Stable or GoneEvidence-backed stablecoin registry

Historical records · evidence links · unresolved questions

Independent evidence registry · reviewed through

Understand what a stablecoin is now — and how it got there.

Stable or Gone connects current lifecycle state to issuers, operators, material events, reserve and redemption structures, evidence sources, and the questions that remain unresolved.

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112 canonical recordsBrowse stablecoins

Search and filter lifecycle, issuance, reference target, backing, and evidence state.

Bounded comparisonCompare records

Compare historical registry fields while keeping unknown and not-recorded values explicit.

187 eventsFollow changes

Read canonical subject changes separately from registry publication history.

107 organizationsExplore organizations

See issuers, operators, governance bodies, and their recorded relationships.

Scoped recordsAccess and regulation

Review jurisdiction and platform-function context without flattening access into a universal label.

Reviewed explanationsRead the methodology

Use guides, glossary, and models to interpret evidence, lifecycle, and unresolved questions.

Subject history

Latest material events

Dates below describe the recorded subject event, not when SOG published a page.

All events
  1. VNX Swiss Franc

    VCHF remains active after its 2022 launch and multichain expansion

    VCHF launched on December 15, 2022 and remains represented across multiple networks with issuer and market access documented separately from the original launch.

  2. Kujira USK

    USK remains limited during repayment-only wind-down

    USK launched in 2022 but is now in an orderly wind-down. First-party Rujira documentation states that new USK debt is disabled while existing positions remain repayable during the Kujira-to-Rujira transition.

  3. Ripple USD

    SBI VC Trade begins RLUSD handling in Japan

    SBI VC Trade began handling RLUSD in Japan as a Type 4 electronic payment instrument, adding a regulated Japanese distribution and access route without changing RLUSD's global launch date or active status.

  4. JPYSC

    JPYSC begins restricted account-internal distribution

    JPYSC launched through SBI VC Trade as a trust-issued Japanese-yen stablecoin. Initial use was limited to eligible platform accounts, with external-wallet transfer and public-chain circulation unavailable.

Issue watch

Questions the registry has not resolved

These are explicit canonical gaps, not hidden assumptions.

Policy
  • Global Dollarissuer entity

    Paxos Digital Singapore Pte. Ltd. and Paxos Issuance Europe Oy are now recorded as joint legal issuers. The effective start date of the European issuer role and token-level provenance between the two issuing entities remain unresolved.

  • Global Dollarredemption path

    Direct one-to-one redemption is limited to verified Paxos customers and may be routed through Paxos Digital Singapore or Paxos Issuance Europe. Exact availability by residence, registered Paxos entity, account state, current minimum schedule, and banking route remains variable under the current terms.

  • USDBbridge custody and redemption terms

    DAI bridge redemption is documented, but complete bridge custody, failure, fee, delay, governance, and recovery terms remain unresolved.

  • USDBlegal claim counterparty

    Official protocol documentation establishes USDB mechanics but does not establish a direct legal issuer or corporate claim counterparty.

  • USDByield source and governance

    Historical documentation identifies MakerDAO on-chain T-bill infrastructure as the yield source while allowing future replacement; current allocation, counterparties, rate policy, and governance controls require continuing review.

Record maintenance

Recently reviewed stablecoin records

All 112
StraitsX USDXUSD
Lifecycle
Active
Primary organization
StraitsX Singapore
Reviewed
2026-07-13
USDBUSDB
Lifecycle
Active
Primary organization
Blast
Reviewed
2026-07-13
AUDDAUDD
Lifecycle
Unknown
Primary organization
AUDD
Reviewed
2026-07-09
CADCCADC
Lifecycle
Active
Primary organization
Loon Technology Inc.
Reviewed
2026-07-09
NZD StablecoinNZDS
Lifecycle
Unknown
Primary organization
Techemynt
Reviewed
2026-07-09
PHPCPHPC
Lifecycle
Restricted
Primary organization
Coins.ph
Reviewed
2026-07-09

Reviewed explanations

Guides for reading the evidence

All guides
Japan

RLUSD’s Japan Launch Is Only Part of the Story

What USDC, RLUSD, and JPYSC reveal about Japan’s emerging stablecoin access model, legal routes, platform functions, and the difference between availability and unrestricted circulation.

European Union / EEA

After MiCA: Which Stablecoins Can Europeans Actually Use?

A reviewed guide to EU/EEA stablecoin access, separating issuer status, platform state, customer scope, product functions, direct mint and redemption routes, payment rails, supported networks, and dates.

Global

Open USD Explained: Who Gets the Reserve Income?

Open Standard says partners will receive all reserve earnings after a small management fee. This guide separates that partner model from holder yield and records what is still unknown before launch.