| ETH Deep profile | Sovereign | No issuer. No party can freeze or seize it on-chain. |
| WETH | Sovereign | Wrapped ETH. Immutable contract, no admin key, no blocklist. |
| STETH | Sovereign | Staked ETH via Lido. No blocklist, though the withdrawal path depends on Lido governance and validator behaviour. |
| WSTETH | Sovereign | Wrapped staked ETH. Same profile as STETH. |
| WBTC Deep profile | Issuer-controlled | Bitcoin exposure, but WBTC is a custodial IOU — BitGo holds the underlying and can be compelled. Not sovereign despite tracking BTC. |
| CBBTC | Issuer-controlled | Coinbase-issued Bitcoin wrapper. Coinbase holds the underlying BTC and can freeze the token. |
| RSETH | Sovereign | 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. |
| SOL | Sovereign | Solana native asset. No issuer, no freeze — but chain-level liveness history differs materially from Ethereum. |
| RETH | Sovereign | 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. |
| WEETH | Sovereign | 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. |
| WBETH | Issuer-controlled | Binance Staked ETH. An exchange IOU — Binance holds the underlying stake and controls the token. On-chain in form only. |
| STEAKUSDC | Issuer-controlled | Steakhouse-curated Morpho USDC vault share. The underlying is USDC — freezable by Circle — plus curator discretion on market selection. See the Morpho memo. |
| SYRUPUSDC | Issuer-controlled | 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. |
| SYRUPUSDT | Issuer-controlled | As SYRUPUSDC — Maple credit exposure in wrapper form. Rejected. |
| LUSD | Sovereign | 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. |
| MSOL | Sovereign | Marinade staked SOL. Stake spread algorithmically across 400+ validators — the most anti-concentration delegation strategy on Solana. |
| JITOSOL | Sovereign | 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. |
| INF | Sovereign | Sanctum Infinity. A basket of Solana LSTs — you inherit the weakest constituent rather than choosing the strongest. |
| GHO Deep profile | Crypto-backed | Aave-native stablecoin backed by on-chain collateral. Aave governance sets parameters, but there is no address freeze list. |
| SGHO | Crypto-backed | Staked GHO. Same backing as GHO, earning the Aave savings rate. |
| CRVUSD | Crypto-backed | Curve-native, overcollateralised by on-chain assets. Governance-managed, no blocklist. |
| DAI | Hybrid control | Originally crypto-backed, now substantially backed by real-world assets and USDC held with custodians. Materially less censorship-resistant than it once was. |
| SDAI | Hybrid control | Savings DAI. Inherits DAI backing, including its real-world asset exposure. |
| USDS | Hybrid control | Sky/Maker successor to DAI. Reserve mix includes real-world assets held by custodians who can be compelled. |
| SUSDS | Hybrid control | Savings USDS. Inherits the USDS reserve mix. |
| USDC Deep profile | Issuer-controlled | Issued by Circle, backed by bank deposits and T-bills. Circle can and does freeze addresses on request from law enforcement. |
| USDT Deep profile | Issuer-controlled | Issued by Tether. Has frozen addresses on request. Reserve composition is less transparently attested than USDC. |
| USDT0 | Issuer-controlled | Omnichain USDT. Inherits Tether issuer control. |
| PYUSD | Issuer-controlled | PayPal-issued, administered by Paxos. Freezable. |
| USDG | Issuer-controlled | Paxos-issued Global Dollar. Freezable. |
| RLUSD | Issuer-controlled | Ripple-issued. Freezable. |
| EURC | Issuer-controlled | Circle-issued euro stablecoin. Same freeze capability as USDC. |
| FRXUSD | Issuer-controlled | Frax USD. Reserve-backed with centralised components. |
| BUIDL Deep profile | Issuer-controlled | BlackRock USD Institutional Digital Liquidity Fund. Short-term Treasuries, redeems through BlackRock/Securitize. Freezable and permissioned. |
| USYC | Issuer-controlled | Circle-issued tokenised Treasury yield. Same issuer control as USDC, with fund-level redemption terms on top. |
| OUSG | Issuer-controlled | Ondo Short-Term US Government Treasuries. Permissioned transfer, redeems through Ondo. |
| USTB | Issuer-controlled | Superstate/Invesco short-duration Treasury fund. Registered transfer agent controls the holder list. |
| USCC | Issuer-controlled | Bitwise cash-and-carry fund. Basis trade held at centralised venues, wrapped as a token. |
| STCUSD | Issuer-controlled | Cap tokenised dollar yield product. Issuer-redeemed. |
| VBILL | Issuer-controlled | VanEck tokenised T-bill fund. Permissioned. |
| JAAA | Issuer-controlled | Janus Henderson AAA CLO exposure, tokenised. Credit risk plus issuer control — not a cash equivalent despite the rating. |
| JTRSY | Issuer-controlled | Centrifuge tokenised Treasury exposure. |
| MGLOBAL | Issuer-controlled | Tokenised global credit fund. Permissioned, issuer-redeemed. |
| XAUT | Issuer-controlled | Tether Gold. A claim on vaulted bullion — Tether holds the metal and controls the token. |
| PAXG | Issuer-controlled | Paxos Gold. Allocated London bullion held by Paxos, who can freeze the token. |
| USDE | Hybrid control | Ethena synthetic dollar. Backing is a perp short position held at centralised exchanges — venue risk, not issuer freeze risk, but seizable all the same. |
| SUSDE | Hybrid control | Staked USDe. Inherits the exchange venue exposure. |