{"meta":{"$schema":"https://internet-monetization-index.bench-2fd.workers.dev/schema/psi.v1.json","feed":"psi","version":"1.0","publisher":"Radius Technology Systems","methodology":"https://internet-monetization-index.bench-2fd.workers.dev/methodology","feeds":{"imx":"https://internet-monetization-index.bench-2fd.workers.dev/snapshot.json","psi":"https://internet-monetization-index.bench-2fd.workers.dev/psi.json","rating":"https://internet-monetization-index.bench-2fd.workers.dev/rating.json","psiSeriesCsv":"https://internet-monetization-index.bench-2fd.workers.dev/psi.csv","dashboard":"https://internet-monetization-index.bench-2fd.workers.dev/","methodology":"https://internet-monetization-index.bench-2fd.workers.dev/methodology"},"title":"Radius Stablecoin Stability Index (formerly Plumbing Stress Index)","description":"A daily 0-100 stress index for stablecoin plumbing (higher = worse). Detailed units and coverage are in the `series` header below. stablecoinChains is context, not part of PSI: USD stablecoin supply by chain (where balances sit, not transaction volume), with each chain's share and 30-day change.","frequency":"daily (UTC), immutable prints"},"generatedAt":"2026-11-11T17:07:24.957Z","series":{"id":"RADIUS-PSI","title":"Radius Stablecoin Stability Index (formerly Plumbing Stress Index)","units":"index, 0-100 stress (higher = worse)","frequency":"daily (UTC), immutable prints","rulebook":"1.2","method":"psi1.2:layering0.3,opacity0.2,peg0.3,reserve0.2:u2:r100000000:spof0.6:dark0.2:inel0.25:iw0.5,0.3,0.2:undis1:lay0.5:opq0.5:peg100:sevcash-bank1,custody-fund0.3,wire-rail0.6:rs68f59ced","coverage":{"marketPct":84.7,"reserveRegistryPct":100},"csv":"/psi.csv"},"psi":{"level":22.5,"band":"calm","components":[{"key":"layering","label":"Layering","full":"Collateral layering · eurodollar multiplier","score":14.3,"weight":0.3,"observed":"0.07× bridged / native supply"},{"key":"opacity","label":"Bridge opacity","full":"Bridge provenance opacity","score":10.9,"weight":0.2,"observed":"5.5% of bridged supply untraceable"},{"key":"reserve","label":"Reserve risk","full":"Institutional concentration behind the reserves · the SVB channel","score":65.3,"weight":0.2,"observed":"4.2% of reserves cash at undisclosed banks · SPOF 53.6% · 18% non-2a-7 assets"},{"key":"peg","label":"Peg","full":"Peg integrity","score":10,"weight":0.3,"observed":"10bp worst deviation"}],"changeDoD":-0.6,"history":[{"date":"2026-07-16","level":17.6},{"date":"2026-07-17","level":17.4},{"date":"2026-07-18","level":17.1},{"date":"2026-07-19","level":17.4},{"date":"2026-07-20","level":17.6},{"date":"2026-07-21","level":17.4},{"date":"2026-07-22","level":17.1},{"date":"2026-07-23","level":16.8},{"date":"2026-07-24","level":17.3},{"date":"2026-07-25","level":17.7},{"date":"2026-07-26","level":17.9},{"date":"2026-07-27","level":17.9},{"date":"2026-07-28","level":18.1},{"date":"2026-07-29","level":18.6},{"date":"2026-07-30","level":18.9},{"date":"2026-07-31","level":18.2},{"date":"2026-08-01","level":18.3},{"date":"2026-08-02","level":18},{"date":"2026-08-03","level":18.6},{"date":"2026-08-04","level":18.2},{"date":"2026-08-05","level":17.8},{"date":"2026-08-06","level":17.9},{"date":"2026-08-07","level":17.5},{"date":"2026-08-08","level":16.8},{"date":"2026-08-09","level":17.3},{"date":"2026-08-10","level":17.1},{"date":"2026-08-11","level":17.6},{"date":"2026-08-12","level":17.6},{"date":"2026-08-13","level":17.9},{"date":"2026-08-14","level":17.9},{"date":"2026-08-15","level":17.8},{"date":"2026-08-16","level":17.9},{"date":"2026-08-17","level":17.7},{"date":"2026-08-18","level":17.5},{"date":"2026-08-19","level":17},{"date":"2026-08-20","level":16.6},{"date":"2026-08-21","level":16.1},{"date":"2026-08-22","level":16.1},{"date":"2026-08-23","level":16.1},{"date":"2026-08-24","level":15.7},{"date":"2026-08-25","level":15.9},{"date":"2026-08-26","level":15.4},{"date":"2026-08-27","level":15},{"date":"2026-08-28","level":15.1},{"date":"2026-08-29","level":15},{"date":"2026-08-30","level":15},{"date":"2026-08-31","level":15.4},{"date":"2026-09-01","level":15.7},{"date":"2026-09-02","level":16.2},{"date":"2026-09-03","level":15.8},{"date":"2026-09-04","level":15.3},{"date":"2026-09-05","level":15.9},{"date":"2026-09-06","level":15.3},{"date":"2026-09-07","level":15.4},{"date":"2026-09-08","level":15.6},{"date":"2026-09-09","level":15.9},{"date":"2026-09-10","level":16.2},{"date":"2026-09-11","level":16.2},{"date":"2026-09-12","level":16},{"date":"2026-09-13","level":15.8},{"date":"2026-09-14","level":16.3},{"date":"2026-09-15","level":15.8},{"date":"2026-09-16","level":17.2},{"date":"2026-09-17","level":17.1},{"date":"2026-09-18","level":17.5},{"date":"2026-09-19","level":16.2},{"date":"2026-09-20","level":16.9},{"date":"2026-09-21","level":16.7},{"date":"2026-09-22","level":16.4},{"date":"2026-09-23","level":16},{"date":"2026-09-24","level":16.1},{"date":"2026-09-25","level":16.4},{"date":"2026-09-26","level":16.4},{"date":"2026-09-27","level":16.4},{"date":"2026-09-28","level":16.3},{"date":"2026-09-29","level":16.7},{"date":"2026-09-30","level":16.3},{"date":"2026-10-01","level":16.7},{"date":"2026-10-02","level":15.9},{"date":"2026-10-03","level":15.4},{"date":"2026-10-04","level":15.5},{"date":"2026-10-05","level":15.5},{"date":"2026-10-06","level":15.4},{"date":"2026-10-07","level":15.3},{"date":"2026-10-08","level":16.2},{"date":"2026-10-09","level":17.2},{"date":"2026-10-10","level":17.4},{"date":"2026-10-11","level":17.4},{"date":"2026-10-12","level":17.9},{"date":"2026-10-13","level":17.6},{"date":"2026-10-14","level":16.9},{"date":"2026-10-15","level":17.8},{"date":"2026-10-16","level":17.7},{"date":"2026-10-17","level":22.8},{"date":"2026-10-18","level":22.8},{"date":"2026-10-19","level":22.5},{"date":"2026-10-20","level":22.6},{"date":"2026-10-21","level":22.4},{"date":"2026-10-22","level":21.7},{"date":"2026-10-23","level":23.1},{"date":"2026-10-24","level":22.6},{"date":"2026-10-25","level":22.8},{"date":"2026-10-26","level":23.1},{"date":"2026-10-27","level":24},{"date":"2026-10-28","level":23.5},{"date":"2026-10-29","level":22.6},{"date":"2026-10-30","level":24.3},{"date":"2026-10-31","level":22.5},{"date":"2026-11-01","level":21.4},{"date":"2026-11-02","level":22},{"date":"2026-11-03","level":24.8},{"date":"2026-11-04","level":23.1},{"date":"2026-11-05","level":22.6},{"date":"2026-11-06","level":24.3},{"date":"2026-11-07","level":23.6},{"date":"2026-11-08","level":23.6},{"date":"2026-11-09","level":22.9},{"date":"2026-11-10","level":23.1},{"date":"2026-11-11","level":22.5}],"asOf":"2026-11-11","struckAt":"2026-11-11T00:07:24.507Z","liveFrom":"2026-07-16","rulebook":"1.2","method":"psi1.2:layering0.3,opacity0.2,peg0.3,reserve0.2:u2:r100000000:spof0.6:dark0.2:inel0.25:iw0.5,0.3,0.2:undis1:lay0.5:opq0.5:peg100:sevcash-bank1,custody-fund0.3,wire-rail0.6:rs68f59ced","segments":[{"from":"2026-07-16","rulebook":"1.1","method":"psi1.1:layering0.3,opacity0.2,peg0.3,reserve0.2:u2:r100000000:spof0.6:dark0.2:sevcash-bank1,custody-fund0.3,wire-rail0.6:rs927873da"},{"from":"2026-10-17","rulebook":"1.2","method":"psi1.2:layering0.3,opacity0.2,peg0.3,reserve0.2:u2:r100000000:spof0.6:dark0.2:inel0.25:iw0.5,0.3,0.2:undis1:lay0.5:opq0.5:peg100:sevcash-bank1,custody-fund0.3,wire-rail0.6:rs68f59ced"}],"segmented":true,"frozen":true,"stale":false},"plumbing":{"canonicalUsd":229683522764.5774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(custodian and repo counterparties undisclosed)","reportedHolder":"Cantor Fitzgerald — primary T-bill custodian, per Cantor (Howard Lutnick, Jan 2024) and Tether executives; amount undisclosed. Not named in BDO's attestation, and KPMG's 2025 audit was not published, so it is not independently verified. Repo counterparties ($25.6B): not disclosed.","issuers":1},{"provider":"UNDISCLOSED","layer":"custody-fund","supplyAtRiskUsd":44100266997.89553,"weightedAtRiskUsd":44100266997.89553,"disclosure":"undisclosed","creditRating":"unrated (custodians undisclosed)","reportedHolder":"Gold, secured loans, bitcoin, equities and other investments. Holders and borrowers not named; Tether says KPMG physically counted the gold for its unpublished 2025 audit.","issuers":1},{"provider":"BNY Mellon (Circle Reserve Fund USDXX custodian; BlackRock adviser)","layer":"custody-fund","supplyAtRiskUsd":59252051401.6369,"weightedAtRiskUsd":17775615420.49107,"disclosure":"issuer-disclosed","creditRating":"AA- (S&P) / Aa1 (Moody's)","issuers":1},{"provider":"UNDISCLOSED","layer":"cash-bank","supplyAtRiskUsd":10319303247.508354,"weightedAtRiskUsd":10319303247.508354,"disclosure":"undisclosed","creditRating":"unrated (banks undisclosed)","reportedHolder":"Seven FDIC-insured banks, \"primarily\" global systemically important banks, per Circle's 10-Q and 10-K; none named.","issuers":1},{"provider":"UNDISCLOSED","layer":"custody-fund","supplyAtRiskUsd":486165655.98009115,"weightedAtRiskUsd":486165655.98009115,"disclosure":"undisclosed","creditRating":"unrated (custodian undisclosed)","reportedHolder":"Treasuries held outside the Circle Reserve Fund; custodian not named.","issuers":1},{"provider":"UNDISCLOSED","layer":"cash-bank","supplyAtRiskUsd":36890758.72194894,"weightedAtRiskUsd":36890758.72194894,"disclosure":"undisclosed","creditRating":"unrated (banks undisclosed)","reportedHolder":"Banks not named by Tether.","issuers":1}]},"pegExcluded":[],"distressed":[],"agentTier":{"observable":false,"measures":[{"name":"Agent float","what":"Value parked in prefunded balances and open payment channels so agents can transact. The 'currency in circulation' of the machine economy.","why":"Idle inventory is the elasticity of the agent layer. Nobody measures it, so nobody knows how leveraged it is.","needs":"Per-system balance telemetry. Not on-chain for off-chain or channel-based rails."},{"name":"Finality spread","what":"The price gap between instant-but-revocable settlement and final-but-slow settlement.","why":"Pozsar's four prices of money are par, interest, FX and finality. At machine speed, finality acquires a TIME-price that humans never had to pay. It is arguably a fifth price of money, and it only exists at agent scale.","needs":"Quoted settlement tiers across rails. No public venue prices this today."},{"name":"Agent credit","what":"Agents transacting against a promise rather than a prefunded balance.","why":"The moment this exists, inside money is being created at the agent layer — and there is a thing that can actually break. Today it is mostly absent, which is why PSI stops at the stablecoin tier.","needs":"Post-paid / invoiced settlement volume. Barely exists yet."}]}},"stablecoinChains":{"totalUsd":285879254408.4043,"chains":[{"chain":"Ethereum","supplyUsd":132503289939.93048,"sharePct":46.35,"change30dPct":-7.28},{"chain":"Tron","supplyUsd":93531339660.91013,"sharePct":32.72,"change30dPct":-1.31},{"chain":"Solana","supplyUsd":13865585808.532358,"sharePct":4.85,"change30dPct":-6.05},{"chain":"BSC","supplyUsd":12880723590.695726,"sharePct":4.51,"change30dPct":-1.62},{"chain":"Hyperliquid L1","supplyUsd":6403698350.197637,"sharePct":2.24,"change30dPct":-11.58},{"chain":"Base","supplyUsd":5221406075.785121,"sharePct":1.83,"change30dPct":-0.58},{"chain":"Arbitrum","supplyUsd":3608636591.763546,"sharePct":1.26,"change30dPct":-7.41}],"other":{"chains":165,"supplyUsd":17864574390.589413,"sharePct":6.25},"top2Pct":79.07,"hhi":3275,"basis":"USD-pegged stablecoin supply circulating on each chain (minted there or bridged in): where the balances are held, not where transactions happen. Chains holding 1% or more are named; the rest are grouped. Bridged tokens count on the chain they sit on. HHI is computed over every chain's share. Context only; not in PSI."},"sources":[{"name":"DeFiLlama (plumbing)","url":"https://stablecoins.llama.fi/stablecoins?includePrices=true","ok":true,"fetchedAt":"2026-11-11T17:07:41.422Z"},{"name":"DeFiLlama (supply by chain)","url":"https://stablecoins.llama.fi/stablecoinchains","ok":true,"fetchedAt":"2026-11-11T17:07:42.988Z"}]}