Unblend the Stable Yield

Which of these counts toward your reserve target?

• USDC in your own wallet, if your policy accepts its issuer and peg
• USDC supplied to a lending market, because it can usually be withdrawn
• A yield-bearing dollar token, because it tracks $1

You hold USDC in your wallet and USDC supplied to a lending market. How many issuer risks is that?

• Two, because they are separate positions
• One, because both depend on the same coin and its issuer
• None, because USDC is backed by cash