Generated 2026-07-19T03:07:48+00:00 · Methodology v0.2.1 · Ratings as of 2026-07-11 · Portfolio: Demo book (synthetic)
| Gross book value | $27,950,000 |
| Risk-adjusted collateral value | $24,440,000 |
| Haircut drag | −$3,510,000 (12.56%) |
| Exposure-weighted score | 78.5 |
| No realized-failure (F) exposure | FAIL |
| Single instrument <= 25% of gross | FAIL |
| C+ and below <= 10% of gross | PASS |
| Low-confidence grades <= 15% of gross | PASS |
| Instrument | Amount (USD) | Grade | Haircut | Adjusted (USD) |
|---|---|---|---|---|
| BUIDL BlackRock / Securitize · RWA wrapper · conf high · draft | 10,000,000 | A | 6.0% | 9,400,000 |
| Derivation: base 4% (A) x 1.00 (high confidence) + 2pp class + 0pp flags Falsifier: Any gap between token transfers and fund-share registry reconciliation would cut Onchain Implementation. Evidence: [1] [2] | ||||
| USDC Circle · Yield dollar · conf high · draft | 6,000,000 | A | 4.0% | 5,760,000 |
| Derivation: base 4% (A) x 1.00 (high confidence) + 0pp class + 0pp flags 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. Evidence: [1] [2] [3] | ||||
| USDY Ondo Finance · Yield dollar · conf medium · draft | 3,000,000 | B+ | 12.5% | 2,625,000 |
| Derivation: base 10% (B+) x 1.25 (medium confidence) + 0pp class + 0pp flags Falsifier: Verified instant-redemption facility at scale would raise Redemption; any commingling finding would collapse the grade. Evidence: [1] [2] | ||||
| USDe Ethena · Yield dollar · conf high · draft | 4,000,000 | B | 17.0% | 3,320,000 |
| Derivation: base 14% (B) x 1.00 (high confidence) + 0pp class + 3pp flags · Flags: No retail redemption (institutional mint/redeem only) 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. Evidence: [1] [2] [3] | ||||
| sUSDe Ethena · Yield dollar · conf high · draft | 1,500,000 | B- | 23.0% | 1,155,000 |
| Derivation: base 20% (B-) x 1.00 (high confidence) + 0pp class + 3pp flags · Flags: No retail redemption (institutional mint/redeem only) Falsifier: Cooldown removal or demonstrated orderly mass-unstake under stress would raise Redemption. Evidence: [1] [2] | ||||
| syrupUSDC Maple Finance · Yield dollar · conf medium · draft | 2,000,000 | B- | 25.0% | 1,500,000 |
| Derivation: base 20% (B-) x 1.25 (medium confidence) + 0pp class + 0pp flags Falsifier: A full credit cycle with sub-1% realized losses would raise Backing; borrower-book opacity increasing (or withdrawal queue growth) would cut it. Evidence: [1] [2] | ||||
| mBASIS Midas · Yield dollar · conf medium · provisional | 800,000 | C+ | 37.5% | 500,000 |
| Derivation: base 30% (C+) x 1.25 (medium confidence) + 0pp class + 0pp flags Falsifier: Published third-party verification of strategy positions and drawdown controls would raise Backing and Counterparty. Evidence: [1] [2] | ||||
| lvlUSD Level · Yield dollar · conf low · provisional | 400,000 | C+ | 55.0% | 180,000 |
| Derivation: base 30% (C+) x 1.50 (low confidence) + 0pp class + 10pp flags · Flags: Reserves not fully verifiable Falsifier: Published, verifiable breakdown of reserve deployment with conservative venue caps would raise Backing and confidence. Evidence: [1] | ||||
| xUSD Stream Finance · Yield dollar · conf high · tombstone | 250,000 | F | 100.0% | 0 |
| Derivation: realized loss event -> 100% · Flags: Realized loss event — tombstone, Undisclosed external manager, Hardcoded-par oracle while used as collateral Falsifier: None. Realized loss event. Evidence: [1] [2] | ||||