Who controls it
United Stables Limited controls eligible reserves, direct minting and redemption, and may satisfy redemptions in cash or stablecoins at its discretion; secondary holders have no direct redemption right.
- Backing
- Issuer-selected cash, cash equivalents, and stablecoins held within the reserve structure.
- Holder’s claim
- A secondary-market holder has no direct right to require redemption under the published terms.
- Redemption or sale
- Only approved minting customers redeem directly; the issuer may deliver cash or supported stablecoins and can restrict service.
Dependencies
- United Stables Limited
- Reserve banks, custodians, and stablecoin issuers
- Approved-participant status
- Token contract administration
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: United Stables Limited. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- United Stables: Terms · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.