When it comes to synthetic stablecoins, the math for solvency is straightforward—just compare reserves against what's actually circulating. Neutrl demonstrates this principle consistently: maintaining reserve buffers above NUSD supply even during expansion phases, with that cushion growing further as OTC allocations vest and funding income accumulates. The latest snapshot from December 8, 2025 shows reserves running roughly 3.9% ahead of circulating supply. That spread isn't trivial—it signals a protocol designed with breathing room rather than operating at the edge.