{"data":{"issuer_slug":"sky","issuer_name":"Sky","logo":null,"verification_interval":"15m","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.","products":[{"symbol":"USDS","name":"Sky USDS","address":"0xdc035d45d973e3ec169d2276ddab16f1e407384f","chain_id":1,"status":"live","status_reason":null,"verification_method":"onchain","onchain_verified_pct":85.07552676243132,"verifiability_pct":85.07552676243132,"collateral_ratio":null,"supply_usd":11277917232.338352,"total_reserves_usd":9929289558.596048,"last_verified_at":"2026-08-30T01:35:10.503Z","last_observed_at":"2026-08-30T01:35:10.503Z","source":"ba_labs","source_updated_at":"2026-08-30T01:34:02.172Z","delta_neutral":null,"insurance_fund_usd":null,"sleeves":[{"sleeve_key":"stablecoins","weight_pct":48.9322223985176,"amount_usd":4858622049.405005,"score":8.50503617967615,"score_source":"underlying_asset"},{"sleeve_key":"onchain_crypto_lending","weight_pct":20.061382943402418,"amount_usd":1991952801.9092247,"score":7.000000000000001,"score_source":"reviewed_constant"},{"sleeve_key":"short_duration_treasury_bills","weight_pct":15.368087508821302,"amount_usd":1525941908.3692973,"score":8.5,"score_source":"reviewed_constant"},{"sleeve_key":"otc_crypto_lending","weight_pct":9.419197593002297,"amount_usd":935259403.1055074,"score":5.5,"score_source":"reviewed_constant"},{"sleeve_key":"aaa_corporate_debt","weight_pct":4.990343744471837,"amount_usd":495505680.3578932,"score":6.5,"score_source":"reviewed_constant"},{"sleeve_key":"other","weight_pct":0.8156435218356007,"amount_usd":80987607.04898739,"score":2,"score_source":"fail_closed"},{"sleeve_key":"private_credit","weight_pct":0.2085245777073264,"amount_usd":20705009.121400066,"score":5,"score_source":"reviewed_constant"},{"sleeve_key":"basis_trade","weight_pct":0.20459771224160428,"amount_usd":20315099.278732,"score":5.5,"score_source":"reviewed_constant"}],"published_score":8.05,"published_tier":"Prime","snapshot_at":"2026-08-30T01:35:10.503Z","null_reasons":{"collateral_ratio":"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.","delta_neutral":"No observed source asserts delta-neutrality for this product.","insurance_fund_usd":"No adapter observes an insurance fund for this product yet."}}],"unobserved_products":[],"headline":{"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","null_reasons":{"headline_collateral_ratio":"Requires complete, scope-comparable observed reserves and supply across every registered product."}}}}