The live book, verifiable on-chain

Backing is the protocol's accounting claim: idle reserves plus outstanding loan principal. Gross collateral & reserves replaces loan principal with the broader collateral reference: receivables scale their live outstanding principal by the signed LTV, so the reference amortizes with the loan and falls on a write-down, and digital-asset loans use the latest m-of-n attested mark, dated when it is older than its class's freshness window, until the next one arrives; closed facilities are excluded. Curator capital is shown separately because it is subordinated USDfr already backed by this same asset pool, not an additional external asset to add a second time. The sGROVE figure is its total funded USDfr coverage reserve. A loss can call the smaller of its amount and that live shared reserve; each draw depletes the same pool.