{
  "version": "1.0",
  "asOf": "2026-08-02",
  "methodology": "https://riadefi.com/atlas/#method",
  "license": "Copyright; quotation and citation permitted with attribution",
  "grades": {
    "sovereign": "No single issuer or administrator has an address-level freeze function at this layer.",
    "crypto-backed": "On-chain governance or collateral mechanisms matter, but no conventional issuer blocklist defines the asset.",
    "hybrid": "On-chain mechanisms coexist with custodians, real-world assets, centralized ordering, or other compellable parties.",
    "issuer-controlled": "A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions."
  },
  "assets": [
    {
      "symbol": "ETH",
      "sovereignty": "sovereign",
      "note": "No issuer. No party can freeze or seize it on-chain.",
      "url": "https://riadefi.com/atlas/assets/eth/"
    },
    {
      "symbol": "WETH",
      "sovereignty": "sovereign",
      "note": "Wrapped ETH. Immutable contract, no admin key, no blocklist.",
      "url": null
    },
    {
      "symbol": "STETH",
      "sovereignty": "sovereign",
      "note": "Staked ETH via Lido. No blocklist, though the withdrawal path depends on Lido governance and validator behaviour.",
      "url": null
    },
    {
      "symbol": "WSTETH",
      "sovereignty": "sovereign",
      "note": "Wrapped staked ETH. Same profile as STETH.",
      "url": null
    },
    {
      "symbol": "WBTC",
      "sovereignty": "issuer-controlled",
      "note": "Bitcoin exposure, but WBTC is a custodial IOU — BitGo holds the underlying and can be compelled. Not sovereign despite tracking BTC.",
      "url": "https://riadefi.com/atlas/assets/wbtc/"
    },
    {
      "symbol": "CBBTC",
      "sovereignty": "issuer-controlled",
      "note": "Coinbase-issued Bitcoin wrapper. Coinbase holds the underlying BTC and can freeze the token.",
      "url": null
    },
    {
      "symbol": "RSETH",
      "sovereignty": "sovereign",
      "note": "Kelp restaked ETH. No issuer freeze, but its LayerZero bridge was forged on 2026-04-18 to mint ~116,500 unbacked tokens — the bridge, not the staking, was the security model that failed. Protocol rejected.",
      "url": null
    },
    {
      "symbol": "SOL",
      "sovereignty": "sovereign",
      "note": "Solana native asset. No issuer, no freeze — but chain-level liveness history differs materially from Ethereum.",
      "url": null
    },
    {
      "symbol": "RETH",
      "sovereignty": "sovereign",
      "note": "Rocket Pool staked ETH. Permissionless validator set across 3,000+ independent operators — the most decentralised liquid staking option. Reward-bearing: your balance stays constant while its ETH value grows.",
      "url": null
    },
    {
      "symbol": "WEETH",
      "sovereignty": "sovereign",
      "note": "ether.fi restaked ETH. No issuer freeze, but the stake is re-pledged to EigenLayer AVSs that can slash it — sovereign in custody, novel in risk. Protocol rejected; see registry.",
      "url": null
    },
    {
      "symbol": "WBETH",
      "sovereignty": "issuer-controlled",
      "note": "Binance Staked ETH. An exchange IOU — Binance holds the underlying stake and controls the token. On-chain in form only.",
      "url": null
    },
    {
      "symbol": "STEAKUSDC",
      "sovereignty": "issuer-controlled",
      "note": "Steakhouse-curated Morpho USDC vault share. The underlying is USDC — freezable by Circle — plus curator discretion on market selection. See the Morpho memo.",
      "url": null
    },
    {
      "symbol": "SYRUPUSDC",
      "sovereignty": "issuer-controlled",
      "note": "Maple undercollateralised credit, wrapped. Yield is compensation for borrower default risk; Maple lenders took ~80% losses in the 2022 Orthogonal default. Rejected including via this wrapper.",
      "url": null
    },
    {
      "symbol": "SYRUPUSDT",
      "sovereignty": "issuer-controlled",
      "note": "As SYRUPUSDC — Maple credit exposure in wrapper form. Rejected.",
      "url": null
    },
    {
      "symbol": "LUSD",
      "sovereignty": "sovereign",
      "note": "Liquity. Immutable contracts, no governance, no admin key, no blocklist — the most censorship-resistant stablecoin that exists. But supply has contracted from a ~$1.5B peak to roughly $30M, so it is not usable at client size. Sovereignty and availability are separate questions, and this is the clearest case where they diverge.",
      "url": null
    },
    {
      "symbol": "MSOL",
      "sovereignty": "sovereign",
      "note": "Marinade staked SOL. Stake spread algorithmically across 400+ validators — the most anti-concentration delegation strategy on Solana.",
      "url": null
    },
    {
      "symbol": "JITOSOL",
      "sovereignty": "sovereign",
      "note": "Jito staked SOL. Highest yield via MEV capture and deepest liquidity, but delegates preferentially to validators running the Jito client, which already holds >95% of Solana stake.",
      "url": null
    },
    {
      "symbol": "INF",
      "sovereignty": "sovereign",
      "note": "Sanctum Infinity. A basket of Solana LSTs — you inherit the weakest constituent rather than choosing the strongest.",
      "url": null
    },
    {
      "symbol": "GHO",
      "sovereignty": "crypto-backed",
      "note": "Aave-native stablecoin backed by on-chain collateral. Aave governance sets parameters, but there is no address freeze list.",
      "url": "https://riadefi.com/atlas/assets/gho/"
    },
    {
      "symbol": "SGHO",
      "sovereignty": "crypto-backed",
      "note": "Staked GHO. Same backing as GHO, earning the Aave savings rate.",
      "url": null
    },
    {
      "symbol": "CRVUSD",
      "sovereignty": "crypto-backed",
      "note": "Curve-native, overcollateralised by on-chain assets. Governance-managed, no blocklist.",
      "url": null
    },
    {
      "symbol": "DAI",
      "sovereignty": "hybrid",
      "note": "Originally crypto-backed, now substantially backed by real-world assets and USDC held with custodians. Materially less censorship-resistant than it once was.",
      "url": null
    },
    {
      "symbol": "SDAI",
      "sovereignty": "hybrid",
      "note": "Savings DAI. Inherits DAI backing, including its real-world asset exposure.",
      "url": null
    },
    {
      "symbol": "USDS",
      "sovereignty": "hybrid",
      "note": "Sky/Maker successor to DAI. Reserve mix includes real-world assets held by custodians who can be compelled.",
      "url": null
    },
    {
      "symbol": "SUSDS",
      "sovereignty": "hybrid",
      "note": "Savings USDS. Inherits the USDS reserve mix.",
      "url": null
    },
    {
      "symbol": "USDC",
      "sovereignty": "issuer-controlled",
      "note": "Issued by Circle, backed by bank deposits and T-bills. Circle can and does freeze addresses on request from law enforcement.",
      "url": "https://riadefi.com/atlas/assets/usdc/"
    },
    {
      "symbol": "USDT",
      "sovereignty": "issuer-controlled",
      "note": "Issued by Tether. Has frozen addresses on request. Reserve composition is less transparently attested than USDC.",
      "url": "https://riadefi.com/atlas/assets/usdt/"
    },
    {
      "symbol": "USDT0",
      "sovereignty": "issuer-controlled",
      "note": "Omnichain USDT. Inherits Tether issuer control.",
      "url": null
    },
    {
      "symbol": "PYUSD",
      "sovereignty": "issuer-controlled",
      "note": "PayPal-issued, administered by Paxos. Freezable.",
      "url": null
    },
    {
      "symbol": "USDG",
      "sovereignty": "issuer-controlled",
      "note": "Paxos-issued Global Dollar. Freezable.",
      "url": null
    },
    {
      "symbol": "RLUSD",
      "sovereignty": "issuer-controlled",
      "note": "Ripple-issued. Freezable.",
      "url": null
    },
    {
      "symbol": "EURC",
      "sovereignty": "issuer-controlled",
      "note": "Circle-issued euro stablecoin. Same freeze capability as USDC.",
      "url": null
    },
    {
      "symbol": "FRXUSD",
      "sovereignty": "issuer-controlled",
      "note": "Frax USD. Reserve-backed with centralised components.",
      "url": null
    },
    {
      "symbol": "BUIDL",
      "sovereignty": "issuer-controlled",
      "note": "BlackRock USD Institutional Digital Liquidity Fund. Short-term Treasuries, redeems through BlackRock/Securitize. Freezable and permissioned.",
      "url": "https://riadefi.com/atlas/assets/buidl/"
    },
    {
      "symbol": "USYC",
      "sovereignty": "issuer-controlled",
      "note": "Circle-issued tokenised Treasury yield. Same issuer control as USDC, with fund-level redemption terms on top.",
      "url": null
    },
    {
      "symbol": "OUSG",
      "sovereignty": "issuer-controlled",
      "note": "Ondo Short-Term US Government Treasuries. Permissioned transfer, redeems through Ondo.",
      "url": null
    },
    {
      "symbol": "USTB",
      "sovereignty": "issuer-controlled",
      "note": "Superstate/Invesco short-duration Treasury fund. Registered transfer agent controls the holder list.",
      "url": null
    },
    {
      "symbol": "USCC",
      "sovereignty": "issuer-controlled",
      "note": "Bitwise cash-and-carry fund. Basis trade held at centralised venues, wrapped as a token.",
      "url": null
    },
    {
      "symbol": "STCUSD",
      "sovereignty": "issuer-controlled",
      "note": "Cap tokenised dollar yield product. Issuer-redeemed.",
      "url": null
    },
    {
      "symbol": "VBILL",
      "sovereignty": "issuer-controlled",
      "note": "VanEck tokenised T-bill fund. Permissioned.",
      "url": null
    },
    {
      "symbol": "JAAA",
      "sovereignty": "issuer-controlled",
      "note": "Janus Henderson AAA CLO exposure, tokenised. Credit risk plus issuer control — not a cash equivalent despite the rating.",
      "url": null
    },
    {
      "symbol": "JTRSY",
      "sovereignty": "issuer-controlled",
      "note": "Centrifuge tokenised Treasury exposure.",
      "url": null
    },
    {
      "symbol": "MGLOBAL",
      "sovereignty": "issuer-controlled",
      "note": "Tokenised global credit fund. Permissioned, issuer-redeemed.",
      "url": null
    },
    {
      "symbol": "XAUT",
      "sovereignty": "issuer-controlled",
      "note": "Tether Gold. A claim on vaulted bullion — Tether holds the metal and controls the token.",
      "url": null
    },
    {
      "symbol": "PAXG",
      "sovereignty": "issuer-controlled",
      "note": "Paxos Gold. Allocated London bullion held by Paxos, who can freeze the token.",
      "url": null
    },
    {
      "symbol": "USDE",
      "sovereignty": "hybrid",
      "note": "Ethena synthetic dollar. Backing is a perp short position held at centralised exchanges — venue risk, not issuer freeze risk, but seizable all the same.",
      "url": null
    },
    {
      "symbol": "SUSDE",
      "sovereignty": "hybrid",
      "note": "Staked USDe. Inherits the exchange venue exposure.",
      "url": null
    }
  ]
}