,"issuer_published_third_party_attestation_pct":100,"source_report_only_pct":0,"unverified_pct":0},"liability_evidence":{"direct_onchain_pct":100,"source_report_only_pct":0,"unverified_pct":0},"status":"live","status_reason":null,"last_verified_at":"2026-10-14T05:54:10.873Z","oldest_source_updated_at":"2026-10-14T05:00:16.955Z","last_observed_at":"2026-10-14T05:54:10.873Z","published":true,"null_reasons":{}},{"issuer_slug":"ripple","issuer_name":"Ripple","logo":null,"products":[{"symbol":"RLUSD","name":"Ripple USD"}],"unobserved_products":[],"headline_collateral_ratio":1.0577884341853945,"headline_reserves_usd":2602900000,"headline_supply_usd":2460700000,"verifiability_pct":0,"reserve_evidence":{"direct_onchain_pct":0,"issuer_published_third_party_attestation_pct":0,"source_report_only_pct":100,"unverified_pct":0},"liability_evidence":{"direct_onchain_pct":0,"source_report_only_pct":100,"unverified_pct":0},"status":"live","status_reason":null,"last_verified_at":"2026-10-14T06:54:47.023Z","oldest_source_updated_at":"2026-10-08T23:59:59.000Z","last_observed_at":"2026-10-14T06:54:47.023Z","published":true,"null_reasons":{}},{"issuer_slug":"ondo","issuer_name":"Ondo Finance","logo":null,"products":[{"symbol":"USDY","name":"Ondo US Dollar Yield"},{"symbol":"OUSG","name":"Ondo Short-Term US Treasuries Fund"}],"unobserved_products":[],"headline_collateral_ratio":null,"headline_reserves_usd":null,"headline_supply_usd":null,"verifiability_pct":0,"reserve_evidence":{"direct_onchain_pct":0,"issuer_published_third_party_attestation_pct":0,"source_report_only_pct":0,"unverified_pct":100},"liability_evidence":{"direct_onchain_pct":0,"source_report_only_pct":0,"unverified_pct":100},"status":"unverified","status_reason":"Reserve evidence is 2.3 days old and exceeds this product's freshness limit.","last_verified_at":null,"oldest_source_updated_at":"2026-10-12T00:00:00.000Z","last_observed_at":"2026-10-14T07:55:25.401Z","published":true,"null_reasons":{"headline_reserves_usd":"A product’s reserve claim is disputed this cycle; a partial sum would misstate the issuer total.","headline_supply_usd":"A product’s liability figure is unavailable this cycle; a partial sum would misstate the issuer total.","headline_collateral_ratio":"Requires complete, scope-comparable observed reserves and supply across every registered product.","last_verified_at":"Not every product currently has a verified observation; last_observed_at carries the latest attempt."}}]}}