Real Crypto
Which of the top 49 crypto assets actually pass a decentralization test | Updated September 20, 2026
Passed all five
Every asset, every test
Showing all 49 coins
Most of what sits in the crypto top 49 is not a cryptocurrency.
We applied the same five tests to every one of them. 5 passed.
The test
Five criteria, applied identically to every asset. Disagree with the criteria if you
like, but the facts underneath each one are sourced and linked.
- Its own blockchain. Not a token issued on someone else's chain.
- No premine. Supply was not created before the public could participate.
- No founder or treasury allocation. No share set aside for the team.
- No ICO or presale. Nobody bought in ahead of everyone else.
- Permissionless. Anyone can run a node and take part.
On “n/a”: some assets have no premine because they
have no genesis supply at all. That is a reason they fail the first test, not credit
toward the second. n/a is never counted as a pass.
On materiality: a premine under
0.5% of supply is recorded but not counted as a failure. Litecoin
premined 150 LTC before announcing, 50 of them permanently unspendable, against a
supply of 84 million. Failing it over 0.0002% would be pedantry, not measurement. A
premine of unstated size is always treated as material, so a missing number can never
buy a pass.
| Symbol | Name | Market Cap | Its own blockchain | No premine | No founder or treasury allocation | No ICO or presale | Permissionless |
|---|---|---|---|---|---|---|---|
| BTC | Bitcoin | $1.6T | PASS | PASS | PASS | PASS | PASS |
| DOGE | Dogecoin | $13.7B | PASS | PASS | PASS | PASS | PASS |
| XMR | Monero | $10.3B | PASS | PASS | PASS | PASS | PASS |
| BCH | Bitcoin Cash | $5.1B | PASS | PASS | PASS | PASS | PASS |
| LTC | Litecoin | $4.5B | PASS | PASS | PASS | PASS | PASS |
| ZEC | Zcash | $24.9B | PASS | PASS | FAIL | PASS | PASS |
| CC | Canton Coin | $4.3B | PASS | PASS | PASS | PASS | FAIL |
| TAO | Bittensor | $3.0B | PASS | PASS | PASS | PASS | FAIL |
| HYPE | Hyperliquid | $20.5B | PASS | n/a | FAIL | PASS | PASS |
| XLM | Stellar | $6.8B | PASS | FAIL | FAIL | PASS | PASS |
| SHIB | Shiba Inu | $3.2B | FAIL | FAIL | PASS | PASS | PASS |
| CRO | Cronos | $3.0B | PASS | FAIL | FAIL | PASS | PASS |
| GRAM | Gram (The Open Network, formerly Toncoin) | – | PASS | FAIL | FAIL | PASS | PASS |
| ETH | Ethereum | $321.0B | PASS | FAIL | FAIL | FAIL | PASS |
| XRP | XRP | $88.5B | PASS | FAIL | FAIL | FAIL | PASS |
| SOL | Solana | $65.1B | PASS | FAIL | FAIL | FAIL | PASS |
| ADA | Cardano | $8.6B | PASS | FAIL | FAIL | FAIL | PASS |
| UNI | Uniswap | $5.4B | FAIL | FAIL | FAIL | PASS | PASS |
| NEAR | NEAR Protocol | $4.7B | PASS | FAIL | FAIL | FAIL | PASS |
| AVAX | Avalanche | $4.6B | PASS | FAIL | FAIL | FAIL | PASS |
| SUI | Sui | $3.5B | PASS | FAIL | FAIL | FAIL | PASS |
| M | MemeCore | $3.4B | PASS | FAIL | FAIL | PASS | FAIL |
| BNB | BNB (Binance Coin) | $101.4B | PASS | FAIL | FAIL | FAIL | FAIL |
| TRX | TRON | $32.3B | PASS | FAIL | FAIL | FAIL | FAIL |
| FIGR_HELOC | Figure Heloc | $23.1B | FAIL | n/a | n/a | n/a | PASS |
| LEO | UNUS SED LEO | $8.2B | FAIL | FAIL | PASS | FAIL | n/a |
| HBAR | Hedera | $3.6B | PASS | FAIL | FAIL | FAIL | FAIL |
| USDT | Tether | $183.3B | FAIL | n/a | n/a | n/a | FAIL |
| USDC | USD Coin | $74.2B | FAIL | n/a | n/a | n/a | n/a |
| STETH | Lido Staked Ether | $21.3B | FAIL | n/a | n/a | n/a | FAIL |
| WBT | WhiteBIT Coin | $9.9B | FAIL | FAIL | FAIL | FAIL | FAIL |
| WSTETH | Wrapped stETH | $9.8B | FAIL | n/a | n/a | n/a | FAIL |
| RAIN | Rain (Rain Protocol) | $9.8B | FAIL | FAIL | FAIL | FAIL | FAIL |
| USDS | USDS (Sky Dollar) | $9.6B | FAIL | n/a | n/a | n/a | n/a |
| LINK | Chainlink | $9.3B | FAIL | FAIL | FAIL | FAIL | FAIL |
| WBTC | Wrapped Bitcoin | $9.2B | FAIL | n/a | n/a | n/a | FAIL |
| BSC-USD | Binance Bridged USDT (BNB Smart Chain) | $9.0B | FAIL | n/a | n/a | n/a | FAIL |
| WBETH | Wrapped Beacon ETH | $8.1B | FAIL | n/a | n/a | n/a | FAIL |
| LILPEPE | Little Pepe | $7.3B | FAIL | FAIL | n/a | FAIL | n/a |
| WEETH | Wrapped eETH | $7.2B | FAIL | n/a | n/a | n/a | FAIL |
| CBBTC | Coinbase Wrapped BTC | $6.1B | FAIL | n/a | n/a | n/a | FAIL |
| USDE | Ethena USDe | $4.8B | FAIL | n/a | n/a | n/a | n/a |
| DAI | Dai | $4.6B | FAIL | n/a | n/a | n/a | n/a |
| USDT0 | USDT0 | $4.5B | FAIL | n/a | n/a | n/a | FAIL |
| SUSDS | Sky Savings USDS | $4.4B | FAIL | n/a | n/a | n/a | n/a |
| USD1 | World Liberty Financial USD | $4.4B | FAIL | n/a | n/a | n/a | n/a |
| USDG | Global Dollar | $3.3B | FAIL | n/a | n/a | n/a | n/a |
| PYUSD | PayPal USD | $2.8B | FAIL | n/a | n/a | n/a | FAIL |
| XAUT | Tether Gold | $2.7B | FAIL | n/a | n/a | n/a | FAIL |
The detail
Bitcoin BTC
Native coin
· $1.6T
PASSES ALL FIVE
No premine occurred. The genesis block's 50 BTC reward is coded as unspendable, and every BTC since has entered circulation via open proof-of-work mining available to anyone from block 1 onward.
Not established: Exact amount of BTC mined by Satoshi personally (Patoshi-pattern estimates range from roughly 600,000 to 1.1 million BTC and are unconfirmed/disputed)
Dogecoin DOGE
Native coin
· $13.7B
PASSES ALL FIVE
Dogecoin launched via public mining from its genesis block on December 6, 2013, with no coins set aside for founders before public mining began.
Not established: Exact hash-rate/participation data for the first hours of mining is not documented in the sources checked.
Monero XMR
Native coin
· $10.3B
PASSES ALL FIVE
Monero (originally Bitmonero) was launched April 18, 2014 as a pre-announced public release of modified CryptoNote reference code, with mining open to anyone from block zero; official and independent sources state there was no premine and no instamine on Monero's own chain.
Not established: The '~2 million XMR instamine in the first days' claim could NOT be verified. All sources checked (getmonero.org, Wikipedia, kycnot.me) describe Monero's own launch as having no instamine. The well-documented 80%+ premine belongs to Bytecoin, the CryptoNote coin Monero forked away from in protest of that distribution. Treat the ~2M figure as unconfirmed until checked against a block explorer directly.
Bitcoin Cash BCH
Native coin
· $5.1B
PASSES ALL FIVE
At the fork (block 478558, 2017-08-01), every BTC holder received an equal 1:1 balance in BCH via a chain-state snapshot. No new coins were unilaterally created or allocated to the fork's developers or miners beyond ordinary block rewards going forward. Premine is a mismatch for this event: premine implies a party privately minting supply before public access, whereas BCH's entire initial balance sheet was Bitcoin's own pre-existing, already-public distribution copied wholesale.
Not established: Precise concentration of BCH balances among the largest fork-era mining pools shortly after the split
Litecoin LTC
Native coin
· $4.5B
PASSES ALL FIVE
0.00018% of genesis supply premined
Charlie Lee mined the genesis block (50 LTC, permanently unspendable by protocol design) plus two more blocks (100 LTC) before publicly announcing the project on 2011-10-07, to confirm the genesis parameters worked. That is 150 LTC against an 84,000,000 max supply – 0.00018%. Separately and more significantly, roughly 500,000 LTC was mined publicly on the first day due to low initial difficulty combined with Scrypt being easy to mine on ordinary CPUs at the time. That was an instamine available to anyone fast enough, not coins reserved for Lee, but a real early-concentration event.
Not established: Exact amount Charlie Lee personally mined or acquired during the high-instamine first days beyond the disclosed ~150 LTC
Zcash ZEC
Native coin
· $24.9B
Fails: No founder or treasury allocation
Zcash had no traditional premine (no coins created and allocated before public mining began); instead it used a Founders' Reward that diverted a share of ongoing, publicly-mined block rewards to insiders for a fixed period.
Not established: A single authoritative percentage breakdown of the Founders' Reward among founders/investors/employees/advisors – the internal split was renegotiated at least once
Canton Coin CC
Native coin
· $4.3B
Fails: Permissionless
Sourcing states not a single CC existed before the Global Synchronizer went live on July 1, 2024, and that CC is minted only as rewards to app builders and infrastructure providers. Digital Asset's own tokenomics PDF could not be parsed to verify this from the primary source.
Not established: The selection process used to choose the original 42 Super Validators before mainnet launch
Bittensor TAO
Native coin
· $3.0B
Fails: Permissionless
Opentensor Foundation and multiple secondary sources state there was no premine and no allocation to insiders before public mining began at network activation on Jan 3, 2021. However, no public documentation explains the rules or final destination of the ~5.38M TAO mined between Jan 2021 and Oct 2023, which critics cite as a transparency gap rather than evidence of a premine.
Not established: Exact rules and final destination of the ~5.38M TAO mined between Jan 2021 and Oct 2023 are not publicly documented
Hyperliquid HYPE
Native coin
· $20.5B
Fails: No founder or treasury allocation
29.8% to founders or treasury
HYPE is not a mined PoW coin, so classic premine does not map cleanly; the entire 1 billion fixed supply was allocated at the Token Generation Event rather than earned through open mining.
Not established: Precise current count and identities of the top-21 active validator set were not independently verified
Stellar XLM
Native coin
· $6.8B
Fails: No premine, No founder or treasury allocation
100% of genesis supply premined
100 billion lumens were created at Stellar's 2014 network genesis. A now-discontinued 1% annual inflation mechanism grew supply to roughly 105 billion XLM by 2019, at which point the Stellar Development Foundation burned 55,442,095,285.7418 XLM (November 2019), fixing total supply at just over 50 billion.
Not established: Exact 2014 percentage breakdown of the giveaway/partnership/airdrop programs from a primary SDF source
Shiba Inu SHIB
Token on another chain
· $3.2B
Fails: Its own blockchain, No premine
100% of genesis supply premined
The full fixed supply of 1 quadrillion SHIB was minted in a single contract-deployment transaction by the anonymous creator Ryoshi (~Aug 2020), as is standard for ERC-20 tokens – technically a 100% premine even though none was retained by the founder.
Not established: Exact contract-deployment date/block – sources vary between late July and August 2020
Cronos CRO
Native coin
· $3.0B
Fails: No premine, No founder or treasury allocation
100% of genesis supply premined
The entire 100 billion CRO fixed supply was pre-mined by Crypto.com at 2018 launch; no public or private sale. In 2021 Crypto.com burned 70 billion (100bn to 30bn), but a March 2025 Cronos governance vote approved re-minting that 70 billion, moving supply back toward 100bn on a 5-year vesting schedule into a strategic reserve wallet.
Not established: Precise team vs company-treasury vs public-distribution split of the original 100bn premine
Gram (The Open Network, formerly Toncoin) GRAM
Native coin
· –
Fails: No premine, No founder or treasury allocation
1.45% of genesis supply premined · 1.45% to founders or treasury
Of the fixed 5,000,000,000 genesis supply, roughly 1.45% (72,500,000) was allocated to the core development team and testers rather than released through mining; the remaining ~98.55% went into open Proof-of-Work Giver smart contracts anyone could mine against from June 2020 to June 2022. Distribution was nonetheless concentrated in practice: 1.081B tokens (~21% of supply) held across just 171 accounts were later frozen for 48 months by community vote over concentration concerns.
Not established: Exact mainnet launch date is contested – testnet2 went live Nov 2019 and was later redeclared mainnet by community vote
Ethereum ETH
Native coin
· $321.0B
Fails: No premine, No founder or treasury allocation, No ICO or presale
100% of genesis supply premined · 16.53% to founders or treasury
The entire genesis supply (~72,009,990.4995 ETH) was allocated at the July 30, 2015 launch to 8,893 wallets – presale purchasers, early contributors, and the Ethereum Foundation – none was mined.
Not established: Exact amount the Ethereum Foundation actually received vs its originally intended ~6M ETH share
XRP XRP
Native coin
· $88.5B
Fails: No premine, No founder or treasury allocation, No ICO or presale
100% of genesis supply premined · 100% to founders or treasury
All 100 billion XRP were created at the XRP Ledger's inception in 2012. No XRP has ever been mined; the ledger can only destroy XRP via tiny per-transaction fee burns (roughly 12M XRP burned total since 2012).
Not established: The exact calendar day of ledger genesis is attributed to a CTO recollection in secondary reporting, not a primary dated document
Solana SOL
Native coin
· $65.1B
Fails: No premine, No founder or treasury allocation, No ICO or presale
100% of genesis supply premined
The entire initial 500 million SOL genesis supply was created at mainnet launch and allocated across team, investor, foundation, and community buckets before any public mining/staking-based issuance began; none of it was earned through open participation.
Not established: Exact, single-source-confirmed percentage breakdown of the 500M genesis allocation (secondary sources disagree on exact team/foundation/investor percentages)
Cardano ADA
Native coin
· $8.6B
Fails: No premine, No founder or treasury allocation, No ICO or presale
100% of genesis supply premined · 16.67% to founders or treasury
The entire genesis supply of 31,112,484,646 ADA was created at Cardano's 2017 mainnet launch; 25,927,070,538 ADA (~83.3%) had already been sold via a multi-stage public ICO run 2015-2017.
Not established: Current (2026) remaining ADA balances held by IOHK, Emurgo, and the Cardano Foundation out of their original allocations
Uniswap UNI
Token on another chain
· $5.4B
Fails: Its own blockchain, No premine, No founder or treasury allocation
100% of genesis supply premined · 40% to founders or treasury
The full 1,000,000,000 UNI genesis supply was minted at contract deployment on 2020-09-16 – there is no mining phase for an ERC-20 token – then released per a fixed allocation and vesting schedule.
Not established: Exact current circulating UNI held by team and investors versus the community treasury
NEAR Protocol NEAR
Native coin
· $4.7B
Fails: No premine, No founder or treasury allocation, No ICO or presale
100% of genesis supply premined · 47.7% to founders or treasury
The full 1,000,000,000 NEAR fixed genesis supply was created at the mainnet genesis event (2020-04-22), not mined incrementally. The entire supply pre-existed before any public sale or open participation, then was released to allocation categories per lockup and vesting contracts.
Not established: Exact current unlocked share held by Core Contributors and Backers
Avalanche AVAX
Native coin
· $4.6B
Fails: No premine, No founder or treasury allocation, No ICO or presale
100% of genesis supply premined · 20% to founders or treasury
360M AVAX were minted at genesis (mainnet launch, Sept 21 2020); the remaining supply up to the 720M cap is emitted over time as staking rewards.
Not established: Exact current circulating supply and how much of the 720M cap has been emitted
Sui SUI
Native coin
· $3.5B
Fails: No premine, No founder or treasury allocation, No ICO or presale
100% of genesis supply premined · 10% to founders or treasury
Total supply is hard-capped at 10 billion SUI, fixed at genesis rather than emitted; the locked majority is released over multi-year vesting schedules.
Not established: Exact current unlock/circulating status given the contested vesting schedule
MemeCore M
Native coin
· $3.4B
Fails: No premine, No founder or treasury allocation, Permissionless
40% of genesis supply premined · 40% to founders or treasury
Total supply is 5B M. Per published tokenomics: 58% Community, 15% Foundation, 13% Core Contributor, 12% Investor, 2% Meme Treasury – so roughly 40% was allocated to foundation, team, investor and treasury categories rather than open distribution. Sourcing is a secondary tokenomics aggregator, not a primary MemeCore document, so treat the exact category math as approximate.
Not established: No primary-source tokenomics breakdown was found to confirm the allocation percentages – only a secondary aggregator
BNB (Binance Coin) BNB
Native coin
· $101.4B
Fails: No premine, No founder or treasury allocation, No ICO or presale, Permissionless
100% of genesis supply premined · 40% to founders or treasury
The full fixed 200,000,000 BNB supply was created at the 2017 token generation event – 50% sold in the ICO, 40% to the founding team, 10% to angel investors – none of it was mined. Current total supply is lower than the genesis figure only because of Binance's ongoing quarterly token-burn program (~133.17M BNB as of the 36th burn, July 2026).
Not established: Exact single canonical ICO date – secondary sources give a range from late June to July 25, 2017
TRON TRX
Native coin
· $32.3B
Fails: No premine, No founder or treasury allocation, No ICO or presale, Permissionless
100% of genesis supply premined · 44% to founders or treasury
The full 100 billion TRX genesis supply was created and distributed at launch via ICO, private placement, and foundation/founder allocations – none of it was mined or staked into existence.
Not established: Precise, primary-sourced (vs aggregated secondary) figures for the exact TRX genesis allocation breakdown
Figure Heloc FIGR_HELOC
Tokenized real-world asset
· $23.1B
Fails: Its own blockchain
Premine framing does not apply: this is not a mined asset with a fixed genesis supply. Tokens are continuously created by Figure as it originates and tokenizes new HELOC loans, and each token represents roughly one dollar of outstanding loan principal.
Not established: Exact date FIGR_HELOC began trading as a distinct ticker is unclear. RWA.xyz lists a 2022-01-17 inception date, which likely refers to Figure's broader tokenized-HELOC programme rather than this tradable ticker; secondary sources describe the token and Figure Markets as 2024-2025 developments. Left null rather than guess.
UNUS SED LEO LEO
Token on another chain
· $8.2B
Fails: Its own blockchain, No premine, No ICO or presale
100% of genesis supply premined
iFinex created the full 1 billion LEO supply ahead of the May 2019 token sale; none is mined, and the entire supply was issued by a single company.
Not established: Exact current circulating supply and total burned to date – sources ranged from ~76M to ~80M burned
Hedera HBAR
Native coin
· $3.6B
Fails: No premine, No founder or treasury allocation, No ICO or presale, Permissionless
100% of genesis supply premined · 13.8% to founders or treasury
Hedera has a fixed max supply of 50 billion HBAR, minted at genesis and released from treasury over time; ~32.4% sat in a pre-minted Hedera Treasury at launch.
Not established: Exact current HBAR held by Council members individually
Tether USDT
Stablecoin
· $183.3B
Fails: Its own blockchain, Permissionless
USDT has no genesis block or fixed initial distribution. Tether Limited mints tokens on demand when customers deposit collateral and burns them on redemption, so premine does not apply in the usual sense.
Not established: Full current composition and independent audit status of USDT's backing reserves (historically attested, not fully audited)
USD Coin USDC
Stablecoin
· $74.2B
Fails: Its own blockchain
Not applicable – USDC has no fixed genesis supply or premine concept; tokens are minted on demand by the issuer against incoming USD/reserve deposits and burned on redemption.
Not established: Exact total USDC issued to date at any specific moment (changes continuously with mint/burn).
Lido Staked Ether STETH
Wrapped derivative
· $21.3B
Fails: Its own blockchain, Permissionless
Not applicable: stETH has no fixed genesis supply. It is minted 1:1 whenever a user deposits ETH into the Lido protocol and burned on withdrawal.
Not established: Exact current count of active Lido Ethereum node operators (reported figures vary; ~21 curated operators in earlier governance documentation)
WhiteBIT Coin WBT
Token on another chain
· $9.9B
Fails: Its own blockchain, No premine, No founder or treasury allocation, No ICO or presale, Permissionless
100% of genesis supply premined · 50% to founders or treasury
WBT was never mined; its entire fixed 400,000,000 supply was created at issuance by WhiteBIT and distributed via private sale, public IEO, and treasury allocations – effectively 100% premined in the sense that no coins were earned through open participation.
Not established: A clean single-source breakdown of all allocation categories could not be fully reconciled – aggregators label buckets differently and percentages do not cleanly cross-check; only the treasury (200M/50%) and private-sale (~54M) figures were corroborated across sources
Wrapped stETH WSTETH
Wrapped derivative
· $9.8B
Fails: Its own blockchain, Permissionless
Not applicable – no fixed genesis supply. Anyone holding stETH can mint wstETH permissionlessly via the wrap contract at the prevailing exchange rate, and burn it to unwrap.
Not established: Exact contract-deployment day varies slightly across secondary sources (mid-to-late February 2021); no on-chain confirmation was independently pulled
Rain (Rain Protocol) RAIN
Token on another chain
· $9.8B
Fails: Its own blockchain, No premine, No founder or treasury allocation, No ICO or presale, Permissionless
13.65% of genesis supply premined · 10% to founders or treasury
Per Rain's own MiCA crypto-asset white paper, of the 1,150,000,000,000 RAIN total supply, 157,000,000,000 (13.65%) was issuer-retained at the time of admission to trading. Additional presale/team/treasury splits are reported only by third-party trackers, not the primary white paper.
Not established: DATA QUALITY RED FLAG: CoinGecko and CoinMarketCap show the identical ~$9.47B market cap for a coin both call RAIN, matching this project's supply and contract address, but rank it inconsistently (#16 on CoinGecko vs #201 on CoinMarketCap). This inconsistency could not be explained.
USDS (Sky Dollar) USDS
Stablecoin
· $9.6B
Fails: Its own blockchain
USDS has no fixed genesis supply or premine. It is minted on demand either by collateralized debt positions or 1:1 through a DAI-to-USDS converter contract; supply grows and shrinks with vault activity and conversions.
Not established: Exact current size of any Sky Foundation or governance-multisig-held USDS reserves
Chainlink LINK
Token on another chain
· $9.3B
Fails: Its own blockchain, No premine, No founder or treasury allocation, No ICO or presale, Permissionless
100% of genesis supply premined · 30% to founders or treasury
All 1,000,000,000 LINK were minted at genesis around the September 2017 token sale; the total supply is capped and none has been mined since.
Not established: Chainlink Labs' current (2026) actual LINK holdings vs the original 300M allocation – no current disclosed balance found
Wrapped Bitcoin WBTC
Wrapped derivative
· $9.2B
Fails: Its own blockchain, Permissionless
Not meaningfully applicable: WBTC has no fixed genesis supply. Tokens are minted on demand when a merchant deposits BTC with the custodian and burned on redemption.
Not established: Precise current three-way custody key split and whether further custody changes have occurred since 2024-2025
Binance Bridged USDT (BNB Smart Chain) BSC-USD
Wrapped derivative
· $9.0B
Fails: Its own blockchain, Permissionless
Not applicable – no fixed genesis supply. Minted 1:1 by Binance whenever a user deposits native USDT for bridging, and burned on redemption; supply tracks custodied USDT.
Not established: Exact on-chain contract-creation timestamp (BscScan blocked automated access; the date comes from a secondary aggregator, consistent with BSC mainnet's 2020-09-01 launch)
Wrapped Beacon ETH WBETH
Wrapped derivative
· $8.1B
Fails: Its own blockchain, Permissionless
WBETH is minted on demand when a user stakes ETH via Binance; there is no fixed genesis supply for a premine concept to apply to.
Not established: Specific validator operators behind Binance's ETH staking
Little Pepe LILPEPE
Token on another chain
· $7.3B
Fails: Its own blockchain, No premine, No ICO or presale
26.5% of genesis supply premined
Presale-review sites report a 100,000,000,000 total supply with 26.5% allocated to the public presale and the remainder split across a 30% future chain reserve, 10% CEX reserves, 10% liquidity, 10% marketing, and 13.5% staking. These figures come only from third-party presale-tracking sites, not an audited or independently verifiable filing from the project.
Not established: Team/founder identity – described as anonymous across every independent review found
Wrapped eETH WEETH
Wrapped derivative
· $7.2B
Fails: Its own blockchain, Permissionless
weETH is minted by wrapping eETH, which is itself minted 1:1 when a user deposits ETH into ether.fi's pool; no fixed genesis supply exists.
Not established: Exact date weETH itself began trading, as distinct from eETH's 2023-11-15 launch
Coinbase Wrapped BTC CBBTC
Wrapped derivative
· $6.1B
Fails: Its own blockchain, Permissionless
cbBTC is minted on demand when BTC is deposited with Coinbase custody; there is no fixed genesis supply.
Not established: Specific signers on Coinbase's multi-party key management for the Admin and Minter roles
Ethena USDe USDE
Stablecoin
· $4.8B
Fails: Its own blockchain
USDe has no genesis distribution; minted on demand when users deposit collateral that Ethena then hedges. ENA, Ethena's separate governance token, had its own token generation event not covered here.
Not established: Current breakdown of backing assets and which exchanges hold the hedging positions
Dai DAI
Stablecoin
· $4.6B
Fails: Its own blockchain
DAI has no genesis distribution event; every unit is minted on demand when a user locks collateral into a vault or swaps in via the PSM, and burned on repayment. Premine does not apply to this issuance model.
Not established: Exact current split of DAI vs USDS circulating supply
USDT0 USDT0
Wrapped derivative
· $4.5B
Fails: Its own blockchain, Permissionless
USDT0 is minted on destination chains only when native USDT is locked in the Ethereum lockbox contract; there is no fixed genesis supply.
Not established: Exact terms of the Tether-to-Everdawn Labs license
Sky Savings USDS SUSDS
Stablecoin
· $4.4B
Fails: Its own blockchain
sUSDS is minted 1:1 against USDS deposits into Sky's Savings Rate contract, not distributed at a genesis event.
Not established: Whether sUSDS carries its own freeze function distinct from USDS's
World Liberty Financial USD USD1
Stablecoin
· $4.4B
Fails: Its own blockchain
USD1 is minted on demand against reserve deposits, not distributed at a genesis event. WLFI, the separate governance token, had its own presale structure not covered here.
Not established: Exact split of reserves between cash deposits and Treasury holdings
Global Dollar USDG
Stablecoin
· $3.3B
Fails: Its own blockchain
USDG is minted on demand against reserve deposits, not distributed at a genesis event.
Not established: Precise reserve custodian breakdown across jurisdictions
PayPal USD PYUSD
Stablecoin
· $2.8B
Fails: Its own blockchain, Permissionless
PYUSD is minted on demand against USD deposits received by Paxos; no fixed genesis supply, so premine does not apply.
Not established: Precise real-time reserve custodian names beyond monthly attestation disclosures
Tether Gold XAUT
Tokenized real-world asset
· $2.7B
Fails: Its own blockchain, Permissionless
Not applicable – XAUT is minted on demand against allocated gold rather than launched via a fixed-supply genesis event.
Not established: The identity of the Swiss custodian holding the physical gold is reported as undisclosed
Method, and what we do not know
Every premine, founder-allocation and ICO figure was researched individually against
primary sources where they exist — whitepapers, genesis records, foundation
disclosures and regulatory filings — and secondary sources otherwise. Where
sources disagreed we recorded no number rather than pick one, and each asset lists
what could not be established.
The research was AI-assisted and every claim carries its source link so you can check
it. We would rather be corrected than be vague: if something here is wrong, the source
trail should make that easy to demonstrate.
This page tests the top crypto assets by market cap against five criteria: its own blockchain, no premine, no founder or treasury allocation, no ICO, and permissionless participation. Every claim is sourced and linked. Research is curated and hand-checked, not scraped.
Top Coins Top Tokens Pegged & Derivative The AI Forecast Scorecard