Redemption Backstop Changelog: v2 archive

Impact notes

• HOLLAR is no longer modeled as a `psm-swap` redemption route because the Hydration Stability Module only guarantees buying HOLLAR from the facility, while protocol buybacks of HOLLAR remain opportunistic rather than holder-deterministic
• The harder follow-up set led to no new medium-confidence additions for crvUSD, sUSD, MIM, or USDU Finance because current public materials still do not establish a primary redemption rail comparable to the existing modeled route families
• This keeps redemption coverage honest by preferring uncovered or low-coverage states over overstated direct-exit semantics

Impact notes

• cUSD, cEUR, ALUSD, and AZND now use reviewed eventual or reserve-backed redemption semantics instead of heuristic capacity ratios
• USDA now carries a reviewed issuer-redemption route, while pUSD Plume now uses live reserve metadata with a documented 1:1 USDC fallback instead of a generic low-confidence issuer assumption
• Names whose route semantics are still genuinely unresolved, such as crvUSD, sUSD, MIM, and HOLLAR, remain outside this tranche rather than being promoted on weak evidence

Impact notes

• USDD, LISUSD, reUSD, USR, USDF, DUSD, USP, and BUCK now use reviewed documented-bound capacity instead of generic heuristic ratios because Pharos already tracks explicit stable redemption buffers for those routes
• msUSD and fxUSD now carry reviewed direct-redemption semantics rather than unresolved low-confidence defaults, reflecting Main Street's full USDC reserve rail and f(x)'s documented collateral redemption path
• Routes whose reserve stack still lacks a clearly bounded redeemable stable buffer, such as YUSD, USN, and UTY, intentionally remain low-confidence until the evidence improves

Impact notes

• DOLA and JupUSD now treat their published stable-buffer bounds as reviewed documented-capacity inputs instead of leaving those ratios in the heuristic bucket
• rwaUSDi, mTBILL, MUSD, USDN, and YZUSD now use reviewed redemption semantics with documented-bound capacity instead of generic low-confidence placeholders, while YUSD, USN, and UTY keep conservative bounded-capacity assumptions because their delta-neutral collateral stacks still lack explicit published live buffers
• The documented-bound subset now contributes medium-confidence redemption evidence, while the reviewed delta-neutral routes stay visible-only until Pharos has explicit buffer bounds or live telemetry

Impact notes

• avUSD, cUSD, USDu, cgUSD, HONEY, EUSD, AID, OUSD, and USBD now use reviewed documented-bound redemption capacity instead of staying low-confidence under heuristic supply models
• USDu and AID now reflect whitelist-gated direct redemption access, while cgUSD and AID also disclose reviewed live fee assumptions from official docs
• These routes still do not claim a separately measured live instant buffer, but they now contribute medium-confidence redemption evidence across roughly half a billion dollars of additional tracked market cap

Impact notes

• syrupUSDC and syrupUSDT now use reviewed queue-redemption semantics with documented-bound eventual capacity rather than a heuristic 30% immediate buffer assumption
• Access is now modeled as whitelisted onchain, reflecting Maple's PoolPermissionManager gating for `requestRedeem` and `redeem` calls
• These routes now contribute medium-confidence redemption evidence while preserving Maple's documented FIFO processing and potential multi-day settlement delay

Impact notes

• PUSD and PGOLD now use reviewed documented-bound redemption routes tied to Pleasing's published off-ramp and physical-delivery docs instead of generic heuristic issuer assumptions
• apxUSD now reflects the documented whitelist-gated mint/redeem rail rather than a generic permissionless stablecoin-redeem assumption
• These routes still do not claim a separately measured live instant buffer, but they now contribute medium-confidence redemption evidence instead of remaining low-confidence heuristics

Impact notes

• USDe now models the whitelisted direct mint-and-redeem rail documented by Ethena, with fresh live Liquid Cash telemetry used as the current redeemable stable buffer and a conservative 0.5% fallback bound when telemetry is unavailable
• USDf now models Falcon's KYC-only queued redemption route with a live stablecoin-buffer input from Falcon's transparency feed and a reviewed zero protocol-fee assumption based on Falcon docs
• These routes materially expand medium-confidence redemption coverage without pretending either protocol has a permanently fixed instant-exit buffer

Impact notes

• USX, USDa, and M now carry reviewed redemption routes instead of remaining uncovered, and NUSD now uses reviewed documented-bound queue semantics rather than a generic 20% heuristic
• USD.AI now models the base token's direct burn-and-withdraw stablecoin rail instead of inheriting the slower sUSDai unstaking assumptions
• These routes still do not claim a separately measured live instant buffer, but they materially expand medium-confidence redemption coverage across the mid-cap queue

Impact notes

• thBILL, XAUm, USDGO, and USA₮ now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
• XAUm now discloses a reviewed 25 bps redemption fee and T+3 settlement expectations, while USDGO now uses the reviewed zero-fee StableHub exchange rail documented by OSL
• frxUSD now models the direct onchain USDC mint/redeem contract path as a reviewed stablecoin-redeem route instead of sitting in a generic offchain issuer bucket