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‎docs/plans/2026-02-27-reserve-tier-migration-log.md‎

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# Reserve Tier Migration Audit Log
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> Generated 2026-02-27 as part of the 3→5 tier ReserveRisk migration.
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**Total slices:** 374
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**Changed:** 197
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**Unchanged:** 177
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## low → very-low (103 slices)
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| Coin | Slice Name |
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|------|-----------|
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| AEUR | Euro deposits at Swissquote Bank SA |
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| AUSD | Cash (USD deposits at State Street) |
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| AUSD | Short-dated U.S. Treasury Bills |
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| BUIDL | Cash |
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| BUIDL | Overnight Repos |
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| BUIDL | U.S. Treasury Bills |
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| CASH | Bank deposit accounts |
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| CASH | Reverse repos (overnight, UST-collateralized) |
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| CASH | U.S. Treasury bills (<=3mo maturity) |
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| CASH | U.S. government money-market funds |
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| CGO | Physical gold (24K 999.9, Transguard vaults UAE) |
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| DGLD | Allocated LBMA Good Delivery PAMP gold (Swiss vaults) |
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| EURAU | Euro bank deposits (CRR credit institutions, EU) |
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| EURC | Deposits at Systemically Important Institutions (EUR) |
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| EURC | Other Bank Deposits (EUR) |
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| EURCV | Euro cash deposits at Societe Generale |
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| EURE | EUR bank deposits (Arion Bank, LHV Bank) |
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| EURE | State Street EUR Liquidity LVNAV Fund (AAA-rated) |
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| EURI | Euro cash in segregated fiduciary accounts |
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| EURI | Low-risk liquid assets (EU government securities) |
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| EUROP | Euro cash and cash equivalents (EU banks incl. Societe Generale) |
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| EURQ | Cash deposits (Tier 1 European banks) |
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| EURQ | Government bonds (NL, DE, US) |
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| EURR | Fiat reserves (euro cash at regulated financial institutions) |
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| FDUSD | Bank Deposits |
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| FDUSD | Cash |
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| FDUSD | Overnight Reverse Repos |
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| FDUSD | U.S. Treasury Bills |
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| FIDD | Cash and cash equivalents |
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| FIDD | U.S. Treasury securities (short-term) |
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| GUSD | Cash deposits (State Street, Western Alliance Bank) |
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| GUSD | Short-term U.S. Treasury bonds |
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| GUSD | U.S. Treasury bills (<=3 month maturity) |
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| KAG | Physical silver bullion (999 fine, ABX global vaults) |
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| KAU | Physical gold bullion (LBMA-approved, ABX/Brink's/Loomis vaults) |
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| M | Short-term U.S. Treasury Bills (30-90 day) |
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| MNEE | U.S. Treasury bills (<=90-day duration) |
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| MNEE | USD cash at qualified custodian |
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| MUSD | Cash in bankruptcy-remote custody |
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| MUSD | U.S. Treasury bills (0-180 day maturity) |
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| PAXG | Physical gold bars (LBMA Good Delivery, Brink's London vaults) |
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| PYUSD | Cash Deposits |
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| PYUSD | U.S. Treasury Reverse Repos |
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| RLUSD | Cash Deposits |
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| RLUSD | Government Money Market Funds |
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| RLUSD | U.S. Treasury Bills |
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| SBC | Cash and cash equivalents |
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| SBC | Short-duration U.S. Treasury securities |
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| TBILL | Short-dated U.S. Treasury bills (WAM <3mo) |
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| TBILL | USD cash buffer |
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| TUSD | Cash at depository institutions |
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| U | Fiat USD / U.S. Treasury Bills |
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| USAT | Cash deposits |
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| USAT | U.S. Treasury bills |
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| USD1 | Cash Deposits |
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| USD1 | U.S. Government Money Market Funds |
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| USD1 | U.S. Treasury Bills |
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| USDA | U.S. Treasury securities |
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| USDA | USD cash deposits |
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| USDC | Cash Deposits |
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| USDC | Overnight Repos |
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| USDCV | USD cash deposits at BNY Mellon (segregated) |
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| USDG | Cash Deposits (DBS/StanChart) |
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| USDG | Cash Equivalents |
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| USDG | U.S. Government Securities |
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| USDGO | Cash and cash equivalents |
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| USDGO | U.S. Treasury bills |
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| USDH | Cash deposits (JP Morgan, Lead Bank) |
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| USDH | Repo agreements (UST-collateralized) |
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| USDH | Short-term U.S. Treasuries (BlackRock-managed, JP Morgan custody) |
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| USDH | Treasury-focused funds (BlackRock TTTXX) |
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| USDM | Money market funds (Fidelity / Amundi) |
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| USDM | USD bank deposits |
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| USDN | Short-term U.S. Treasury Bills (via M0 SPVs) |
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| USDP | Cash in FDIC-insured bank accounts |
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| USDP | Overnight reverse repos (secured by Treasuries) |
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| USDP | U.S. Treasury bills (<90 day maturity) |
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| USDQ | Cash deposits at Tier 1 European banks |
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| USDQ | Government bonds (NL, DE, US) |
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| USDR | Cash and short-term government bonds (EU financial institutions) |
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| USDT | Reverse Repos |
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| USDT | U.S. Treasury Bills |
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| USDX | Cash and cash equivalents |
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| USDX | U.S. Treasury bills (1-3 month maturity) |
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| USDY | Bank Demand Deposits |
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| USDY | iShares Short Treasury Bond ETF |
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| USDz | Cash and cash equivalents |
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| USN | U.S. Treasury Bills |
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| USYC | Reverse Repo Agreements |
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| USYC | U.S. Treasury Bills |
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| VEUR | Euro cash and cash equivalents (bank/custody accounts) |
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| VRO | Physical gold (LBMA 999.9, Geneva Free Ports) |
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| WUSD | Cash and cash equivalents |
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| WUSD | Short-term U.S. Treasury bills |
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| XAUT | Physical gold bars (LBMA Good Delivery, Swiss vaults) |
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| XAUm | Physical gold bars (LBMA-certified 99.99%, Brink's & Malca-Amit, Singapore & Hong Kong) |
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| XUSD | Cash deposits at Tier 1 banks (DBS, Standard Chartered, UOB) |
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| XUSD | Short-term U.S. / MAS government securities |
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| YLDS | Money market funds |
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| YLDS | Overnight Treasury repo agreements (UMB Bank) |
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| cgUSD | Accrued interest |
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| cgUSD | Short-term U.S. Treasury bills (off-chain) |
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| reUSD | Short-duration U.S. Treasury bills |
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## medium → very-low (6 slices)
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| Coin | Slice Name |
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|------|-----------|
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| CEUR | ETH |
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| HOLLAR | ETH |
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| LUSD | ETH |
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| USDe | BTC |
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| cUSD | ETH |
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| crvUSD | ETH |
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## medium → low (72 slices)
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| Coin | Slice Name |
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|------|-----------|
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| BOLD | rETH (Rocket Pool) |
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| BOLD | wstETH (Lido) |
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| BUCK | ETH & LSTs (via CDPs) |
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| BUCK | USDC/USDT (via PSM) |
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| CASH | Tokenized treasuries (BUIDL, USTB) |
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| CEUR | EURC (Circle euro stablecoin) |
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| CEUR | USDC |
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| CEUR | USDGLO (Glo Dollar) |
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| CEUR | USDT |
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| CEUR | sUSDS (Sky savings USDS) |
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| CEUR | stETH (Lido staked ETH) |
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| CUSD | BENJI (Franklin Templeton fund) |
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| CUSD | BUIDL (BlackRock tokenized MMF) |
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| CUSD | USDC (Circle) |
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| CUSD | USDT (Tether) |
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| CUSD | pyUSD (PayPal) |
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| DAI | ETH / wstETH |
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| DOLA | wstETH (Lido) |
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| EUSD | Aave V3 USDC (aUSDCv3) |
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| EUSD | Compound V3 USDC (cUSDCv3) |
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| EUSD | Compound V3 USDT (cUSDTv3) |
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| GHO | USDC / USDT (GSM) |
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| GHO | sDAI |
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| GHO | wstETH |
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| GUSD | USDT/USDC deposits (minting collateral) |
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| GYD | USDC (via Aave/Flux) |
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| GYD | sDAI (DAI Savings Rate) |
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| HOLLAR | USDT / USDC (stablecoins) |
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| HONEY | USDC (Circle) |
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| HONEY | USDT0 (Tether via LayerZero) |
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| HONEY | pyUSD / BYUSD (PayPal) |
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| IUSD | Aave USDC (liquid money market) |
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| IUSD | Fluid / Euler USDC (money markets) |
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| LISUSD | USDT / USDC / FDUSD (via PSM) |
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| MIM | wstETH / stETH |
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| MSUSD | DAI |
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| MSUSD | USDC (1:1 backing) |
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| NUSD | Liquid stablecoin reserves (USDC, USDT, USDS, USDe) |
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| PUSD | USDT deposits (1:1 minting collateral) |
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| SUSD | ETH and LSTs (V3 multi-collateral) |
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| SUSD | USDC / stataUSDC (V3 Base pool collateral) |
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| U | USDC |
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| U | USDT |
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| USDA | USDT (1:1 minted deposits) |
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| USDB | DAI / sDAI (via MakerDAO DSR) |
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| USDB | USDC (bridged) |
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| USDB | USDT (bridged) |
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| USDD | USDT (PSM vaults) |
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| USDF | USDT (held in Ceffu custody) |
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| USDH | Tokenized treasuries (BUIDL, USTB) |
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| USDO | BlackRock BUIDL (tokenized money market fund) |
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| USDO | Franklin Templeton BENJI (tokenized govt money fund) |
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| USDO | USDC cash buffer |
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| USDS | ETH / wstETH |
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| USDTB | USDC (redemption reserve) |
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| USDe | ETH / stETH |
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| USN | USDC/USDT (1:1 backing) |
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| USR | USD stablecoins (USDC/USDT) |
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| USX | USDC |
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| USX | USDT |
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| UTY | USDC deposits (initial user deposits) |
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| UUSD | USDt (Tether on Tezos) |
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| YLDS | Digital assets (USDC + USDT, operational) |
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| YZUSD | USDT0 / stablecoin liquidity buffer |
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| ZCHF | ETH / wstETH / LsETH |
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| ZeUSD | Tokenized U.S. T-Bills & MMFs (USYC, STBT, TBILL, ZTLN-P) |
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| cUSD | USDGLO (Glo Dollar) |
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| cUSD | sUSDS (Sky/Maker yield-bearing stablecoin) |
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| cUSD | stETH (Lido staked ETH) |
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| cgUSD | On-chain stablecoins (USDC/USDT) |
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| crvUSD | wstETH / sfrxETH / weETH |
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| fxUSD | wstETH (Lido) |
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## medium → high (5 slices)
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| Coin | Slice Name |
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|------|-----------|
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| AZND | Asian sovereign bonds (BBB+ min) |
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| AZND | Investment-grade Asian corporate/bank bonds (BBB- min) |
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| FEUSD | SOL (bridged) |
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| HYUSD | JitoSOL |
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| HYUSD | Other Solana LSTs (mSOL, bSOL, JupSOL) |
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## high → very-high (11 slices)
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| Coin | Slice Name |
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|------|-----------|
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| A7A5 | Russian ruble deposits at Promsvyazbank (sanctioned) |
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| DEURO | UNI / ZCHF (governance / other) |
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| DOLA | Other (sFRAX, INV, st-yETH) |
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| FEUSD | HYPE / kHYPE / wstHYPE (Hyperliquid native + LSTs) |
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| HOLLAR | GIGADOT / GIGAETH |
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| MIM | GM tokens (GMX V2 LP) |
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| MIM | Other exotic collateral (xSUSHI, Super OETH, etc.) |
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| SUSD | SNX (via legacy V2 420 pool, 200% C-ratio) |
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| TUSD | First Digital Trust fund investments (at cost, opaque) |
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| USP | BMMF Turkey FX arbitrage (Balsa Technologies, delta-neutral TRY/USD) |
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| ZCHF | Other (CRV, GNO, governance tokens) |
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‎src/components/reserve-treemap.tsx‎

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}
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const RISK_COLORS: Record<ReserveRisk, string> = {
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"very-low": "#16a34a",
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low: "#22c55e",
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medium: "#f59e0b",
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high: "#ef4444",
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high: "#f97316",
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"very-high": "#ef4444",
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};
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const RISK_LABELS: Record<ReserveRisk, string> = {
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"very-low": "Very Low Risk",
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low: "Low Risk",
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medium: "Medium Risk",
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high: "High Risk",
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"very-high": "Very High Risk",
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};
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function TreemapCell({

‎src/lib/report-cards.ts‎

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CustodyModel,
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ReportCard,
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DependencyType,
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ReserveRisk,
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ReserveSlice,
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} from "./types";
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// ---------------------------------------------------------------------------
2527
// Constants
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// ---------------------------------------------------------------------------
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28-
export const METHODOLOGY_VERSION = "3.2";
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export const METHODOLOGY_VERSION = "3.3";
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3032
export const DIMENSION_WEIGHTS: Record<DimensionKey, number> = {
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pegStability: 0.25,
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216218
exotic: 0,
217219
};
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221+
const RESERVE_QUALITY_SCORE: Record<ReserveRisk, number> = {
222+
"very-low": 95,
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low: 75,
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medium: 50,
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high: 25,
226+
"very-high": 5,
227+
};
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const COLLATERAL_QUALITY_DISPLAY: [number, string][] = [
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[85, "Very low risk"],
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[62, "Low risk"],
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[37, "Medium risk"],
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[15, "High risk"],
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[0, "Very high risk"],
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];
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export function computeCollateralQualityFromReserves(reserves: ReserveSlice[]): number {
238+
const totalPct = reserves.reduce((s, r) => s + r.pct, 0);
239+
if (totalPct === 0) return 0;
240+
const weighted = reserves.reduce(
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(s, r) => s + r.pct * RESERVE_QUALITY_SCORE[r.risk],
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0,
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);
244+
return Math.round(weighted / totalPct);
245+
}
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function collateralScoreLabel(score: number): string {
248+
for (const [threshold, label] of COLLATERAL_QUALITY_DISPLAY) {
249+
if (score >= threshold) return label;
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}
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return "Very high risk";
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}
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/**
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* Detect drift between computed reserve quality and enum classification.
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* Returns warnings for coins where the two disagree by more than 30 points.
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* Run during build or as a manual audit.
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*/
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export function validateCollateralQualityDrift(
260+
coins: StablecoinMeta[],
261+
): string[] {
262+
const warnings: string[] = [];
263+
for (const coin of coins) {
264+
if (!coin.reserves || coin.reserves.length === 0) continue;
265+
const computed = computeCollateralQualityFromReserves(coin.reserves);
266+
const factors = resolveResilienceFactors(coin);
267+
const enumScore = COLLATERAL_QUALITY_SCORE[factors.collateralQuality];
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const drift = Math.abs(computed - enumScore);
269+
if (drift > 30) {
270+
warnings.push(
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`${coin.symbol} (${coin.id}): reserve-derived=${computed}, enum=${enumScore}, drift=${drift}`,
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);
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}
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}
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return warnings;
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}
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const CUSTODY_MODEL_SCORE: Record<CustodyModel, number> = {
220279
onchain: 100,
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institutional: 50,
@@ -302,17 +361,24 @@ export function scoreResilience(
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const blacklistLabel = canBeBlacklisted === true ? "Yes" : canBeBlacklisted === "possible" ? "Possible (mutable contract)" : "No";
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304363
const chainScore = CHAIN_RISK_SCORE[factors.chainRisk];
305-
const collateralScore = COLLATERAL_QUALITY_SCORE[factors.collateralQuality];
306364
const custodyScore = CUSTODY_MODEL_SCORE[factors.custodyModel];
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// Prefer computed score from curated reserves; fall back to enum
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const hasReserves = meta.reserves && meta.reserves.length > 0;
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const collateralScore = hasReserves
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? computeCollateralQualityFromReserves(meta.reserves!)
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: COLLATERAL_QUALITY_SCORE[factors.collateralQuality];
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const collateralLabel = hasReserves
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? collateralScoreLabel(collateralScore)
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: COLLATERAL_QUALITY_LABEL[factors.collateralQuality];
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308375
const score = Math.round(
309376
(chainScore + collateralScore + custodyScore + blacklistScore) / 4,
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);
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// Build detail: list each sub-factor
313379
const parts = [
314380
`Chain: ${CHAIN_RISK_LABEL[factors.chainRisk]} (${chainScore})`,
315-
`Collateral: ${COLLATERAL_QUALITY_LABEL[factors.collateralQuality]} (${collateralScore})`,
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`Collateral: ${collateralLabel} (${collateralScore})`,
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`Custody: ${CUSTODY_MODEL_LABEL[factors.custodyModel]} (${custodyScore})`,
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`Blacklist: ${blacklistLabel} (${blacklistScore})`,
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];

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