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Depends on the knife. Something in a "low grade" stainless with a high chrome content like 440A, 420J2, 425 or whatever won't be "eager" to rust. The top "stainless" steels like ATS34, BG42 or the CPM types might be a bit less rust-proof, possibly bordering on "tool steel" toughness and edgeholding (which is good) but as a tradeoff are barely stainless. D2 is "just on the other side of the border", it's a tool steel that is somewhat reluctant to rust but ain't considered "stainless".
Also, any single steel's rust resistance *and* other qualities will vary with the heat-treat. And finish - bead-blasted often equals "loves to rust". Hardness often equals rust resistance regardless of steel.
If you do a thin oil coat then sheath a stainless blade in a DRY leather sheath and keep it that way, it should be fine...but there's no guarantees.
Jim has covered the subject fairly well. However stainless means just that. It will stain and corrode, and storing it in a leather sheath is just asking for trouble. If there is some compelling reason why you must do this, I suggest using a Marine Tuf-Cloth on the blade first, and reapplying regularly. The Tuf-Cloth ingredient will bond with the metal (unlike oil), and protect it. Walt