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Research methodology

How we assess stablecoin claims

A citation can support a technical fact without supporting the conclusion attached to it. Our guides separate what a document says, what can reasonably be inferred, and what still needs evidence.

Three different kinds of statement

Documented fact

A statement tied to a named source and its scope. The source should describe the same token, network or operation discussed in the guide.

Ask: Can you open the source and locate the information?

Example statement

Circle publishes USDC token identifiers by blockchain.

Open the source note

Our interpretation

A conclusion drawn from identified facts, with the reasoning and assumptions made explicit. It is not a measurement of a service unless that service was actually tested.

Ask: Does the reasoning follow, and what could change it?

Example statement

Matching a ticker alone is not enough to establish that two balances use the same token and network.

Not established

A claim whose supporting evidence is missing, too narrow, inaccessible or out of date. Repetition, a polished interface or a search position does not resolve that gap.

Ask: Which records, systems, dates and independent checks would support it?

An unsupported claim

“The provider keeps no identifying records because it advertises a no-logs policy.”

The label alone does not establish this.
A claim under examination

Read one claim all the way through

An explorer shows a transaction as successful. Does that mean the receiving service has credited the balance?

Illustrative reasoning exercise — not a report about a real transfer.

What the network evidence can establish

An explorer can expose the transaction, its network and execution result. For a token transfer, the relevant token and transfer event also matter; a success label alone is not the whole record.

What does not follow

A network record does not, by itself, show an internal customer balance. It also does not prove that the recipient accepts that token representation or that a later payout has happened.

What evidence is still needed

The destination’s current acceptance and credit rules, plus its record of that deposit. Treat a missing credit as a separate question, not proof that the network transfer failed.

Technical background: Ethereum transaction lifecycle (opens in a new tab)

What would justify a provider review?

A useful review needs more than a homepage screenshot or a successful small transfer. These are the evidence questions to ask before accepting a rating or recommendation.

A precisely identified service
The domain, operator information, selected product and date of the observations. Similar branding is not proof that two sites have the same operator.
A defined test and its limits
What was observed, under which conditions, and what was not tested. One transaction cannot establish future performance, solvency or all retention practices.
Terms that can be checked
Custody, fee units, supported networks, failure handling and relevant restrictions. A stated policy and evidence of its implementation are different things.
A visible commercial disclosure
Any relationship that could influence the recommendation belongs beside it. A referral link is not evidence that a service has passed an independent technical audit.

These are review criteria, not a claim that an external partner has passed them.

When sources change or disagree

Check that both documents describe the same network, token representation and date. A current issuer record and an old integration guide can disagree because the underlying support changed; merging their claims would hide that difference.

A dated source check is a snapshot, not a promise of continuous monitoring. For current support or a live quote, return to the issuer and the receiving service. If the evidence remains incomplete, the conclusion stays limited rather than becoming a definitive recommendation.