Stablecoin Reserve Yield Cushion Calculator

Quantify the headroom between reserve portfolio earnings and promised payouts so stablecoin treasurers can defend buffers and redemption policies.

Outstanding stablecoin liabilities valued at par.
Net annualised yield from reserve assets after custodial fees.
Yield, rebate, or revenue-share promised to stablecoin holders.
Defaults to 0.25% to represent audits, compliance, and program operations when blank.
Defaults to 0.40% to cover liquidity buffers, haircuts, or market value shocks when blank.

Informational treasury aid. Validate outputs with audited reserve statements and regulatory guidance.

Examples

  • Supply $3,500,000,000, portfolio yield 4.8%, distribution 3.5%, expenses 0.25%, stress loss 0.40% ⇒ Annual cushion about $22,750,000 (65.00 bps).
  • Supply $800,000,000, portfolio yield 5.2%, distribution 4.8%, optional fields blank ⇒ Defaults to 0.25% expenses and 0.40% stress, producing a deficit near −$2,800,000 (−35.00 bps).

FAQ

Should I include unrealised gains?

Use conservative book yields or amortised cost accounting. Unrealised gains from long-duration bonds should not be counted until realised or hedged, otherwise the cushion will be overstated.

How often should I refresh the inputs?

Update the calculator whenever treasury reallocates assets or market rates shift materially. Weekly refreshes keep governance committees aware of shrinking cushions.

What if the cushion is negative?

A negative result signals a deficit. Model remediation paths by lowering distributions, trimming expenses, or injecting equity capital before publishing reserve attestations.

Additional Information

  • Result unit: USD per year with the equivalent basis-point margin versus liabilities.
  • Defaults: operating expenses assume 0.25% annually and stress losses 0.40% when optional inputs are omitted.
  • Negative outputs indicate the program must reduce distributions, cut expenses, or add subsidised capital to stay solvent.

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