Commission a reserve teardown of any stablecoin, for $499.
Name any stablecoin or synthetic dollar and we deliver the same reserve teardown we publish on our own research page, commissioned on your target: the trust boundary mapped, every on-chain figure read live with the command that reproduces it, the issuer's disclosed methods represented accurately, and the edges of what public data can prove stated plainly. $499 delivered privately to you; $999 for the same teardown published on kerne.fi with a permanent public URL.
$499 flat private, $999 flat published, one time, self-serve in USDC on Base. Analysis of public on-chain data and the issuer's own disclosures. It is not an audit, not a solvency opinion, not a rating, and a commission buys the work, never the conclusion.
We have published this exact teardown on live issuers, free, for weeks. Read any of them; the one you commission arrives in the same form, pointed at the target you name.
What a commissioned teardown delivers
One document, typically 1,500 to 2,500 words, in the same form as the published teardowns above: sourced, bounded, and reproducible. Delivered typically within 3 business days of naming your target.
The core of every teardown: which part of the target's backing a holder can recompute from public data without anyone's permission, and which part rests on an attestor, a custodian, or the issuer's word. Structural facts about the verification method, never a score of the issuer's character.
Every on-chain figure in the document, supply, disclosed reserve addresses, mint and redeem paths, privileged roles, is read live at a stated block, and each carries the exact cast or curl command that reproduces it. You check our numbers, you do not trust them.
What the issuer says backs the token and how they say you can check it: attestation cadence, attestor identity, reserve reports, proof-of-reserves feeds, and what each of those does and does not prove. Sourced to the issuer's own published materials, quoted accurately.
What public data cannot answer about this target, said out loud: off-chain reserves we cannot see, custody we cannot confirm, hedges that live on private venues. A teardown that marks its own limits is worth more than a confident one that does not.
Private, or published
The teardown is delivered to you and published nowhere. Yours to use in your own diligence, investment memo, or risk committee. We do not announce it, list it, or reference the target publicly.
The same teardown, published on kerne.fi/insights with a permanent public URL you can cite, alongside the teardowns above. Commissioned by you, and marked as commissioned; written to the same fairness bar as everything we publish unprompted.
The editorial line, stated up front: a commission buys the work, never the conclusion. The teardown says what public data supports, whether that is kind to the target or not, and a conclusion you did not hope for is not grounds for a refund. If we judge that a commissioned teardown cannot be published to the same fairness standard as our own work, we deliver it privately instead and refund the $500 difference. We do not take commissions from an issuer on its own token's competitors while that issuer is itself a live teardown subject, and we decline targets where we hold a position that a reasonable reader would consider a conflict.
What this is, stated plainly
This is research and objective-data analysis. It reads public on-chain data live, quotes the issuer's own published disclosures, and maps which parts of the backing a holder can verify without permission. It is not an audit, not a solvency or credit opinion, not a rating, and not financial, legal, or accounting advice. It does not claim any issuer is solvent or insolvent; it shows what the public record supports and marks where the public record ends.
We read public data only. We cannot see off-chain reserves, private custody arrangements, or hedges on private venues, and where those exist the teardown says so rather than guessing. Every on-chain figure carries a reproduce-it-yourself command, so the document's factual spine is checkable by you and by anyone you forward it to. That honesty is the product: a bounded analysis you can verify beats a confident one you cannot.
Pay, then name your target
Our guarantee. Every on-chain figure in the teardown carries the command that reproduces it from public data at the stated block. If any figure does not reproduce, we refund the fee or re-run the work, your call. That is the promise analysis of public data can make and keep. It is not a promise about conclusions, about the target's health, or about any outcome; a faithful teardown of a well-run issuer will faithfully say so. If a payment goes through and you hear nothing within one business day, write to kerne.systems@protonmail.com with the transaction hash and we make it right.
Pick the tier, pay in USDC on Base straight to Kerne's own treasury address, and the on-chain transaction is your receipt; verify the address before you send. As soon as it confirms, email the target token and the chain it lives on to kerne.systems@protonmail.com. Delivery is typically within 3 business days of naming the target.
Private teardown, delivered to you only.
After you pay, send your target to kerne.systems@protonmail.com. One token, one chain, one teardown.
Published teardown, permanent public URL on kerne.fi.
After you pay, send your target to kerne.systems@protonmail.com. The editorial line above applies.
Lighter below, heavier above
A commissioned teardown is analysis. When you need a cryptographic artifact instead of a document, the signed reads below and above it are built for that.
A machine-signed read of one token address, delivered on the page in about two minutes. The fastest fact you can buy here.
An independent signed read of a counterparty's public reserves: the cryptographic artifact, where the teardown is the analysis.
A signed statement of your own reserves that any counterparty verifies themselves, without trusting you.
Want the free version first? Every published teardown above is free to read, and Verify Any Stablecoin runs the on-chain half of this analysis on any token, right now, for nothing.
Kerne is infrastructure and a service provider, not an auditor, a rating agency, a custodian, or an investment adviser. A commissioned teardown is research over public on-chain data and the target's own published disclosures. It is not an audit, a solvency or credit opinion, a recommendation, or any form of investment, legal, tax, or accounting advice, and it asserts nothing public data cannot support. Kerne is early and not yet externally audited, disclosed at kerne.fi/dataroom; this work stands on public data you verify independently, not on our posture. The fee is $499 or $999 fixed, earned on delivery.