Proof of reserves · Stellar
Every reserve claim on Stellar, checked in the open.
Assay reads the reserve report each asset issuer publishes and records when it was made and what it says. Smart contracts can then pause new lending when backing is missing, out of date, or short.
The board
- assets checked
- 270
- with a working reserve link
- 33
- with a report under 35 days old
- 0
Computed 2026-10-12 at ledger 64,906,749 from Stellar mainnet data. We check assets that claim to be backed and have either at least 50 holders with a balance or a reserve link on the issuer's own website. In total, 23,162 assets say they are backed; the method explains why we check fewer.
Each mark is one checked asset, from the snapshot of 2026-10-12. The shape shows the asset's report status; no status is marked as better or worse. Hover over or tap a mark to see the asset, then click or tap it again to open its page.
How the census narrows
From 274,439 to 0
We start with every asset on Stellar mainnet and filter by one fact at a time. Computed 2026-10-12 at ledger 64,906,749.
Bar lengths use a log scale, so small counts stay visible next to large ones.
- 274,439assets name an issuer website where a stellar.toml file can be looked up
- 110,754are listed in that file under their own code and issuer
- 23,162say they are backed by something off the blockchain (anchored)
- 270have at least 50 holders with a balance, or a reserve link on the issuer's own website. These are the assets we check
- 41publish a reserve link
- 33have a reserve link that opened a document when we checked
- 0have a report under 35 days old
How Assay checks
- 01
Board
A public page for every backed asset on Stellar. It shows whether the issuer links a reserve report, how old that report is, and what it says. Every figure links to its source.
- 02
Registry
A smart contract on Stellar where approved, independent checkers (attestors) post signed reserve reports. Every change to the list of attestors is recorded on the ledger.
- 03
Guard
A circuit breaker that a lending market or vault asks before it accepts more of an asset. If backing is missing, out of date, or below the level the market sets, the guard says no. It never moves money.
Why it matters
Stellar holds about $4Bsource in tokenized real-world assets. The Blend lending pools that accept these assets as collateral held just above $2Msource.
Real-world asset total as of 29 August 2026 (Stellar's Dune dashboard, reported by Cointelegraph). Blend figure as of 26 August 2026 (RedStone).
A lending market can only accept an asset it can check. Today, checking means finding a link in the issuer's stellar.toml file (its public information file) and reading a web page or PDF by hand. Our first census found no reserve report on Stellar that a computer can read. Assay turns those links into a shared record that people can read and smart contracts can check.
Method and limits
- We record facts, not ratings. No grades, no rankings.
- Figures are as stated by issuers or attestors. Assay is not an audit and not investment advice.
- Stellar's SEP-1 standard gives issuers an optional field,
attestation_of_reserve, for a link to evidence of their reserves. Because the field is optional, a missing link is recorded as a fact, not a fault. - Missing or out-of-date data is never shown as if it were fine.
- Issuers can correct any entry. Corrections are logged in public.
For issuers
Publish a signed reserve report in a format computers can read, and your asset's page will show it with its signature and date. Independent checkers (attestors) you choose can also post it to the registry for you.
For protocols
Ask the guard before you accept an asset as collateral. You set your own rules: how much backing is enough, and how old a report can be. Testnet only for now.