Proof of Reserves

How to verify reserves, bond positions and guardrail compliance.

How to verify the reserves backing USDest, the bond positions held by sUSDest, and compliance with the guardrails.

USDest is backed 1:1 by USDC and T-bill reserves. sUSDest is not a stablecoin and carries bond credit risk. This page shows both, separately.

Summary

Two layers:

USDest reserve: USDC balance, tokenized T-bill fund holdings, total reserve value vs USDest supply on Base, and the reserve custody addresses.
sUSDest assets: vault USDest, bond positions at carrying value, accrued coupon, both share prices, reserve floor vs actual, and per-issuer cap vs actual.

Each figure links to the contract or wallet on a block explorer, and to the latest attestation report once available.

Bonds

A table of every bond position. Click through to Bonds for full details.

Column	Description
Bond	Issuer and instrument name
Structure	For example Luxembourg securitisation compartment, or Swiss-ISIN bond
ISIN / Token	ISIN and ERC-3643 token address
Face Value Held	Units × denomination
Carrying Value	Value used in the redemption share price
Coupon	Rate and frequency
Maturity	Final maturity date
LTV	Latest issuer-reported loan-to-value and valuation date
% of Vault	Share of vault NAV
Status	See Bonds

Map

An interactive map of the real estate behind each bond by country and city, with asset type and valuation date. Where a bond is backed by a pool, its underlying assets are shown as that issuer reports them.

Holding Structure

Onchain holder: BondPositionManager (ONCHAINID identity)
Legal holder: USD.estate Holding Subsidiary (Cayman Islands)
Contracts & multisigs: see Contract Addresses