{
  "meta": {
    "as_of": "2026-07-11",
    "methodology_version": "0.2.1",
    "note": "All grades DRAFT or PROVISIONAL until evidence re-verified and right-of-reply completed. Supply figures approximate, sourced at as_of date where given.",
    "generated": "2026-07-18",
    "count": 23,
    "tombstones": 3,
    "c_or_below": 7,
    "grade_bands": [
      {
        "min_score": 92,
        "grade": "A+"
      },
      {
        "min_score": 85,
        "grade": "A"
      },
      {
        "min_score": 78,
        "grade": "A-"
      },
      {
        "min_score": 71,
        "grade": "B+"
      },
      {
        "min_score": 64,
        "grade": "B"
      },
      {
        "min_score": 57,
        "grade": "B-"
      },
      {
        "min_score": 50,
        "grade": "C+"
      },
      {
        "min_score": 43,
        "grade": "C"
      },
      {
        "min_score": 36,
        "grade": "C-"
      },
      {
        "min_score": 25,
        "grade": "D"
      },
      {
        "min_score": 0,
        "grade": "F"
      }
    ],
    "fragile_cutoff": 57,
    "queue": [
      "frxUSD (Frax)",
      "USDL (Paxos/Lift)",
      "wM (M^0)",
      "scrvUSD (Curve)",
      "USTBL/EUTBL (Spiko)",
      "USD0/USD0++ (Usual)",
      "sFRAX",
      "cUSDO",
      "stUSR",
      "yUSD wrappers",
      "PT-collateral instruments (Pendle)",
      "XSGD (StraitsX)",
      "AE Coin (AED Stablecoin LLC)",
      "EURC (Circle)",
      "EUR CoinVertible / EURCV (Societe Generale-FORGE)",
      "EURAU (AllUnity)",
      "Eurite / EURI (Banking Circle)",
      "AUDD (AUDC Pty Ltd)"
    ],
    "queue_briefs": [
      "XSGD (StraitsX)",
      "AE Coin (AED Stablecoin LLC)",
      "EURC (Circle)",
      "EUR CoinVertible / EURCV (Societe Generale-FORGE)",
      "EURAU (AllUnity)",
      "Eurite / EURI (Banking Circle)",
      "AUDD (AUDC Pty Ltd)"
    ]
  },
  "assets": [
    {
      "id": "usdc",
      "name": "USDC",
      "issuer": "Circle",
      "class": "yield_dollar",
      "subtype": "Regulated payment stablecoin (benchmark anchor)",
      "chain": "Multichain",
      "status": "draft",
      "confidence": "high",
      "supply_usd": 75000000000,
      "summary": "Benchmark anchor for the scale. Regulated, monthly-attested cash and T-bill reserves via regulated funds. The 2023 SVB depeg showed bank-channel exposure is real but survivable; structure has strengthened since.",
      "falsifier": "Evidence of reserve composition drifting from cash/T-bills, or loss of a primary banking/custody relationship without replacement, would cut Backing and Counterparty scores.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 95,
          "note": "Cash + short T-bills in regulated fund structure, monthly attestations by major auditor.",
          "evidence": [
            "https://www.circle.com/en/transparency",
            "https://www.spglobal.com/ratings/en/products/stablecoin-assessments"
          ]
        },
        "redemption": {
          "score": 92,
          "note": "Direct 1:1 institutional redemption, deep secondary liquidity across every major venue.",
          "evidence": [
            "https://www.circle.com/en/transparency"
          ]
        },
        "counterparty": {
          "score": 85,
          "note": "Bank and custodian concentration remains the residual risk; SVB (Mar 2023) was the realized case.",
          "evidence": [
            "https://www.spglobal.com/ratings/en/products/stablecoin-assessments"
          ]
        },
        "peg_infra": {
          "score": 82,
          "note": "One historical depeg to ~$0.87 (SVB weekend), recovered in days. Widely oracle-priced at market, not hardcoded.",
          "evidence": [
            "https://www.spglobal.com/ratings/en/products/stablecoin-assessments"
          ]
        },
        "leverage": {
          "score": 88,
          "note": "Ubiquitous collateral but not a recursive-yield instrument itself.",
          "evidence": [
            "https://defillama.com/stablecoins"
          ]
        },
        "transparency": {
          "score": 92,
          "note": "Public issuer, named executives, regulatory reporting.",
          "evidence": [
            "https://www.circle.com/en/transparency"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 89.6,
      "score": 89.6,
      "grade": "A",
      "capped_by": null,
      "haircut": {
        "pct": 4.0,
        "parts": "base 4% (A) x 1.00 (high confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "buidl",
      "name": "BUIDL",
      "issuer": "BlackRock / Securitize",
      "class": "rwa_wrapper",
      "subtype": "Tokenized institutional money market fund",
      "chain": "Ethereum (multichain)",
      "status": "draft",
      "confidence": "high",
      "supply_usd": 3030000000,
      "summary": "PILOT COVERAGE (Ring 2). The institutional benchmark for tokenized funds: ~$3B, BlackRock-managed, Securitize-administered, USDC liquidity facility. Demonstrates the top of the universal scale for RWA wrappers.",
      "falsifier": "Any gap between token transfers and fund-share registry reconciliation would cut Onchain Implementation.",
      "flags": [],
      "pillars": {
        "legal_structure": {
          "score": 92,
          "note": "Regulated fund, BLK management, established transfer-agent framework.",
          "evidence": [
            "https://securitize.io"
          ]
        },
        "asset_quality": {
          "score": 95,
          "note": "Cash, T-bills, repo.",
          "evidence": [
            "https://coinlaw.io/decentralized-finance-market-statistics/"
          ]
        },
        "redemption": {
          "score": 88,
          "note": "Daily liquidity + USDC facility; KYC-gated participants.",
          "evidence": [
            "https://securitize.io"
          ]
        },
        "counterparty": {
          "score": 85,
          "note": "BNY custody stack; concentrated but top-tier.",
          "evidence": [
            "https://securitize.io"
          ]
        },
        "onchain_tech": {
          "score": 80,
          "note": "Permissioned token with registry reconciliation.",
          "evidence": [
            "https://securitize.io"
          ]
        },
        "transparency": {
          "score": 85,
          "note": "Institutional reporting standards.",
          "evidence": [
            "https://securitize.io"
          ]
        }
      },
      "class_label": "RWA wrapper",
      "raw_score": 88.8,
      "score": 88.8,
      "grade": "A",
      "capped_by": null,
      "haircut": {
        "pct": 6.0,
        "parts": "base 4% (A) x 1.00 (high confidence) + 2pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "legal_structure": "Legal structure & recourse",
        "asset_quality": "Underlying asset quality",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "onchain_tech": "Onchain implementation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "legal_structure": 0.25,
        "asset_quality": 0.2,
        "redemption": 0.2,
        "counterparty": 0.15,
        "onchain_tech": 0.1,
        "transparency": 0.1
      }
    },
    {
      "id": "rlusd",
      "name": "RLUSD",
      "issuer": "Ripple (Standard Custody)",
      "class": "yield_dollar",
      "subtype": "Regulated payment stablecoin (benchmark)",
      "chain": "Ethereum / XRPL",
      "status": "draft",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "NYDFS-chartered trust structure; Bluechip's #1-ranked stablecoin as of July 2025. Younger liquidity profile than USDC/USDT; included as a second regulated benchmark.",
      "falsifier": "Sustained secondary-market depth failing to grow with supply, or any attestation gap, would cut Redemption and Transparency.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 90,
          "note": "Cash/T-bill reserves under NYDFS trust framework.",
          "evidence": [
            "https://bluechip.org/en/compare",
            "https://ripple.com"
          ]
        },
        "redemption": {
          "score": 85,
          "note": "Direct redemption via Ripple; institutional gating typical of trust stables.",
          "evidence": [
            "https://ripple.com"
          ]
        },
        "counterparty": {
          "score": 82,
          "note": "Custody within regulated trust; standard bank-channel exposure.",
          "evidence": [
            "https://bluechip.org/en/compare"
          ]
        },
        "peg_infra": {
          "score": 75,
          "note": "Younger market microstructure; depth still concentrated on fewer venues.",
          "evidence": [
            "https://bluechip.org/en/compare"
          ]
        },
        "leverage": {
          "score": 85,
          "note": "Limited use as recursive collateral to date.",
          "evidence": [
            "https://defillama.com/stablecoins"
          ]
        },
        "transparency": {
          "score": 88,
          "note": "Public issuer, regulator-supervised, regular attestations.",
          "evidence": [
            "https://ripple.com"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 84.6,
      "score": 84.6,
      "grade": "A-",
      "capped_by": null,
      "haircut": {
        "pct": 7.5,
        "parts": "base 6% (A-) x 1.25 (medium confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "openeden-tbill",
      "name": "OpenEden TBILL Fund",
      "issuer": "OpenEden",
      "class": "rwa_wrapper",
      "subtype": "Tokenized T-bill fund",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "PILOT COVERAGE (Ring 2). Singapore-linked tokenized T-bill fund with an external S&P fund rating per issuer materials \u2014 included alongside BUIDL to show the RWA module differentiates within the 'safe' tier. Verify current rating and terms.",
      "falsifier": "Rating lapse, custodian change, or redemption-term deterioration.",
      "flags": [],
      "pillars": {
        "legal_structure": {
          "score": 85,
          "note": "Regulated fund structure; professional-investor gating.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "asset_quality": {
          "score": 90,
          "note": "Short-dated T-bills.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "redemption": {
          "score": 80,
          "note": "Fund-cycle redemption; orderly.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "counterparty": {
          "score": 78,
          "note": "Custody/administration stack disclosed.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "onchain_tech": {
          "score": 75,
          "note": "Standard permissioned wrapper.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "transparency": {
          "score": 82,
          "note": "External rating + attestations posture.",
          "evidence": [
            "https://openeden.com"
          ]
        }
      },
      "class_label": "RWA wrapper",
      "raw_score": 82.7,
      "score": 82.7,
      "grade": "A-",
      "capped_by": null,
      "haircut": {
        "pct": 9.5,
        "parts": "base 6% (A-) x 1.25 (medium confidence) + 2pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "legal_structure": "Legal structure & recourse",
        "asset_quality": "Underlying asset quality",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "onchain_tech": "Onchain implementation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "legal_structure": 0.25,
        "asset_quality": 0.2,
        "redemption": 0.2,
        "counterparty": 0.15,
        "onchain_tech": 0.1,
        "transparency": 0.1
      }
    },
    {
      "id": "usdo",
      "name": "USDO (+ TBILL)",
      "issuer": "OpenEden",
      "class": "yield_dollar",
      "subtype": "T-bill fund-backed yield dollar",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "Backed by a regulated T-bill fund structure (TBILL) that carries a public S&P fund rating per issuer materials \u2014 a transparency posture most of the class lacks. Singapore-linked issuer; verify current rating status and redemption terms before publishing.",
      "falsifier": "Loss or lapse of the underlying fund's external rating, or redemption-term deterioration, would cut Backing and Redemption.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 88,
          "note": "Underlying regulated T-bill fund with external fund rating claimed; verify current.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "redemption": {
          "score": 75,
          "note": "Fund-style subscription/redemption with KYC gates; orderly but not instant.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "counterparty": {
          "score": 82,
          "note": "Regulated custodian/administrator stack.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "peg_infra": {
          "score": 74,
          "note": "NAV-accruing; moderate secondary usage.",
          "evidence": [
            "https://openeden.com"
          ]
        },
        "leverage": {
          "score": 72,
          "note": "Increasing collateral integrations; monitor loop growth.",
          "evidence": [
            "https://defillama.com"
          ]
        },
        "transparency": {
          "score": 85,
          "note": "External rating + published attestations is best-in-class behavior for the tier.",
          "evidence": [
            "https://openeden.com"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 79.7,
      "score": 79.7,
      "grade": "A-",
      "capped_by": null,
      "haircut": {
        "pct": 7.5,
        "parts": "base 6% (A-) x 1.25 (medium confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "usds",
      "name": "USDS (+ sUSDS)",
      "issuer": "Sky (formerly MakerDAO)",
      "class": "yield_dollar",
      "subtype": "Decentralized CDP stablecoin with savings rate",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "high",
      "supply_usd": 8000000000,
      "summary": "The most battle-tested decentralized dollar (with DAI lineage). Overcollateralized, transparent onchain, S&P-assessed. Risk drifts with governance decisions on RWA and ecosystem collateral allocations.",
      "falsifier": "Material allocation of reserves into illiquid or affiliated collateral via governance, or erosion of the surplus buffer, would cut Backing and Leverage.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 78,
          "note": "Overcollateralized mix of crypto, T-bill exposure and DeFi allocations; fully onchain-inspectable but heterogeneous.",
          "evidence": [
            "https://sky.money",
            "https://defillama.com/stablecoins"
          ]
        },
        "redemption": {
          "score": 80,
          "note": "No fiat redemption; PSM and deep onchain liquidity have held peg through multiple cycles.",
          "evidence": [
            "https://sky.money"
          ]
        },
        "counterparty": {
          "score": 75,
          "note": "RWA custody intermediaries and DeFi integrations (incl. rating-adjacent allocations) add named counterparties.",
          "evidence": [
            "https://sky.money"
          ]
        },
        "peg_infra": {
          "score": 80,
          "note": "Long peg history incl. surviving Mar 2020 and 2022; priced at market in lending venues.",
          "evidence": [
            "https://www.spglobal.com/ratings/en/products/stablecoin-assessments"
          ]
        },
        "leverage": {
          "score": 70,
          "note": "sUSDS/DAI loops exist across lending markets; moderate recursive usage.",
          "evidence": [
            "https://defillama.com/stablecoins"
          ]
        },
        "transparency": {
          "score": 85,
          "note": "Everything onchain and forum-documented; governance complexity is the cost.",
          "evidence": [
            "https://sky.money"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 77.8,
      "score": 77.8,
      "grade": "B+",
      "capped_by": null,
      "haircut": {
        "pct": 10.0,
        "parts": "base 10% (B+) x 1.00 (high confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "usdy",
      "name": "USDY",
      "issuer": "Ondo Finance",
      "class": "yield_dollar",
      "subtype": "Tokenized yield note (T-bill backed)",
      "chain": "Multichain",
      "status": "draft",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "Yield-bearing token structured as a note against T-bills and bank deposits with a bankruptcy-remote issuer. Strong structure for the class; exit is the weak pillar \u2014 redemption windows and transfer restrictions, not instant liquidity.",
      "falsifier": "Verified instant-redemption facility at scale would raise Redemption; any commingling finding would collapse the grade.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 85,
          "note": "Short Treasuries + demand deposits, overcollateralization buffer, published portfolio reporting.",
          "evidence": [
            "https://ondo.finance"
          ]
        },
        "redemption": {
          "score": 66,
          "note": "Redemption through issuer with notice periods; not a demand instrument. Secondary depth moderate.",
          "evidence": [
            "https://ondo.finance"
          ]
        },
        "counterparty": {
          "score": 80,
          "note": "Bankruptcy-remote SPV, named custodians/banks; standard RWA bank-channel exposure.",
          "evidence": [
            "https://ondo.finance"
          ]
        },
        "peg_infra": {
          "score": 75,
          "note": "Accruing-price token; venues generally track NAV, limited hardcoding observed.",
          "evidence": [
            "https://ondo.finance"
          ]
        },
        "leverage": {
          "score": 75,
          "note": "Growing use as collateral; not yet a dominant loop asset.",
          "evidence": [
            "https://defillama.com"
          ]
        },
        "transparency": {
          "score": 82,
          "note": "Named team, US-adjacent compliance posture, regular reporting.",
          "evidence": [
            "https://ondo.finance"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 77.2,
      "score": 77.2,
      "grade": "B+",
      "capped_by": null,
      "haircut": {
        "pct": 12.5,
        "parts": "base 10% (B+) x 1.25 (medium confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "curator-gauntlet",
      "name": "Gauntlet",
      "issuer": "Gauntlet Networks Inc.",
      "class": "curator",
      "subtype": "Quant risk manager / vault curator",
      "chain": "Multi-protocol",
      "status": "provisional",
      "confidence": "medium",
      "supply_usd": 904600000,
      "summary": "PILOT COVERAGE (Ring 1). Largest US-jurisdiction curator (~$905M tracked TVL, 78 products per CuratorWatch). Deep quant bench and no Stream exposure; the structural watch-item is alignment \u2014 revenue comes from the protocols and vaults it also risk-manages.",
      "falsifier": "A realized bad-debt event in a Gauntlet-curated vault would cut Realized Losses; independent-review commitments would raise Alignment.",
      "flags": [],
      "pillars": {
        "realized_losses": {
          "score": 78,
          "note": "No major realized loss events in curated vaults; legacy service-era incidents minor.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        },
        "risk_process": {
          "score": 82,
          "note": "Institutional quant process, published research.",
          "evidence": [
            "https://www.gauntlet.xyz"
          ]
        },
        "disclosure": {
          "score": 75,
          "note": "Regular public reporting; strategy-level detail varies.",
          "evidence": [
            "https://www.gauntlet.xyz"
          ]
        },
        "concentration": {
          "score": 72,
          "note": "Diversified across protocols and 70+ products.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        },
        "tenure_scale": {
          "score": 85,
          "note": "One of the longest track records in DeFi risk (since 2018-19 era).",
          "evidence": [
            "https://www.gauntlet.xyz"
          ]
        },
        "alignment": {
          "score": 60,
          "note": "Paid by the ecosystems it curates/advises; standard for the industry, still a conflict.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        }
      },
      "class_label": "Curator",
      "raw_score": 76.7,
      "score": 76.7,
      "grade": "B+",
      "capped_by": null,
      "haircut": null,
      "flag_labels": [],
      "pillar_labels": {
        "realized_losses": "Realized loss history",
        "risk_process": "Risk process",
        "disclosure": "Disclosure quality",
        "concentration": "Concentration",
        "tenure_scale": "Tenure & scale",
        "alignment": "Alignment & conflicts"
      },
      "weights": {
        "realized_losses": 0.25,
        "risk_process": 0.2,
        "disclosure": 0.15,
        "concentration": 0.15,
        "tenure_scale": 0.15,
        "alignment": 0.1
      }
    },
    {
      "id": "steakhouse-usdc",
      "name": "Steakhouse USDC (Morpho)",
      "issuer": "Steakhouse Financial (curator)",
      "class": "vault",
      "subtype": "Curated stablecoin lending vault",
      "chain": "Ethereum",
      "status": "provisional",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "PILOT COVERAGE (Ring 1). Flagship blue-chip-collateral USDC vault from an A+-graded curator (per CuratorWatch) that avoided the Stream complex. Included to demonstrate vault-module scoring; allocation snapshot needs refresh before publication.",
      "falsifier": "Allocation drift toward exotic yield-dollar collateral or oracle-hardcoded markets would cut Collateral Quality and Oracle Risk.",
      "flags": [],
      "pillars": {
        "collateral_quality": {
          "score": 78,
          "note": "Majors-dominated collateral markets historically; verify current allocation.",
          "evidence": [
            "https://curatorwatch.com/curator/steakhouse-financial"
          ]
        },
        "exit_liquidity": {
          "score": 75,
          "note": "Idle buffer + deep market liquidity typical; snapshot needed.",
          "evidence": [
            "https://curatorwatch.com/curator/steakhouse-financial"
          ]
        },
        "concentration": {
          "score": 70,
          "note": "Multi-market allocation; issuer-concentration moderate.",
          "evidence": [
            "https://curatorwatch.com/curator/steakhouse-financial"
          ]
        },
        "oracle_risk": {
          "score": 72,
          "note": "Standard oracle stack on allocated markets; per-market review pending.",
          "evidence": [
            "https://curatorwatch.com/curator/steakhouse-financial"
          ]
        },
        "curator_track": {
          "score": 82,
          "note": "No Stream exposure; multi-year track record across ~79 products.",
          "evidence": [
            "https://curatorwatch.com/curator/steakhouse-financial"
          ]
        },
        "transparency": {
          "score": 80,
          "note": "Public strategy docs and reporting.",
          "evidence": [
            "https://curatorwatch.com/curator/steakhouse-financial"
          ]
        }
      },
      "class_label": "Vault",
      "raw_score": 76.1,
      "score": 76.1,
      "grade": "B+",
      "capped_by": null,
      "haircut": {
        "pct": 15.5,
        "parts": "base 10% (B+) x 1.25 (medium confidence) + 3pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "collateral_quality": "Collateral quality",
        "exit_liquidity": "Exit liquidity",
        "concentration": "Concentration",
        "oracle_risk": "Oracle risk",
        "curator_track": "Curator track record",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "collateral_quality": 0.25,
        "exit_liquidity": 0.2,
        "concentration": 0.15,
        "oracle_risk": 0.15,
        "curator_track": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "gauntlet-usdc-prime",
      "name": "Gauntlet USDC Prime (Morpho)",
      "issuer": "Gauntlet (curator)",
      "class": "vault",
      "subtype": "Curated stablecoin lending vault",
      "chain": "Ethereum",
      "status": "provisional",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "PILOT COVERAGE (Ring 1). Conservative-mandate vault from the largest US-jurisdiction quant curator (~$900M across products, per CuratorWatch); no Stream exposure. Snapshot refresh required.",
      "falsifier": "Same as Steakhouse vault: allocation drift or oracle-hardcoded market exposure.",
      "flags": [],
      "pillars": {
        "collateral_quality": {
          "score": 76,
          "note": "Majors-focused mandate; verify current.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        },
        "exit_liquidity": {
          "score": 74,
          "note": "Managed liquidity buffer; verify current.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        },
        "concentration": {
          "score": 68,
          "note": "Multi-market; moderate.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        },
        "oracle_risk": {
          "score": 72,
          "note": "Standard stack; per-market review pending.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        },
        "curator_track": {
          "score": 80,
          "note": "Decade-adjacent quant risk history (Aave engagements etc.); avoided Stream.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        },
        "transparency": {
          "score": 78,
          "note": "Public methodology posts; US entity.",
          "evidence": [
            "https://curatorwatch.com/curator/gauntlet"
          ]
        }
      },
      "class_label": "Vault",
      "raw_score": 74.6,
      "score": 74.6,
      "grade": "B+",
      "capped_by": null,
      "haircut": {
        "pct": 15.5,
        "parts": "base 10% (B+) x 1.25 (medium confidence) + 3pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "collateral_quality": "Collateral quality",
        "exit_liquidity": "Exit liquidity",
        "concentration": "Concentration",
        "oracle_risk": "Oracle risk",
        "curator_track": "Curator track record",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "collateral_quality": 0.25,
        "exit_liquidity": 0.2,
        "concentration": 0.15,
        "oracle_risk": 0.15,
        "curator_track": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "mtbill",
      "name": "mTBILL",
      "issuer": "Midas",
      "class": "yield_dollar",
      "subtype": "Tokenized T-bill certificate",
      "chain": "Ethereum",
      "status": "provisional",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "Tokenized T-bill exposure from a smaller issuer with a European prospectus posture and deep DeFi integrations. The structure is sound; the grade is capped by scale and by verification depth available for this review.",
      "falsifier": "Full attestation trail + custodian confirmation would likely lift confidence to high and the grade toward B+.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 80,
          "note": "T-bill exposure via issuance program; attestations published, verify cadence.",
          "evidence": [
            "https://midas.app"
          ]
        },
        "redemption": {
          "score": 60,
          "note": "Issuer redemption with gates typical of the tier; secondary liquidity limited.",
          "evidence": [
            "https://midas.app"
          ]
        },
        "counterparty": {
          "score": 72,
          "note": "Custody and banking stack disclosed; smaller-issuer operational risk.",
          "evidence": [
            "https://midas.app"
          ]
        },
        "peg_infra": {
          "score": 70,
          "note": "NAV token; used in Morpho markets \u2014 oracle treatment needs per-market review.",
          "evidence": [
            "https://morpho.org/stories/midas/"
          ]
        },
        "leverage": {
          "score": 70,
          "note": "Collateral use growing via curated vaults.",
          "evidence": [
            "https://morpho.org/stories/midas/"
          ]
        },
        "transparency": {
          "score": 70,
          "note": "Good docs; entity/team disclosure adequate, thinner than the regulated tier.",
          "evidence": [
            "https://midas.app"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 70.8,
      "score": 70.8,
      "grade": "B",
      "capped_by": null,
      "haircut": {
        "pct": 17.5,
        "parts": "base 14% (B) x 1.25 (medium confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "gho",
      "name": "GHO",
      "issuer": "Aave DAO",
      "class": "yield_dollar",
      "subtype": "Decentralized CDP stablecoin",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "high",
      "supply_usd": null,
      "summary": "Aave's overcollateralized native stable. Governance and facilitator framework are strong; the peg ran soft for its first year and the instrument remains smaller and less battle-tested than USDS.",
      "falsifier": "Twelve months of tight peg at materially larger supply would raise Peg; facilitator expansion into exotic collateral would cut Backing.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 72,
          "note": "Overcollateralized against Aave collateral pool; facilitator caps governance-set.",
          "evidence": [
            "https://aave.com"
          ]
        },
        "redemption": {
          "score": 70,
          "note": "No fiat redemption; burn-against-debt plus secondary liquidity.",
          "evidence": [
            "https://aave.com"
          ]
        },
        "counterparty": {
          "score": 75,
          "note": "Protocol-native; risk-provider dependencies (oracle, risk shops) are the counterparties.",
          "evidence": [
            "https://aave.com"
          ]
        },
        "peg_infra": {
          "score": 58,
          "note": "Traded below par for extended early periods; stability modules since added.",
          "evidence": [
            "https://aave.com"
          ]
        },
        "leverage": {
          "score": 70,
          "note": "Moderate loop usage within Aave ecosystem.",
          "evidence": [
            "https://defillama.com"
          ]
        },
        "transparency": {
          "score": 80,
          "note": "Fully onchain, governance-documented.",
          "evidence": [
            "https://aave.com"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 70.5,
      "score": 70.5,
      "grade": "B",
      "capped_by": null,
      "haircut": {
        "pct": 14.0,
        "parts": "base 14% (B) x 1.00 (high confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "crvusd",
      "name": "crvUSD",
      "issuer": "Curve",
      "class": "yield_dollar",
      "subtype": "Decentralized CDP stablecoin (soft liquidation)",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "Novel LLAMMA soft-liquidation design that has handled multiple drawdowns credibly. Smaller ecosystem surplus and organizational depth than Sky; monitor collateral onboarding discipline.",
      "falsifier": "A major collateral crash processed with minimal bad debt at 2x current scale would raise the grade.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 68,
          "note": "Overcollateralized, continuous soft liquidation; collateral set is crypto-native and volatile.",
          "evidence": [
            "https://curve.fi"
          ]
        },
        "redemption": {
          "score": 72,
          "note": "PegKeeper + deep Curve-native liquidity.",
          "evidence": [
            "https://curve.fi"
          ]
        },
        "counterparty": {
          "score": 70,
          "note": "Protocol-native; founder-related governance concentration has been a historical concern.",
          "evidence": [
            "https://curve.fi"
          ]
        },
        "peg_infra": {
          "score": 64,
          "note": "Peg holds in normal regimes; less stress history at scale than USDS.",
          "evidence": [
            "https://curve.fi"
          ]
        },
        "leverage": {
          "score": 62,
          "note": "Loop usage via Curve/lending integrations moderate.",
          "evidence": [
            "https://defillama.com"
          ]
        },
        "transparency": {
          "score": 70,
          "note": "Onchain + docs; organizational disclosure thinner than DAO peers.",
          "evidence": [
            "https://curve.fi"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 67.8,
      "score": 67.8,
      "grade": "B",
      "capped_by": null,
      "haircut": {
        "pct": 17.5,
        "parts": "base 14% (B) x 1.25 (medium confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "usde",
      "name": "USDe",
      "issuer": "Ethena",
      "class": "yield_dollar",
      "subtype": "Delta-neutral synthetic dollar",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "high",
      "supply_usd": 14000000000,
      "summary": "The category-defining synthetic dollar (~$14B peak supply). Backing is a hedged basis position, not assets in a vault: solvency depends on exchange counterparties, custodian performance, and funding-rate regimes. Well-disclosed, reserve-fund-buffered \u2014 and structurally unlike anything the GENIUS Act regulates.",
      "falsifier": "A major hedging-venue failure handled without holder loss would raise Counterparty; a prolonged deep-negative funding regime draining the reserve fund would cut Backing materially.",
      "flags": [
        "no_retail_redemption"
      ],
      "pillars": {
        "backing": {
          "score": 70,
          "note": "Delta-neutral collateral + reserve fund; attested, but value depends on continuous hedge maintenance, not static assets.",
          "evidence": [
            "https://ethena.fi",
            "https://www.htx.com/en-us/news/428511/"
          ]
        },
        "redemption": {
          "score": 62,
          "note": "Mint/redeem restricted to whitelisted institutions; retail exit is secondary-market only (deep, to date).",
          "evidence": [
            "https://ethena.fi"
          ]
        },
        "counterparty": {
          "score": 50,
          "note": "Perp-venue and off-exchange-settlement custodian exposure is the core structural risk.",
          "evidence": [
            "https://www.forbes.com/sites/digital-assets/2026/06/15/ethenas-usde-pays-yield-legally-and-the-genius-act-has-no-answer-for-it/"
          ]
        },
        "peg_infra": {
          "score": 72,
          "note": "Held peg through 2024-25 stress events; some venues price near-par by design.",
          "evidence": [
            "https://ethena.fi"
          ]
        },
        "leverage": {
          "score": 55,
          "note": "Heavily used in looped/PT strategies across lending markets; a systemic building block.",
          "evidence": [
            "https://www.htx.com/en-us/news/428511/"
          ]
        },
        "transparency": {
          "score": 80,
          "note": "Named team, regular attestations, public risk docs; strategy inherently complex.",
          "evidence": [
            "https://ethena.fi"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 64.4,
      "score": 64.4,
      "grade": "B",
      "capped_by": null,
      "haircut": {
        "pct": 17.0,
        "parts": "base 14% (B) x 1.00 (high confidence) + 0pp class + 3pp flags"
      },
      "flag_labels": [
        "No retail redemption (institutional mint/redeem only)"
      ],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "syrupusdc",
      "name": "syrupUSDC",
      "issuer": "Maple Finance",
      "class": "yield_dollar",
      "subtype": "Private-credit yield dollar",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "medium",
      "supply_usd": 2000000000,
      "summary": "Yield from undercollateralized institutional lending \u2014 real credit risk in a liquid-looking wrapper, at ~$2B scale. Maple's underwriting has matured since its 2022 default cycle, but the asset's risk is borrower solvency, and secondary liquidity is thinner than its integrations suggest.",
      "falsifier": "A full credit cycle with sub-1% realized losses would raise Backing; borrower-book opacity increasing (or withdrawal queue growth) would cut it.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 55,
          "note": "Backing = performing loan book. Historical defaults exist (2022 cycle); current book disclosed at pool level.",
          "evidence": [
            "https://maple.finance"
          ]
        },
        "redemption": {
          "score": 58,
          "note": "Withdrawal queues dependent on loan maturities/liquidity buffer; not instant under stress.",
          "evidence": [
            "https://maple.finance"
          ]
        },
        "counterparty": {
          "score": 55,
          "note": "Borrower concentration + underwriter discretion; institutional borrowers are the actual risk.",
          "evidence": [
            "https://maple.finance"
          ]
        },
        "peg_infra": {
          "score": 70,
          "note": "Accruing share price; venues mostly price at NAV.",
          "evidence": [
            "https://defillama.com"
          ]
        },
        "leverage": {
          "score": 60,
          "note": "Widely accepted as collateral in curated vaults \u2014 private credit as loop collateral is a contagion channel to watch.",
          "evidence": [
            "https://defillama.com"
          ]
        },
        "transparency": {
          "score": 72,
          "note": "Named team, pool-level reporting, public token; borrower identities partially disclosed.",
          "evidence": [
            "https://maple.finance"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 60.3,
      "score": 60.3,
      "grade": "B-",
      "capped_by": null,
      "haircut": {
        "pct": 25.0,
        "parts": "base 20% (B-) x 1.25 (medium confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "susde",
      "name": "sUSDe",
      "issuer": "Ethena",
      "class": "yield_dollar",
      "subtype": "Staked synthetic dollar (yield-bearing)",
      "chain": "Ethereum",
      "status": "draft",
      "confidence": "high",
      "supply_usd": null,
      "summary": "USDe plus an unstaking cooldown and concentrated use as loop collateral. Everything true of USDe applies, with worse exit mechanics exactly when stress hits and heavier embedded leverage in the ecosystem around it.",
      "falsifier": "Cooldown removal or demonstrated orderly mass-unstake under stress would raise Redemption.",
      "flags": [
        "no_retail_redemption"
      ],
      "pillars": {
        "backing": {
          "score": 70,
          "note": "Same backing as USDe.",
          "evidence": [
            "https://ethena.fi"
          ]
        },
        "redemption": {
          "score": 50,
          "note": "Unstake cooldown (historically up to 7 days) gates exit; secondary liquidity thinner than USDe.",
          "evidence": [
            "https://ethena.fi"
          ]
        },
        "counterparty": {
          "score": 50,
          "note": "Identical venue/custodian exposure.",
          "evidence": [
            "https://ethena.fi"
          ]
        },
        "peg_infra": {
          "score": 68,
          "note": "Trades at yield-discounted NAV; some markets hardcode appreciation curves.",
          "evidence": [
            "https://ethena.fi"
          ]
        },
        "leverage": {
          "score": 45,
          "note": "A dominant looping asset of this cycle (money markets, PT markets); high recursive footprint.",
          "evidence": [
            "https://www.htx.com/en-us/news/428511/"
          ]
        },
        "transparency": {
          "score": 80,
          "note": "Same disclosure regime as USDe.",
          "evidence": [
            "https://ethena.fi"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 60.0,
      "score": 60.0,
      "grade": "B-",
      "capped_by": null,
      "haircut": {
        "pct": 23.0,
        "parts": "base 20% (B-) x 1.00 (high confidence) + 0pp class + 3pp flags"
      },
      "flag_labels": [
        "No retail redemption (institutional mint/redeem only)"
      ],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "usr",
      "name": "USR",
      "issuer": "Resolv",
      "class": "yield_dollar",
      "subtype": "Delta-neutral synthetic with junior tranche",
      "chain": "Ethereum",
      "status": "provisional",
      "confidence": "low",
      "supply_usd": null,
      "summary": "Ethena-pattern synthetic with an explicit junior tranche (RLP) absorbing first loss \u2014 an honest structural improvement, but young, smaller, and dependent on the tranche staying adequately capitalized. Verify current tranche ratio before publishing.",
      "falsifier": "Sustained RLP capitalization above target through a negative-funding quarter would raise Backing and the overall grade.",
      "flags": [
        "no_retail_redemption"
      ],
      "pillars": {
        "backing": {
          "score": 55,
          "note": "Hedged collateral + junior tranche buffer; buffer adequacy is the whole question \u2014 verify live ratio.",
          "evidence": [
            "https://resolv.xyz"
          ]
        },
        "redemption": {
          "score": 58,
          "note": "Institutional mint/redeem, secondary for retail; depth limited.",
          "evidence": [
            "https://resolv.xyz"
          ]
        },
        "counterparty": {
          "score": 50,
          "note": "Venue/custodian exposure as per the synthetic-dollar pattern.",
          "evidence": [
            "https://resolv.xyz"
          ]
        },
        "peg_infra": {
          "score": 60,
          "note": "Young peg history.",
          "evidence": [
            "https://resolv.xyz"
          ]
        },
        "leverage": {
          "score": 55,
          "note": "Points-era incentives encouraged looping; monitor.",
          "evidence": [
            "https://resolv.xyz"
          ]
        },
        "transparency": {
          "score": 62,
          "note": "Docs adequate; verification depth limited in this review, hence low confidence.",
          "evidence": [
            "https://resolv.xyz"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 56.3,
      "score": 56.3,
      "grade": "C+",
      "capped_by": null,
      "haircut": {
        "pct": 48.0,
        "parts": "base 30% (C+) x 1.50 (low confidence) + 0pp class + 3pp flags"
      },
      "flag_labels": [
        "No retail redemption (institutional mint/redeem only)"
      ],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "mbasis",
      "name": "mBASIS",
      "issuer": "Midas",
      "class": "yield_dollar",
      "subtype": "Tokenized basis-trade strategy",
      "chain": "Ethereum",
      "status": "provisional",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "A discretionary trading strategy in a dollar-token wrapper \u2014 the same *shape* as what failed in November 2025, executed with more disclosure. Strategy NAV can draw down; this is not a reserve asset and should never be priced like one.",
      "falsifier": "Published third-party verification of strategy positions and drawdown controls would raise Backing and Counterparty.",
      "flags": [],
      "pillars": {
        "backing": {
          "score": 52,
          "note": "Backing is a managed basis strategy's NAV \u2014 market-regime dependent by construction.",
          "evidence": [
            "https://midas.app"
          ]
        },
        "redemption": {
          "score": 60,
          "note": "Issuer redemption at NAV with processing windows.",
          "evidence": [
            "https://midas.app"
          ]
        },
        "counterparty": {
          "score": 45,
          "note": "Manager discretion + venue exposure; disclosed, which distinguishes it from Stream \u2014 but the dependency is structural.",
          "evidence": [
            "https://midas.app"
          ]
        },
        "peg_infra": {
          "score": 62,
          "note": "NAV accrual; any hardcoded-par usage in lending would be a red flag to monitor.",
          "evidence": [
            "https://midas.app"
          ]
        },
        "leverage": {
          "score": 55,
          "note": "Used in yield loops via curated vaults; compounding wrapper-on-strategy risk.",
          "evidence": [
            "https://morpho.org/stories/midas/"
          ]
        },
        "transparency": {
          "score": 70,
          "note": "Strategy disclosed and reported \u2014 materially better than the failed cohort, hence C+ not D.",
          "evidence": [
            "https://midas.app"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 56.3,
      "score": 56.3,
      "grade": "C+",
      "capped_by": null,
      "haircut": {
        "pct": 37.5,
        "parts": "base 30% (C+) x 1.25 (medium confidence) + 0pp class + 0pp flags"
      },
      "flag_labels": [],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "lvlusd",
      "name": "lvlUSD",
      "issuer": "Level",
      "class": "yield_dollar",
      "subtype": "Restaking-collateralized yield dollar",
      "chain": "Ethereum",
      "status": "provisional",
      "confidence": "low",
      "supply_usd": null,
      "summary": "Yield sourced from lending/restaking of reserve assets \u2014 stacking protocol risk on top of dollar exposure. Young instrument; the restaking dependency chain is exactly the kind of structure this scale exists to flag. Verify current reserve deployment before publishing.",
      "falsifier": "Published, verifiable breakdown of reserve deployment with conservative venue caps would raise Backing and confidence.",
      "flags": [
        "unverifiable_reserves"
      ],
      "pillars": {
        "backing": {
          "score": 50,
          "note": "Stable reserves deployed into lending/restaking strategies; deployment map not fully verifiable in this review.",
          "evidence": [
            "https://level.money"
          ]
        },
        "redemption": {
          "score": 55,
          "note": "Redemption subject to strategy liquidity.",
          "evidence": [
            "https://level.money"
          ]
        },
        "counterparty": {
          "score": 45,
          "note": "Restaking/lending venue chain compounds counterparties.",
          "evidence": [
            "https://level.money"
          ]
        },
        "peg_infra": {
          "score": 58,
          "note": "Limited stress history.",
          "evidence": [
            "https://level.money"
          ]
        },
        "leverage": {
          "score": 45,
          "note": "Yield-loop incentives inherent to the design.",
          "evidence": [
            "https://level.money"
          ]
        },
        "transparency": {
          "score": 60,
          "note": "Docs exist; verification gaps drive the cap.",
          "evidence": [
            "https://level.money"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 51.7,
      "score": 51.7,
      "grade": "C+",
      "capped_by": null,
      "haircut": {
        "pct": 55.0,
        "parts": "base 30% (C+) x 1.50 (low confidence) + 0pp class + 10pp flags"
      },
      "flag_labels": [
        "Reserves not fully verifiable"
      ],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "curator-telosc",
      "name": "TelosC",
      "issuer": "TelosC (Switzerland)",
      "class": "curator",
      "subtype": "Vault curator",
      "chain": "Multi-protocol",
      "status": "provisional",
      "confidence": "medium",
      "supply_usd": 216500000,
      "summary": "PILOT COVERAGE (Ring 1). Carried the single largest curator exposure to the Stream complex (~$123.6M per public reporting) \u2014 the defining realized-risk event of the November 2025 crisis. Continues operating (~$216M tracked TVL). Grade reflects realized-loss history and pre-crisis disclosure, not current allocations, which need fresh review.",
      "falsifier": "Published post-mortem with concrete process changes, plus 12 clean months, would lift Risk Process and Disclosure materially.",
      "flags": [],
      "pillars": {
        "realized_losses": {
          "score": 25,
          "note": "~$123.6M Stream-complex exposure per November 2025 reporting \u2014 largest of any curator.",
          "evidence": [
            "https://curatorwatch.com/curator/telosc",
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "risk_process": {
          "score": 40,
          "note": "Pre-crisis process permitted extreme single-complex concentration.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "disclosure": {
          "score": 35,
          "note": "Exposure scale surfaced by third-party sleuths, not proactive disclosure.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "concentration": {
          "score": 30,
          "note": "Realized concentration failure.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "tenure_scale": {
          "score": 55,
          "note": "Operating history and current ~$216M base.",
          "evidence": [
            "https://curatorwatch.com/curator/telosc"
          ]
        },
        "alignment": {
          "score": 50,
          "note": "Standard curator fee model.",
          "evidence": [
            "https://curatorwatch.com/curator/telosc"
          ]
        }
      },
      "class_label": "Curator",
      "raw_score": 37.2,
      "score": 37.2,
      "grade": "C-",
      "capped_by": null,
      "haircut": null,
      "flag_labels": [],
      "pillar_labels": {
        "realized_losses": "Realized loss history",
        "risk_process": "Risk process",
        "disclosure": "Disclosure quality",
        "concentration": "Concentration",
        "tenure_scale": "Tenure & scale",
        "alignment": "Alignment & conflicts"
      },
      "weights": {
        "realized_losses": 0.25,
        "risk_process": 0.2,
        "disclosure": 0.15,
        "concentration": 0.15,
        "tenure_scale": 0.15,
        "alignment": 0.1
      }
    },
    {
      "id": "deusd",
      "name": "deUSD",
      "issuer": "Elixir",
      "class": "yield_dollar",
      "subtype": "Failed synthetic dollar (contagion casualty)",
      "chain": "Ethereum",
      "status": "tombstone",
      "confidence": "high",
      "supply_usd": 0,
      "summary": "TOMBSTONE. Collapsed ~98% in November 2025 when ~65% of its backing (~$68M lent to Stream via private Morpho vaults) was impaired by the xUSD failure; subsequently wound down. The lesson is concentration: one counterparty was two-thirds of the reserve.",
      "falsifier": "None. Realized loss event.",
      "flags": [
        "realized_loss_event"
      ],
      "pillars": {
        "backing": {
          "score": 12,
          "note": "~65% of reserves lent to a single counterparty (Stream).",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "redemption": {
          "score": 8,
          "note": "Redemptions overwhelmed; wound down.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "counterparty": {
          "score": 5,
          "note": "Fatal single-counterparty concentration via private vaults.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "peg_infra": {
          "score": 10,
          "note": "Fell to ~$0.015.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "leverage": {
          "score": 15,
          "note": "Embedded in the same loop complex.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "transparency": {
          "score": 25,
          "note": "Exposure concentration not prominently disclosed pre-failure.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 11.6,
      "score": 11.6,
      "grade": "F",
      "capped_by": null,
      "haircut": {
        "pct": 100.0,
        "parts": "realized loss event -> 100%"
      },
      "flag_labels": [
        "Realized loss event \u2014 tombstone"
      ],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "xusd",
      "name": "xUSD",
      "issuer": "Stream Finance",
      "class": "yield_dollar",
      "subtype": "Failed synthetic yield dollar",
      "chain": "Ethereum",
      "status": "tombstone",
      "confidence": "high",
      "supply_usd": 0,
      "summary": "TOMBSTONE. Collapsed 4 Nov 2025 after a $93M loss attributed to an external fund manager's discretionary trading; token fell ~77% and triggered ~$285M in cross-protocol contagion through looped collateral positions on Morpho, Euler, Silo and Gearbox. The type specimen for why this rating category exists: undisclosed manager discretion + hardcoded par pricing + recursive leverage.",
      "falsifier": "None. Realized loss event.",
      "flags": [
        "realized_loss_event",
        "undisclosed_external_manager",
        "hardcoded_oracle_collateral"
      ],
      "pillars": {
        "backing": {
          "score": 15,
          "note": "Backing was discretionary off-chain trading; $93M misappropriation per litigation.",
          "evidence": [
            "https://www.panewslab.com/en/articles/c306e7e1-ccc2-41b2-928b-da78146a8daa"
          ]
        },
        "redemption": {
          "score": 5,
          "note": "Redemptions halted at collapse.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "counterparty": {
          "score": 5,
          "note": "Single external manager with unilateral discretion.",
          "evidence": [
            "https://www.panewslab.com/en/articles/c306e7e1-ccc2-41b2-928b-da78146a8daa"
          ]
        },
        "peg_infra": {
          "score": 10,
          "note": "Hardcoded $1 oracles in lending markets masked insolvency until failure.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "leverage": {
          "score": 5,
          "note": "Looping amplified $93M loss into $285M exposure.",
          "evidence": [
            "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/"
          ]
        },
        "transparency": {
          "score": 20,
          "note": "Strategy and manager arrangements undisclosed pre-failure.",
          "evidence": [
            "https://www.panewslab.com/en/articles/c306e7e1-ccc2-41b2-928b-da78146a8daa"
          ]
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 9.8,
      "score": 9.8,
      "grade": "F",
      "capped_by": null,
      "haircut": {
        "pct": 100.0,
        "parts": "realized loss event -> 100%"
      },
      "flag_labels": [
        "Realized loss event \u2014 tombstone",
        "Undisclosed external manager",
        "Hardcoded-par oracle while used as collateral"
      ],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    },
    {
      "id": "usdx",
      "name": "USDX",
      "issuer": "Stables Labs",
      "class": "yield_dollar",
      "subtype": "Failed synthetic dollar (contagion + alleged founder-wallet drain)",
      "chain": "Multichain (Ethereum, BNB Smart Chain, Arbitrum One, Base)",
      "status": "tombstone",
      "confidence": "medium",
      "supply_usd": null,
      "summary": "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.",
      "falsifier": "None \u2014 realized loss event.",
      "flags": [
        "realized_loss_event"
      ],
      "pillars": {
        "backing": {
          "score": 10,
          "note": "Endogenous delta-neutral crypto backing, never independently attested; NOT VERIFIABLE whether backing assets were among the allegedly drained liquidity.",
          "evidence": []
        },
        "redemption": {
          "score": 5,
          "note": "Documented 7-day institutional / AMM redemption superseded in practice by a no-guarantee, no-timeline informal claims process (the 'Restoration Arrangement').",
          "evidence": []
        },
        "counterparty": {
          "score": 5,
          "note": "Named founder subject to unresolved, unconfirmed wallet-drain allegations reported by The Block and AMBCrypto \u2014 if substantiated, the most severe founder-as-counterparty finding this platform has recorded.",
          "evidence": []
        },
        "peg_infra": {
          "score": 3,
          "note": "ATH $1.06 to ATL $0.007299; ~3.5x cross-venue price disagreement at review.",
          "evidence": []
        },
        "leverage": {
          "score": 8,
          "note": "USDX/sUSDX was accepted as loop collateral on Lista/Euler/Silo; the resulting stress forced Lista DAO's emergency liquidation proposal (LIP022) \u2014 a realized, not hypothetical, contagion event.",
          "evidence": []
        },
        "transparency": {
          "score": 20,
          "note": "Named legal entity and founder, public docs \u2014 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.",
          "evidence": []
        }
      },
      "class_label": "Yield dollar",
      "raw_score": 7.9,
      "score": 7.9,
      "grade": "F",
      "capped_by": null,
      "haircut": {
        "pct": 100.0,
        "parts": "realized loss event -> 100%"
      },
      "flag_labels": [
        "Realized loss event \u2014 tombstone"
      ],
      "pillar_labels": {
        "backing": "Backing & reserves",
        "redemption": "Redemption & exit",
        "counterparty": "Counterparty & custody",
        "peg_infra": "Peg & market infrastructure",
        "leverage": "Leverage & rehypothecation",
        "transparency": "Transparency & governance"
      },
      "weights": {
        "backing": 0.25,
        "redemption": 0.2,
        "counterparty": 0.15,
        "peg_infra": 0.15,
        "leverage": 0.15,
        "transparency": 0.1
      }
    }
  ]
}