{"data":{"basis":"Observed figures from Philidor’s stablecoin backing look-through (PHI-241/242): issuer/reporter transparency data independently verified on-chain at pinned finalized blocks where the position shape allows, anchored to independent proof-of-reserves attestations otherwise. Unobserved fields are null with a reason; nothing is inferred. The Philidor score shown is the published risk rating; shadow backing metrics live at /v1/stablecoins/backing.","verification_interval":"15m","issuers":[{"issuer_slug":"sky","issuer_name":"Sky","logo":null,"products":[{"symbol":"USDS","name":"Sky USDS"}],"unobserved_products":[],"headline_collateral_ratio":null,"headline_reserves_usd":9929289558.596048,"headline_supply_usd":11277917232.338352,"verifiability_pct":85.07552676243132,"status":"live","status_reason":null,"last_verified_at":"2026-08-30T01:35:10.503Z","last_observed_at":"2026-08-30T01:35:10.503Z","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":1.0065600402400503,"headline_reserves_usd":4096913075,"headline_supply_usd":4070212318.40571,"verifiability_pct":0,"status":"live","status_reason":null,"last_verified_at":"2026-08-29T21:26:53.403Z","last_observed_at":"2026-08-29T21:26:53.403Z","published":true,"null_reasons":{}}]}}