USDX

Stables Labs · Failed synthetic dollar (contagion + alleged founder-wallet drain) · Multichain (Ethereum, BNB Smart Chain, Arbitrum One, Base) · as of 2026-07-11

TOMBSTONE (committee decision 2026-07-18). Collapsed ~99.3% from its Dec 2024 ATH ($1.06) to ~$0.0073 (Jul 2026) after a Nov 2025 Balancer V2 pool exploit (~$1M) and a separate crash amid alleged, unconfirmed wallet-drain activity by the founder (reported by The Block and AMBCrypto, attributed to on-chain investigators; not confirmed by Stables Labs). Documented redemption was superseded by a no-guarantee, no-timeline claims process. Confidence is medium, not high, because the drain allegation is unresolved; the realized ~99% loss of peg is not in dispute. Full evidence trail: ratings/briefs/usdx_tombstone_dossier.md.

Realized loss event — tombstone

7.9

tombstoneconf medium

Haircut: 100.0%

realized loss event -> 100%

Illustrative — not a margin requirement.

Backing & reserves10 · 25%

Endogenous delta-neutral crypto backing, never independently attested; NOT VERIFIABLE whether backing assets were among the allegedly drained liquidity.

Redemption & exit5 · 20%

Documented 7-day institutional / AMM redemption superseded in practice by a no-guarantee, no-timeline informal claims process (the 'Restoration Arrangement').

Counterparty & custody5 · 15%

Named founder subject to unresolved, unconfirmed wallet-drain allegations reported by The Block and AMBCrypto — if substantiated, the most severe founder-as-counterparty finding this platform has recorded.

Peg & market infrastructure3 · 15%

ATH $1.06 to ATL $0.007299; ~3.5x cross-venue price disagreement at review.

Leverage & rehypothecation8 · 15%

USDX/sUSDX was accepted as loop collateral on Lista/Euler/Silo; the resulting stress forced Lista DAO's emergency liquidation proposal (LIP022) — a realized, not hypothetical, contagion event.

Transparency & governance20 · 10%

Named legal entity and founder, public docs — but no named auditor, no regulatory status disclosed, and the no-guarantee Restoration Arrangement is itself a governance signal disclosed exactly when disclosure quality matters most.

What would change this grade: None — realized loss event.

Live price

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Model signals

Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

As of 2026-07-11 · Methodology v0.2.1