Privilege Scope

Evaluates the reliability of user exits under stress. Withdrawal predictability, unbonding behavior through dislocations, and whether any actor can unilaterally pause withdrawals are the primary inputs. The top tier is capped at middle whenever a privileged actor can discretionarily pause withdrawals.

Tier	Reasoning	Evidence
Frequent freezes or unreliable exits	The redemption commitment is the load-bearing user right of any reserve-backed token. Repeated withdrawal pauses or extended halts mean users cannot predict exit reliability.	Stream Finance's November 2025 xUSD depeg to roughly $0.26 followed an immediate withdrawal suspension after the disclosed $93M external manager loss. FTX's November 2022 terminal halt and BUSD's February 2023 regulator-forced halt anchor this tier.
Queued or occasional delays	Moderate unbonding periods that have experienced contained dislocations sit in the middle band; exits remain available but are subject to queues or delays under stress. The top tier is capped here whenever any privileged actor can unilaterally pause withdrawals.	Lido pre-Shapella allowed only secondary-market exits during the June 2022 Three Arrows / Celsius unwind, illustrating queued-exit behavior through a dislocation.
Fast, reliable under stress	Short, contract-enforced exits consistently processed through stress events anchor the top tier, with discretionary-pause capability separating architectural reliability from contestable reliability.	USDC's March 2023 SVB recovery — absorbing approximately $3B in net redemptions over 72 hours — anchors the top tier.