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22<!----><!--]--><!--[--><meta name="description" content="Stay up to date on all things stablecoin. Bluechip is a stablecoin rating agency."> <meta property="og:title" content="News | Bluechip"> <meta property="og:url" content="https://bluechip.org/en/news"> <meta property="og:description" content="Stay up to date on all things stablecoin. Bluechip is a stablecoin rating agency."> <meta property="og:image" content="https://cms.bluechip.org/assets/2af5577e-fce6-4c53-834d-a0d794024cae?key=m"><!--]--><title>News | Bluechip</title>
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25		<div style="display: contents"><!--[--><!--[--><!----><!--[--><!----><div class="modals false svelte-1fs67aw"><!--[--><!--]--></div><!----> <!--[!--><!--]--> <!--[--><!--]--><!----> <header class="svelte-1fgik6e"><div class="inner-header svelte-1fgik6e"><div class="left svelte-1fgik6e"><!--[!--><a href="/en" aria-label="link" class="svelte-7733c7"><div class="logo svelte-1fgik6e"><!--[!--><!--]--><!----></div><!----></a><!--]--></div> <div class="right svelte-1fgik6e"><div class="burger-wrapper svelte-1fgik6e" role="switch" aria-label="Toggle menu"><!--[--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--><!----></div> <div class="buttons-wrapper svelte-1fgik6e"><!--[!--><a href="/en/signup" aria-label="link" class="svelte-7733c7"><div class="button-wrapper variant-outline  svelte-19vtdze"><!----><div class="button  style-secondary size-small variant-outline svelte-19vtdze" aria-label="Sign Up" role=""><!--[!--><!--]--> <!----> <!--[--><div class="text"><!--[--><!----><div class="text svelte-1vmiq2n"><!---->Sign Up<!----><!----></div><!----><!--]--></div><!--]--> <!----> <!--[!--><!--]--><!----></div><!----></div><!----></a><!----> <a href="/en/login" aria-label="link" class="svelte-7733c7"><div class="button-wrapper variant-full  svelte-19vtdze"><!----><div class="button  style-primary size-small variant-full svelte-19vtdze" aria-label="Log In" role=""><!--[!--><!--]--> <!----> <!--[--><div class="text"><!--[--><!----><div class="text svelte-1vmiq2n"><!---->Log In<!----><!----></div><!----><!--]--></div><!--]--> <!----> <!--[!--><!--]--><!----></div><!----></div><!----></a><!----><!--]--></div></div></div></header><!----> <!--[!--><!--]--> <div class="overlay dark svelte-1pczdee"></div><!----> <div class="mobile-nav svelte-1tphmw5"><div class="links svelte-1tphmw5"><div class="search svelte-1tphmw5"><span class="text-with-icon svelte-ihbhdj"><!--[--><span class="icon before svelte-ihbhdj" style="--icon-height: 20px; --icon-width: 20px"><!--[--><!--[--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--><!--]--></span><!--]--> <!----> <!--[--><!----><div class="text svelte-1vmiq2n"><!---->Search<!----><!----></div><!----><!--]--> <!----> <!--[!--><!--]--></span><!----></div> <!--[--><!--[!--><!--[--><!--[--><a href="/en#ratings" aria-label="link" class="svelte-7733c7"><span class="text-with-icon svelte-ihbhdj"><!--[--><span class="icon before svelte-ihbhdj" style="--icon-height: 18px; --icon-width: 18px"><!--[1--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--></span><!--]--> <!----> <!--[!--><span class="text">Ratings</span><!--]--> <!----> <!--[!--><!--]--></span><!----><!----></a><!--]--><!--]--><!--]--><!--[--><!--[--><!--[--><a href="/en/bookmarks" aria-label="link" class="svelte-7733c7"><span class="pro-feature svelte-1tphmw5"><span class="text-with-icon svelte-ihbhdj"><!--[--><span class="icon before svelte-ihbhdj" style="--icon-height: 18px; --icon-width: 18px"><!--[1--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--></span><!--]--> <!----> <!--[!--><span class="text">Bookmarks</span><!--]--> <!----> <!--[!--><!--]--></span><!----></span><!----><!----></a><!--]--><!--]--><!--]--><!--[!--><!--[--><!--[--><a href="/en/about" aria-label="link" class="svelte-7733c7"><span class="text-with-icon svelte-ihbhdj"><!--[--><span class="icon before svelte-ihbhdj" style="--icon-height: 18px; --icon-width: 18px"><!--[1--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--></span><!--]--> <!----> <!--[!--><span class="text">About</span><!--]--> <!----> <!--[!--><!--]--></span><!----><!----></a>
25<!--]--><!--]--><!--]--><!--[!--><!--[--><!--[--><a href="/en/subscription" aria-label="link" class="svelte-7733c7"><span class="text-with-icon svelte-ihbhdj"><!--[--><span class="icon before svelte-ihbhdj" style="--icon-height: 18px; --icon-width: 18px"><!--[1--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--></span><!--]--> <!----> <!--[!--><span class="text">Subscribe</span><!--]--> <!----> <!--[!--><!--]--></span><!----><!----></a><!--]--><!--]--><!--]--><!--[!--><!--[!--><!--]--><!--]--><!--]--></div></div><!----> <div class="toaster svelte-hrxwnv"><div class="toaster-wrapper svelte-hrxwnv"><div class="circle-wrapper"><div class="status-circle svelte-hrxwnv"></div></div> <div><div class="text svelte-hrxwnv"><!----><div class="text svelte-1vmiq2n"><!----><!----><!----></div><!----><!----></div> <!--[!--><!--]--></div> <div class="close svelte-hrxwnv"><!--[--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--><!----></div></div></div><!----> <!--[!--><!--]--><!----> <div class="page svelte-dm0ve0"><!--[!--><!----><!--[--><!--[--><!----><!----><section class="normal  margin gap-size-normal svelte-kak28r"><div class="inner-section svelte-kak28r"><!--[--><h1 class="top-title animated fade-up started svelte-zaqfbn">News</h1><!--]--> <!--[--><a href="/en/news/bluechip-upgrades-usdt-rating-from-d-to-c" class="featured-card svelte-t7opvw"><h2 class="card-title svelte-t7opvw">Bluechip Upgrades USDT Rating From D to C</h2> <div class="card-intro-text svelte-t7opvw">Bluechip issues a rating action to upgrade USDT rating from D to C. The upgrade follows a full financial audit of the issuer by KPMG US with an unqualified opinion, and the first assessment of USDT's technical risk under the Implementation methodology powered by Hacken.</div> <div class="card-bottom svelte-t7opvw"><div class="card-bottom-left svelte-t7opvw"><!--[!--><!--]--> <!--[--><div class="publication-date svelte-t7opvw">03.09.2026</div><!--]--></div></div></a><!--]--> <div class="bottom svelte-zaqfbn"><div class="filter svelte-zaqfbn"><div class="filter-heading svelte-zaqfbn"><!----><div class="text svelte-1vmiq2n"><!---->Filter<!----><!----></div><!----><!----></div> <div class="filter-search-wrapper svelte-zaqfbn"><div class="component textfield svelte-nea742"><div class="input-wrapper svelte-nea742"><div class="icon svelte-nea742"><!--[--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--><!----></div> <input type="text" value="" id="search-input" placeholder="Search" aria-label="search article" title="Search" class="svelte-nea742"></div></div><!----></div> <div class="filter-category-coins-wrapper svelte-zaqfbn"><div class="filter-category svelte-zaqfbn"><div class="filter-category-heading svelte-zaqfbn">Category</div> <div class="checkbox-wrapper svelte-zaqfbn"><!--[--><label class="container svelte-1ad31xi"><input checked type="checkbox" class="svelte-1ad31xi"> <span class="checkmark svelte-1ad31xi"></span> <!--[!--><!--]--> <!--[--><span class="label-text svelte-1ad31xi">Stablecoins</span><!--]--></label><label class="container svelte-1ad31xi"><input checked type="checkbox" class="svelte-1ad31xi"> <span class="checkmark svelte-1ad31xi"></span> <!--[!--><!--]--> <!--[--><span class="label-text svelte-1ad31xi">Crypto</span><!--]--></label><label class="container svelte-1ad31xi"><input checked type="checkbox" class="svelte-1ad31xi"> <span class="checkmark svelte-1ad31xi"></span> <!--[!--><!--]--> <!--[--><span class="label-text svelte-1ad31xi">Bluechip</span><!--]--></label><!--]--></div></div></div> <div class="filter-reset-button-wrapper svelte-zaqfbn"><div class="button-wrapper variant-full  svelte-19vtdze"><!----><div class="button  style-tertiary size-small variant-full svelte-19vtdze" aria-label="" role=""><!--[!--><!--]--> <!----> <!--[--><div class="text"><!--[--><!----><div class="text svelte-1vmiq2n"><!---->Reset Filter<!----><!----></div><!----><!--]--></div><!--]--> <!----> <!--[!--><!--]--><!----></div><!----></div><!----></div></div> <div class="list svelte-zaqfbn"><!--[!--><!--[--><div class="animated-element-list-item"><!----><a href="/en/news/bluechip-partners-with-hacken-to-score-technical-risk-in-stablecoin-ratings" class="item animated fade-right started svelte-zaqfbn" style="animation-delay: 0ms"><h3 class="item-title svelte-zaqfbn">Bluechip Partners With Hacken to Score Technical Risk in Stablecoin Ratings</h3> <div class="item-meta svelte-zaqfbn"><!--[--><div class="categories svelte-zaqfbn">Bluechip</div><!--]--> | 25.08.2026</div> <div class="item-text svelte-zaqfbn">Bluechip is partnering with Hacken to integrate technical risk scoring into our stablecoin ratings. Hacken's methodology will power the I in SMIDGE: Implementation. With this partnership, Bluechip is the first stablecoin rating agency to cover technical risk in an extensive manner as a full factor.</div></a><!----></div><div class="animated-element-list-item"><!----><a href="/en/news/bluechip-quoted-in-coindesk-article-on-open-usd-and-circle" class="item animated fade-right started svelte-zaqfbn" style="animation-delay: 400ms"><h3 class="item-title svelte-zaqfbn">Bluechip Quoted in CoinDesk Article on Open USD and Circle</h3> <div class="item-meta svelte-zaqfbn"><!--[--><div class="categories svelte-zaqfbn">Bluechip</div><!--]--> | 07.08.2026</div> <div class="item-text svelte-zaqfbn">Bluechip's Ratings Director Amey Dandawate tells CoinDesk why joining the Open USD consortium is a free option for partners like Visa, Mastercard, and Coinbase.</div></a><!----></div><div class="animated-element-list-item"><!----><a href="/en/news/the-ramping-bottleneck" class="item animated fade-right started svelte-zaqfbn" style="animation-delay: 800ms"><h3 class="item-title svelte-zaqfbn">The Ramping Bottleneck</h3> <div class="item-meta svelte-zaqfbn"><!--[--><div class="categories svelte-zaqfbn">Stablecoins</div><!--]--> | 17.12.2025</div> <div class="item-text svelte-zaqfbn">Stablecoins move money faster, and in many corridors, at meaningfully lower costs. But the real bottleneck to adoption is the cost and quality of on/off ramps.</div></a><!----></div><div class="animated-element-list-item"><!----><a href="/en/news/stablecoins-versus-the-power-to-tax" class="item animated fade-right started svelte-zaqfbn" style="animation-delay: 1200ms"><h3 class="item-title svelte-zaqfbn">Stablecoins versus The Power to Tax</h3> <div class="item-meta svelte-zaqfbn"><!--[--><div class="categories svelte-zaqfbn">Stablecoins</div><!--]--> | 17.12.2023</div> <div class="item-text svelte-zaqfbn">The power to tax is the power to destroy. It’s also the power to run a decent monetary policy. If you’re looking for a monetary system with low and stable inflation, you’re looking for a system with a stable supply of money and a stable demand for that same money.</div></a><!----></div><div class="animated-element-list-item"><!----><a href="/en/news/stablecoin-rating-platform-bluechip-launches" class="item animated fade-right started svelte-zaqfbn" style="animation-delay: 1600ms"><h3 class="item-title svelte-zaqfbn">
25Stablecoin Rating Platform Bluechip Launches to Provide Transparency into Stablecoin Safety &amp; Risks to All </h3> <div class="item-meta svelte-zaqfbn"><!--[--><div class="categories svelte-zaqfbn">Bluechip</div><!--]--> | 13.07.2023</div> <div class="item-text svelte-zaqfbn">Bluechip is a nonprofit dedicated to evaluating stablecoin safety and giving letter grade ratings to the most important stablecoins, provided to the public at no cost.</div></a><!----></div><div class="animated-element-list-item"><!----><a href="/en/news/the-stablecoin-temptation" class="item animated fade-right started svelte-zaqfbn" style="animation-delay: 2000ms"><h3 class="item-title svelte-zaqfbn">The Stablecoin Temptation</h3> <div class="item-meta svelte-zaqfbn"><!--[--><div class="categories svelte-zaqfbn">Stablecoins</div><!--]--> | 10.07.2023</div> <div class="item-text svelte-zaqfbn">Bond ratings, movie ratings, Consumer Reports car ratings, CAMELS bank safety ratings: one sign of a mature market is when lots of individuals and organizations take the time to separate the wheat from the chaff, the Yes from the Maybe from the Definitely Not.</div></a><!----></div><!--]--><!--]--></div></div><!----></div> <!--[!--><!--]--></section><!----><!----><!--]--><!--]--><!----><!--]--><!----></div> <!--[--><footer><section class="normal  margin gap-size-sm svelte-kak28r"><div class="inner-section svelte-kak28r"><div class="footer-wrapper svelte-9itnf0"><div class="footer-desktop svelte-9itnf0"><div class="border svelte-9itnf0"></div> <div class="background svelte-9itnf0"></div> <div class="footer-menu svelte-9itnf0"><div class="logo svelte-9itnf0"><a href="/" title="Home"><!--[--><div class="logo-with-name svelte-9itnf0"><!--[!--><!--]--><!----></div><!--]--> <div class="logo-with-name svelte-9itnf0"><!--[--><!--[--><!--[--><!--[!--><!--]--><!--]--><!--]--><!--]--><!----></div></a> <a href="/" title="Home" aria-label="Home"><!--[--><div class="logo-image svelte-9itnf0" aria-label=""><!--[--><!--[--><!--[1--><div class="image-wrapper svelte-18fqme"><!--[!--><!--]--> <!--[!--><!--]--> <img srcset="https://cms.bluechip.org/assets/bef6e676-0d4e-410c-9fb3-d9b121da4f70?key=thumb 64w,https://cms.bluechip.org/assets/bef6e676-0d4e-410c-9fb3-d9b121da4f70?key=xs 240w,https://cms.bluechip.org/assets/bef6e676-0d4e-410c-9fb3-d9b121da4f70?key=s 480w,https://cms.bluechip.org/assets/bef6e676-0d4e-410c-9fb3-d9b121da4f70?key=m 640w" sizes="(max-width: 64px) 64px,(max-width: 240px) 240px,(max-width: 480px) 480px,(max-width: 640px) 640px" src="https://cms.bluechip.org/assets/bef6e676-0d4e-410c-9fb3-d9b121da4f70" loading="lazy" alt="" style="object-fit: contain" class="svelte-18fqme loading"></div><!--]--><!--]--><!--]--><!----></div><!--]--></a></div> <!--[--><!--[--><div><!--[--><div class="links-wrapper svelte-9itnf0"><!--[--><!--[--><a href="https://conference.bluechip.org" aria-label="link" target="_blank" class="svelte-7733c7"><span class="text-with-icon svelte-ihbhdj"><!--[!--><!--]--> <!----> <!--[!--><span class="text">Bluechip26</span><!--]--> <!----> <!--[!--><!--]--></span><!----><!----></a><!--]--><!--]--><!----></div><div class="links-wrapper svelte-9itnf0"><!--[--><!--[--><a href="https://cms.bluechip.org/assets/ef4d829e-3874-484a-91dd-3e6d98dbe464" aria-label="link" target="_blank" class="svelte-7733c7"><span class="text-with-icon svelte-ihbhdj"><!--[!--><!--]--> <!----> <!--[!--><span class="text">Framework</span><!--]--> <!----> <!--[!--><!--]--></span><!----><!----></a><!--]--><!--]--><!----></div><div class="links-wrapper svelte-9itnf0"><!--[--><!--[--><a href="/en#ratings" aria-label="link" class="svelte-7733c7"><span class="text-with-icon svelte-ihbhdj"><!--[!--><!--]--> <!----> <!--[!--><span class="text">Ratings</span><!--]--> <!----> <!--[!--><!--]--></span><!----><!----></a><!--]--><!--]--><!----></div><div class="links-wrapper svelte-9itnf0"><!--[--><!--[--><a href="/en/compare" aria-label="link" class="svelte-7733c7"><span class="text-with-icon svelte-ihbhdj"><!--[!--><!--]--> <!----> <!--[!--><span class="text">Compare</span><!--]--> <!----> <!--[!--><!--]--></span><!----><!----></a>
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Select your preferences and read our Cookie Policy for more information.\u003C/p>",bar_title:"Cookies",button_accept_all:"Accept All",button_reject_all:"Reject all",button_customize:"Customize Cookie Settings",button_confirm:"Confirm My Choices",config_title:"Cookies"},redirects:[{source:"blog/stablecoins-versus-the-power-to-tax",target:"news/stablecoins-versus-the-power-to-tax"},{source:"blog/stablecoin-rating-platform-bluechip-launches",target:"news/stablecoin-rating-platform-bluechip-launches"},{source:"blog/christensen-backed-bluechip-launches-stablecoin-ratings-usdd-gets-an-f",target:"news/christensen-backed-bluechip-launches-stablecoin-ratings-usdd-gets-an-f"},{source:"blog/the-stablecoin-temptation",target:"news/the-stablecoin-temptation"},{source:"blog/moodys-considering-a-stablecoin-scoring-system",target:"news/moodys-considering-a-stablecoin-scoring-system"},{source:"blog/bluechip-advisor-alex-tabarrok-of-george-mason-on-the-svb-collapse",target:"news/bluechip-advisor-alex-tabarrok-of-george-mason-on-the-svb-collapse"}],previewToken:null,allCoins:[{id:37,status:"published",sort:1,user_created:"0a9b9d1e-1e1b-4036-8a2f-6eb5bd805352",date_created:"2025-07-18T05:07:10.702Z",user_updated:null,date_updated:"2026-09-24T10:01:00.490Z",name:"Ripple",symbol:"RLUSD",slug:"rlusd",coingecko_id:"ripple-usd",icon:"7925ddab-40c2-4f74-9e1d-8ed894d47870",grade:"A",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:null,date_last_change:null,price:.999933,marketcap:"2370809025.7200",vol24h:"324789081.5399",stability:163,management:164,implementation:178,decentralization:166,governance:165,externals:179,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[61],coins_id:37,grade_note:null,summary:"\u003Cul>\n\u003Cli dir=\"ltr\" role=\"presentation\">RLUSD by Ripple is backed by US treasury bills, government money market funds, and bank deposits. These assets present some of the lowest credit and duration risks while trading in a highly liquid secondary market.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">Reserves backing RLUSD are held by the Bank of New York Mellon, the largest custodian of financial securities in the world. The bank is classified as a &ldquo;systemically important financial institution&rdquo; by the Financial Stability Board.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">RLUSD is issued by Ripple via Standard Custody &amp; Trust Company, which is regulated as a limited purpose trust company by the New York Department of Financial Services. This subjects the issuer to some of the most stringent guidelines and monitoring requirements.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">Reserves backing RLUSD are held in segregated accounts for the benefit of token holders, and cannot be used for the issuer&rsquo;s regular business operations. These assets will likely remain protected from any potential bankruptcy of the issuer.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">Institutional users can mint or redeem RLUSD directly with the issuer. But retail users are limited to secondary markets via centralized or decentralized exchanges.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">\u003Cstrong id=\"docs-internal-guid-e70ff4b8-7fff-8899-ac13-485dccb869df\">Suitability&nbsp;\u003C/strong>- RLUSD is most suitable for (a) institutions seeking to make and receive payments, and (b) passive users seeking exposure to USD in an onchain format.\u003C/li>\n\u003C/ul>
41",recommendations:"\u003Cp dir=\"ltr\">The following outcomes may improve factor scores and lead to a rating upgrade.\u003C/p>\n\u003Cul>\n\u003Cli dir=\"ltr\">Ripple enables access to primary liquidity for retail users to mint or redeem RLUSD directly.\u003C/li>\n\u003C/ul>"},{id:1,status:"published",sort:2,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-03-11T09:02:33.317Z",user_updated:null,date_updated:"2026-09-24T10:01:00.531Z",name:"Liquity",symbol:"LUSD",slug:"lusd",coingecko_id:"liquity-usd",icon:"f93b3f8f-28c6-4964-a884-258164a7f6ef",grade:"A",type_of_peg:7,peg:1,collateralization:268,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:1.005,marketcap:"26288593.6633",vol24h:"329265.0434",stability:1,management:3,implementation:180,decentralization:5,governance:6,externals:181,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[3],coins_id:1,grade_note:null,summary:"\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">LUSD is the most decentralized stablecoin and is entirely issued, managed and redeemed on-chain.&nbsp;\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">It is part of Liquity Protocol, a lending App that is autonomous, immutable and governance-free.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">LUSD is one of the safest on-chain stablecoins, because it requires no governance, management or trust in counter-parties. In designing such a stablecoin, the makers of LUSD have made a conscious decision to eliminate risks which stem from human judgement and embrace technical risks instead.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Liquity advertises a minimum required collateralization ratio (CR) of 110%, which can be perceived as risky, but the actual CR is currently above 250%.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Although Liquity's smart contracts have been audited twice and no exploits have occurred till date, users are reminded that smart contract and oracle risks cannot be eliminated. Unidentified vulnerabilities can lead to a loss of all funds. This risk is common to all stablecoin systems that are managed by smart contracts.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">LUSD is most ideal for sophisticated users who trust code over humans as custodian of their assets, and are capable of making independent judgment about a stablecoin's technical risk.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>\n\u003Cdiv data-slate-node=\"element\" data-slate-fragment=\"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41NUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQ=\">\u003Cspan data-slate-string=\"true\">LUSD often trades above $1 (typically between $1 and $1.05) in the open market even though Liquity protocol only guarantees a redemption value of $1 per LUSD.&nbsp;\u003C/span>\u003C/div>\n\u003Cdiv data-slate-node=\"element\" data-slate-fragment=\"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
41aWFuJTIwb2YlMjB0aGVpciUyMGFzc2V0cyUyQyUyMGFuZCUyMGFyZSUyMGNhcGFibGUlMjBvZiUyMG1ha2luZyUyMGluZGVwZW5kZW50JTIwanVkZ21lbnQlMjBhYm91dCUyMGElMjBzdGFibGVjb2luJ3MlMjB0ZWNobmljYWwlMjByaXNrLiUyMiUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlMkMlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyTFVTRCUyMG9mdGVuJTIwdHJhZGVzJTIwYWJvdmUlMjAlMjQxJTIwKHR5cGljYWxseSUyMGJldHdlZW4lMjAlMjQxJTIwYW5kJTIwJTI0MS4wNSklMjBpbiUyMHRoZSUyMG9wZW4lMjBtYXJrZXQlMjBldmVuJTIwdGhvdWdoJTIwTGlxdWl0eSUyMHByb3RvY29sJTIwb25seSUyMGd1YXJhbnRlZXMlMjBhJTIwcmVkZW1wdGlvbiUyMHZhbHVlJTIwb2YlMjAlMjQxJTIwcGVyJTIwTFVTRC4lMjAlMjIlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTJDJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMlVzZXJzJTIwd2hvJTIwYnV5JTIwTFVTRCUyMGFib3ZlJTIwJTI0MSUyMGFyZSUyMHdhcm5lZCUyMHRoYXQlMjB0aGV5JTIwY291bGQlMjBpbmN1ciUyMGElMjBzbWFsbCUyMGxvc3MlMjBpZiUyMExVU0QncyUyMG1hcmtldCUyMHByaWNlJTIwZHJvcHMlMjBiZWxvdyUyMHRoZWlyJTIwcHVyY2hhc2UlMjBwcmljZS4lMjBXZSUyQyUyMHRoZXJlZm9yZSUyQyUyMGFkdmlzZSUyMGFnYWluc3QlMjBidXlpbmclMjBMVVNEJTIwYWJvdmUlMjAlMjQxLiUyMiUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQ=\">\u003Cspan data-slate-string=\"true\">\u003Cbr>Users who buy LUSD above $1 are warned that they could incur a small loss if LUSD's market price drops below their purchase price. We, therefore, advise against buying LUSD above $1.\u003Cbr>\u003C/span>\u003C/div>",recommendations:null},{id:3,status:"published",sort:3,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-08T07:20:27.013Z",user_updated:null,date_updated:"2026-09-24T10:01:00.557Z",name:"Gemini",symbol:"GUSD",slug:"gusd",coingecko_id:"gemini-dollar",icon:"603c0f63-7367-42fc-bbb0-959b2bd08336",grade:"A",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:.999399,marketcap:"39170059.5593",vol24h:"296028.0495",stability:82,management:83,implementation:182,decentralization:85,governance:86,externals:183,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[9],coins_id:3,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Gemini Trust Company (&ldquo;Gemini&rdquo;), the issuer of GUSD, is regulated as a stablecoin issuer by the NYDFS, and, therefore, subject to stringent guidelines and monitoring requirements. It is one of the safest fiat-backed stablecoins.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">GUSD&rsquo;s reserves comprise short dated US Treasuries, money market funds invested in US Treasuries,&nbsp; and cash deposits in fully segregated and bankruptcy-remote accounts&nbsp;\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">All KYC&rsquo;d holders may redeem GUSD for USD directly through Gemini or trade GUSD for other stablecoins on centralized exchanges. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Although GUSD is designed to be institutional-grade, compliant with regulations and customer protection-focused, it is not widely used in the crypto markets, and hence lacks significant liquidity on exchanges. Therefore, GUSD is most suitable for (a) making and receiving payments and (b) passive stablecoin holders who seek exposure to USD but cannot or do not want to hold USD in a bank account.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:null},{id:25,status:"published",sort:4,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-24T09:30:10.968Z",user_updated:null,date_updated:"2026-09-24T10:01:00.584Z",name:"Paxos",symbol:"PAXG",slug:"paxg",coingecko_id:"pax-gold",icon:"03f3fb59-56d8-4ecc-b69f-a2d5f7073b92",grade:"A",type_of_peg:10,peg:null,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:4250.97,marketcap:"1848589434.8584",vol24h:"226840897.1815",stability:124,management:125,implementation:199,decentralization:127,governance:128,externals:200,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[67],coins_id:25,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Paxos, the issuer of PAXG, is regulated by the NYDFS, and therefore subject to stringent guidelines and monitoring requirements..&nbsp;\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Each PAXG token is backed by 1 fine troy ounce of LBMA-accredited Good Delivery gold stored in highly secure LBMA vaults in London.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">PAXG is a convenient, cost-effective and safe alternative to other digital gold instruments. Holders have direct ownership over underlying gold reserves&nbsp;\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"JTVCJTdCJTIydHlwZSUyMiUzQSUyMnVub3JkZXJlZC1saXN0JTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIybGlzdC1pdGVtJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyUGF4b3MlMkMlMjB0aGUlMjBpc3N1ZXIlMjBvZiUyMFBBWEclMkMlMjBpcyUyMHJlZ3VsYXRlZCUyMGJ5JTIwdGhlJTIwTllERlMlMkMlMjBhbmQlMjB0aGVyZWZvcmUlMjBzdWJqZWN0JTIwdG8lMjBzdHJpbmdlbnQlMjBndWlkZWxpbmVzJTIwYW5kJTIwbW9uaXRvcmluZyUyMHJlcXVpcmVtZW50cy4uJUMyJUEwJTIyJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZ
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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">PAXG is one of the safest asset-backed stablecoins. It is suitable for all types of users.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:null},{id:41,status:"published",sort:5,user_created:"0a9b9d1e-1e1b-4036-8a2f-6eb5bd805352",date_created:"2026-01-26T12:05:07.233Z",user_updated:null,date_updated:"2026-09-24T10:01:00.615Z",name:"Liquity",symbol:"BOLD",slug:"bold",coingecko_id:"liquity-bold-2",icon:"0e0b8cc0-eecc-4f38-8a01-e261323e76fe",grade:"A-",type_of_peg:7,peg:1,collateralization:313,smart_contract_audit:true,date_of_rating:"2026-01-12",date_last_change:null,price:.995065,marketcap:"36291164.3244",vol24h:"802704.4600",stability:184,management:185,implementation:186,decentralization:187,governance:188,externals:189,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[65],coins_id:41,grade_note:null,summary:"\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">BOLD by Liquity Protocol is backed entirely by ETH and liquid staked ETH. The protocol cannot add more collateral assets. ETH is a highly liquid asset where large positions can be liquidated with limited market impact.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">BOLD does inherit technical and centralization risk from Lido and Rocket Pool, the protocols that issue the liquid derivatives of staked ETH. Any exploit or loss of funds in these protocols can directly impact the peg.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">BOLD incorporates collateral liquidations and direct redemptions to enforce the $1 peg. Any holder can redeem against collateral from the loan with the lowest interest rate. This enables an automatic riskless arbitrage, incentivizing buyers when BOLD is below peg.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">BOLD is developed by Liquity AG, who have prior experience with building LUSD. However, the protocol is not governed by a legal structure in any jurisdiction. It is a set of immutable smart contracts that function on Ethereum.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">While LQTY stakers control a portion of interest payments from loans, this does not impact the stability of BOLD. Decision making is intentionally constrained with governance authority being narrowly scoped and primarily focused on secondary market liquidity initiatives.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">\u003Cstrong>
41Suitability\u003C/strong> - BOLD is most suitable for (a) users who trust code over humans as custodians of assets, (b) users who prioritize censorship resistance over regulatory protections, and (c) users seeking exposure to the US Dollar in an onchain format.\u003C/p>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp dir=\"ltr\">The following outcomes may improve factor scores.\u003C/p>\n\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">BOLD trades in a narrower range around the $1 peg during the period under evaluation.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Onchain liquidity pools for BOLD attract higher liquidity in non-BOLD paired asset.\u003C/p>\n\u003C/li>\n\u003C/ul>"},{id:21,status:"published",sort:6,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-22T14:54:50.387Z",user_updated:null,date_updated:"2026-09-24T10:01:00.645Z",name:"PayPal",symbol:"PYUSD",slug:"pyusd",coingecko_id:"paypal-usd",icon:"60bec13d-f04d-47c5-80f4-2b13baa12e63",grade:"A-",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-10-10",date_last_change:null,price:.999852,marketcap:"2691153127.6667",vol24h:"58983741.7232",stability:95,management:96,implementation:201,decentralization:98,governance:99,externals:202,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[32],coins_id:21,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Paxos, the issuer of PYUSD, is regulated as a stablecoin issuer by the NYDFS, and therefore subject to stringent guidelines and monitoring requirements. PYUSD is identical in design to its siblings USDP and BUSD. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">PYUSD&rsquo;s reserves comprise overnight reverse repos collateralized by US Treasuries (97%) and cash (3%) in fully segregated accounts.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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
41hbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RA==\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">PYUSD is designed to be institutional-grade, regulatorily compliant and customer protection-focused, but it is not an actively traded stablecoin. It is most suitable for (a) remitting, receiving, and holding funds on PayPal and (b) passive stablecoin holders who want to hold US Dollars but cannot or do not want to hold them in a bank account.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\n\u003Cp>PYUSD's rating can be upgraded from A- to A by:\u003C/p>\n\u003Cul>\n\u003Cli>disclosing its reserve custodians and the amounts held by them OR\u003C/li>\n\u003Cli>maintaining a consistent, tight peg over a 180-day period.\u003C/li>\n\u003C/ul>\n\u003C/div>\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">&nbsp;\u003C/div>"},{id:23,status:"published",sort:7,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-23T16:16:42.598Z",user_updated:null,date_updated:"2026-09-24T10:01:00.669Z",name:"Mountain Protocol ",symbol:"USDM",slug:"usdm",coingecko_id:"mountain-protocol-usdm",icon:"61bc804e-2891-4a5c-b89d-f42bca30b9ea",grade:"A-",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2024-09-13",date_last_change:null,price:1.001,marketcap:"1402922.3078",vol24h:"786.6305",stability:112,management:113,implementation:114,decentralization:115,governance:116,externals:117,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:2,type_of_backing:[36],coins_id:23,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDM is a yield-bearing stablecoin issued by Mountain Protocol. The yield is generated by investing the collateral in short-term, debt obligations guaranteed by the US Treasury (such as US treasury bills or repurchase agreements).\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Mountain Protocol is regulated by the Bermuda Monetary Authority (BMA) as a Class F licensee, issued under the Digital Asset Business Act 2018 of Bermuda. In May 2024, the BMA also released draft guidance for stablecoin issuers. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">As per applicable legislation, the collateral backing USDM is segregated from Mountain Protocol&rsquo;s corporate accounts. It is held in bankruptcy remote accounts on behalf of, and for the benefit of, USDM holders.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Mountain Protocol relies on the SEC&rsquo;s Reg S exemption to avoid SEC oversight and prohibits US persons from onboarding to the platform or purchasing USDM.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDM is suitable for non-US users who want a regulated option to earn yield paid by the US Treasury in a stablecoin format. USDM is appropriate for retail as well as institutional users, including DAOs. However, users who are unable to complete KYC will need to rely on onchain liquidity pools.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\n\u003Cp>\u003Cspan data-slate-string=\"true\">The following actions by Mountain Protocol can improve factor scores for USDM.\u003C/span>\u003C/p>\n\u003C/div>\n\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\" data-slate-fragment=\"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
41NUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQ=\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Publicly identify the custodians that hold US treasury bills or increase exposure via tokenized funds that offer higher transparency.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Enable primary liquidity access for retail users directly or through exchange partnerships.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>"},{id:24,status:"published",sort:8,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-24T08:43:48.718Z",user_updated:null,date_updated:"2026-09-24T10:01:00.684Z",name:"Paxos",symbol:"USDP",slug:"usdp",coingecko_id:"paxos-standard",icon:"5a0036c9-4e72-4392-9687-5dd740898b03",grade:"A-",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:.997115,marketcap:"28019208.7933",vol24h:"5849638.8975",stability:118,management:119,implementation:203,decentralization:121,governance:122,externals:204,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[37],coins_id:24,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Paxos, the issuer of USDP, is regulated as a stablecoin issuer by the NYDFS, and therefore subject to stringent guidelines and monitoring requirements. USDP is substantially the same as its more widely used and popular sibling BUSD, but without the co-branding arrangement with Binance.&nbsp;\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDP's reserves comprise short dated US Treasuries, highly liquid assets backed by US Treasuries and cash in fully segregated and bankruptcy-remote accounts.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Although USDP is designed to be institutional-grade, regulatory compliant and customer protection-focused, it is not widely used in the crypto markets. Therefore, USDP is most suitable for (a) making and receiving cross-border payments and (b) passive stablecoin holders who seek exposure to USD but cannot or do not want to hold USD in a bank account.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDP's rating can be upgraded from A- to A by:\u003C/span>\u003C/div>\n\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">disclosing the names of its banks and custodians OR\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">tightening USDP's peg through improved liquidity on secondary markets.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>"},{id:40,status:"published",sort:9,user_created:"0a9b9d1e-1e1b-4036-8a2f-6eb5bd805352",date_created:"2025-11-24T11:25:41.117Z",user_updated:null,date_updated:"2026-09-24T10:01:00.702Z",name:"Circle",symbol:"EURC",slug:"eurc",coingecko_id:"euro-coin",icon:"8b92afac-31f5-4dae-86b4-18ccda080c71",grade:"A-",type_of_peg:8,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2025-11-24",date_last_change:null,price:1.14,marketcap:"461629191.9416",vol24h:"34878248.0264",stability:174,management:175,implementation:205,decentralization:176,governance:177,externals:206,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[64],coins_id:40,grade_note:null,summary:"\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">EURC by Circle is backed exclusively with bank deposits held at regulated financial institutions in Europe. Circle does not disclose the identity of banks that hold the deposits. However, the reserves remain fully liquid and available for quick redemptions.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">EURC is issued by Circle Internet Financial Europe SAS, which was founded in France as a subsidiary of Circle Internet Group in 2023. The subsidiary is authorized to issue EURC and USDC within Europe.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Circle Internet Financial Europe SAS is regulated as an Electronic Money Institution (EMI) under the Markets in Crypto Assets (MiCA) law passed by the European Union. The issuer is supervised by the Autorit&eacute; de Contr&ocirc;le Prudentiel et de R&eacute;solution (ACPR France).\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Reserves backing EURC are held in segregated accounts for the benefit of token holders, and cannot be used for the issuer&rsquo;s regular business operations. These assets will likely remain protected from any potential bankruptcy of the issuer.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Minting EURC is restricted to institutional users globally. Redeeming EURC is also restricted to institutional users globally, except retail users in 
41Europe who can also redeem directly. Users outside Europe transact with the Circle LLC parent company in the US.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">EURC is the largest EUR stablecoin. However, EUR stablecoins generally suffer from a lack of significant liquidity since onchain markets and centralized exchanges prefer USD stablecoins.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">\u003Cstrong id=\"docs-internal-guid-868eb455-7fff-8df7-4eb6-4108bf7e728b\">Suitability - \u003C/strong>EURC is most suitable for (a) institutions seeking to make and receive EUR payments, (b) passive users seeking exposure to EUR in an onchain format.\u003C/p>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp dir=\"ltr\">The following outcomes outside the issuer&rsquo;s control may improve factor scores.\u003C/p>\n\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Mexico implements legislation that specifically addresses issuers of tokenized bond products.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Mexico receives a higher score in the World Justice Project&rsquo;s Rule of Law factors.\u003C/p>\n\u003C/li>\n\u003C/ul>\n\u003Cp dir=\"ltr\">&nbsp;\u003C/p>"},{id:7,status:"published",sort:10,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T09:14:32.932Z",user_updated:null,date_updated:"2026-09-24T10:01:00.723Z",name:"Etherfuse",symbol:"CETES",slug:"cetes",coingecko_id:"cetes",icon:"c313962c-ef1b-422c-a89f-a6ff3fb7e39e",grade:"B+",type_of_peg:11,peg:null,collateralization:103,smart_contract_audit:true,date_of_rating:"2025-03-27",date_last_change:"2026-04-17",price:.067424,marketcap:"732578.5675",vol24h:"12824.4761",stability:28,management:29,implementation:190,decentralization:31,governance:32,externals:191,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[27],coins_id:7,grade_note:null,summary:"\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">CETES by Etherfuse is backed by bonds issued by the Federal Government of Mexico. With a typical maturity of 7 days, they carry minimal duration risk. For users who don&rsquo;t denominate assets in MXN, the bonds also carry sovereign credit risk and currency risk.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Reserves backing CETES are held across regulated custodians in Mexico. A majority of reserves are held by Banco Bilbao Vizcaya Argentaria, better known as BBVA Mexico. Etherfuse publishes monthly attestations, including a breakdown by each custodian.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Reserves are operationally segregated from Etherfuse corporate funds. The issuer accepts deposits &ldquo;in administration&rdquo; as a custodian of the funds. All transactions related to reserve management take place in segregated accounts.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Etherfuse owns the underlying assets while customers own tokens that represent a claim on those assets. Many key elements of bankruptcy remoteness are present, but the lack of legal precedent and regulatory clarity in Mexico introduces residual uncertainty.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">While secondary markets for CETES do exist, they are limited by liquidity. All users onboard directly with Etherfuse to access the primary market at net asset value.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Etherfuse is registered with Mexico's financial intelligence unit but does not have a prudential regulator. The issuer publishes monthly attestations of reserves, and completed an unqualified financial audit for financial year 2024.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">\u003Cstrong id=\"docs-internal-guid-7a2539dd-7fff-cdfd-17c6-026fb5edd4d0\">Suitability -&nbsp;\u003C/strong>
41CETES is suitable for non-US, institutional or retail users who can complete a KYC process and want to invest in short-term Mexican government bonds in an onchain format.\u003C/p>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp dir=\"ltr\">The following outcomes outside the issuer&rsquo;s control may improve factor scores.\u003C/p>\n\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Mexico implements legislation that specifically addresses issuers of tokenized bond products.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Mexico receives a higher score in the World Justice Project&rsquo;s Rule of Law factors.\u003C/p>\n\u003C/li>\n\u003C/ul>"},{id:9,status:"published",sort:11,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T09:41:32.467Z",user_updated:null,date_updated:"2026-09-24T10:01:00.741Z",name:"Circle",symbol:"USDC",slug:"usdc",coingecko_id:"usd-coin",icon:"033d8fa9-b40a-4974-bfc3-cd666c693f0e",grade:"B+",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:.999824,marketcap:"75357536132.7168",vol24h:"21354623393.8876",stability:46,management:47,implementation:207,decentralization:49,governance:50,externals:208,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[16],coins_id:9,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDC is considered one of the safest stablecoins. It is issued by Circle and jointly promoted by Coinbase.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDC&rsquo;s reserves comprise short dated US Treasuries and cash deposits in fully segregated accounts. However, Circle's claims of USDC reserves being bankruptcy-remote are yet to be proven, making it less safe than its NYDFS-approved peers. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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
41NUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQ=\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDC is one of the most versatile stablecoins that is suitable for the general public, institutions and crypto traders due to its deep liquidity and wide market coverage on centralized and decentralized exc\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\n\u003Cp>USDC's rating can be upgraded from B+ to A- by:\u003C/p>\n\u003Cul>\n\u003Cli>establishing that USDC's reserves are bankruptcy-remote AND\u003C/li>\n\u003Cli>incorporating transparent and reasonable timelines for redemption in the Terms of Service, similar to conditions imposed by the NYDFS on stablecoin issuers under its authority.\u003C/li>\n\u003C/ul>\n\u003Cp>&nbsp;\u003C/p>\n\u003C/div>"},{id:5,status:"published",sort:12,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T08:34:08.691Z",user_updated:null,date_updated:"2026-09-24T10:01:00.760Z",name:"StraitsX",symbol:"XSGD",slug:"xsgd",coingecko_id:"xsgd",icon:"806e02bb-9e9f-495c-bb8f-3c1cbd93cbee",grade:"B+",type_of_peg:9,peg:null,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:.781403,marketcap:"12901903.0009",vol24h:"654167.8995",stability:22,management:23,implementation:209,decentralization:25,governance:26,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[12],coins_id:5,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">XSGD is a Singapore Dollar-denominated stablecoin issued by XFERS Pte Ltd.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">XFERS is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"JTVCJTdCJTIydHlwZSUyMiUzQSUyMnVub3JkZXJlZC1saXN0JTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIybGlzdC1pdGVtJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyWFNHRCUyMGlzJTIwYSUyMFNpbmdhcG9yZSUyMERvbGxhci1kZW5vbWluYXRlZCUyMHN0YWJsZWNvaW4lMjBpc3N1ZWQlMjBieSUyMFhGRVJTJTIwUHRlJTIwTHRkLiUyMiUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlMkMlN0IlMjJ0eXBlJTIyJTNBJTIybGlzdC1pdGVtJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyWEZFUlMlMjBpcyUyMGxpY2Vuc2VkJTIwYnklMjB0aGUlMjBNb25ldGFyeSUyMEF1dGhvcml0eSUyMG9mJTIwU2luZ2Fwb3JlJTIwKE1BUyklMjBhcyUyMGElMjBNYWpvciUyMFBheW1lbnQlMjBJbnN0aXR1dGlvbi4lMjIlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTJDJTdCJTIydHlwZSUyMiUzQSUyMmxpc3QtaXRlbSUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMlhTR0QlMjBpcyUyMGZ1bGx5JTIwYmFja2VkJTIwYnklMjBjYXNoJTIwZGVwb3NpdHMlMjBhdCUyMGJhbmtzJTIwYW5kJTIwYmlsbHMlMjBpc3N1ZWQlMjBieSUyMHRoZSUyME1BUy4lMjIlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVE\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">XSGD is fully backed by cash deposits at banks and bills issued by the MAS.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>
41",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">XSGD's rating can be upgraded from B+ to A- by:\u003C/span>\u003C/div>\n\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">incorporating transparent and reasonable timelines for redemption in the Terms of Service.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>"},{id:22,status:"published",sort:13,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-23T15:23:28.191Z",user_updated:null,date_updated:"2026-09-24T10:01:00.782Z",name:"Sky Money",symbol:"DAI",slug:"dai",coingecko_id:"dai",icon:"d0a9a42c-74ff-4e2f-baf7-00afa49aaaff",grade:"B+",type_of_peg:7,peg:1,collateralization:180,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:.999945,marketcap:"4598396754.8381",vol24h:"203411151.9709",stability:106,management:107,implementation:209,decentralization:109,governance:110,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[33],coins_id:22,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">DAI is the oldest and most widely used stablecoin that is entirely issued, managed and redeemed on-chain.&nbsp;\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">DAI is issued by the Maker Protocol and managed by MakerDAO.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">While the Maker protocol is decentralized to a large extent, DAI is predominantly (~72%) backed by centralized assets such as USDC, USDP, GUSD and other off-chain assets. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">In our assessment, DAI is one of the safest on-chain stablecoins, having stood the test of time and many crises. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"JTVCJTdCJTIydHlwZSUyMiUzQSUyMnVub3JkZXJlZC1saXN0JTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIybGlzdC1pdGVtJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyREFJJTIwaXMlMjB0aGUlMjBvbGRlc3QlMjBhbmQlMjBtb3N0JTIwd2lkZWx5JTIwdXNlZCUyMHN0YWJsZWNvaW4lMjB0aGF0JTIwaXMlMjBlbnRpcmVseSUyMGlzc3VlZCUyQyUyMG1hbmFnZWQlMjBhbmQlMjByZWRlZW1lZCUyMG9uLWNoYWluLiVDMiVBMCUyMiUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0Ql
41NUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlMkMlN0IlMjJ0eXBlJTIyJTNBJTIybGlzdC1pdGVtJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyREFJJTIwaXMlMjBpc3N1ZWQlMjBieSUyMHRoZSUyME1ha2VyJTIwUHJvdG9jb2wlMjBhbmQlMjBtYW5hZ2VkJTIwYnklMjBNYWtlckRBTy4lMjIlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTVEJTJDJTIyaXNWb2lkJTIyJTNBZmFsc2UlMkMlMjJkYXRhJTIyJTNBJTdCJTdEJTdEJTJDJTdCJTIydHlwZSUyMiUzQSUyMmxpc3QtaXRlbSUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMldoaWxlJTIwdGhlJTIwTWFrZXIlMjBwcm90b2NvbCUyMGlzJTIwZGVjZW50cmFsaXplZCUyMHRvJTIwYSUyMGxhcmdlJTIwZXh0ZW50JTJDJTIwREFJJTIwaXMlMjBwcmVkb21pbmFudGx5JTIwKH43MiUyNSklMjBiYWNrZWQlMjBieSUyMGNlbnRyYWxpemVkJTIwYXNzZXRzJTIwc3VjaCUyMGFzJTIwVVNEQyUyQyUyMFVTRFAlMkMlMjBHVVNEJTIwYW5kJTIwb3RoZXIlMjBvZmYtY2hhaW4lMjBhc3NldHMuJTIwJTIyJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCUyQyU3QiUyMnR5cGUlMjIlM0ElMjJsaXN0LWl0ZW0lMjIlMkMlMjJjaGlsZHJlbiUyMiUzQSU1QiU3QiUyMnR5cGUlMjIlM0ElMjJwYXJhZ3JhcGglMjIlMkMlMjJjaGlsZHJlbiUyMiUzQSU1QiU3QiUyMnRleHQlMjIlM0ElMjJJbiUyMG91ciUyMGFzc2Vzc21lbnQlMkMlMjBEQUklMjBpcyUyMG9uZSUyMG9mJTIwdGhlJTIwc2FmZXN0JTIwb24tY2hhaW4lMjBzdGFibGVjb2lucyUyQyUyMGhhdmluZyUyMHN0b29kJTIwdGhlJTIwdGVzdCUyMG9mJTIwdGltZSUyMGFuZCUyMG1hbnklMjBjcmlzZXMuJTIwJTIyJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCUyQyU3QiUyMnR5cGUlMjIlM0ElMjJsaXN0LWl0ZW0lMjIlMkMlMjJjaGlsZHJlbiUyMiUzQSU1QiU3QiUyMnR5cGUlMjIlM0ElMjJwYXJhZ3JhcGglMjIlMkMlMjJjaGlsZHJlbiUyMiUzQSU1QiU3QiUyMnRleHQlMjIlM0ElMjJEQUklMkMlMjBpbiUyMGl0cyUyMGN1cnJlbnQlMjBmb3JtJTJDJTIwaXMlMjBpZGVhbCUyMGZvciUyMHVzZXJzJTIwKGEpJTIwd2hvJTIwd2FudCUyMGElMjBwZXJtaXNzaW9ubGVzcyUyMHByb3RvY29sJTIwYW5kJUMyJUEwJTIwcmlzay1tYW5hZ2VkJTJDJTIwdm9sYXRpbGl0eS1taW5pbWl6ZWQlMjByZXNlcnZlcyUyQyUyMGFuZCUyMChiKSUyMHRvJTIwd2hvbSUyMERBSSVFMiU4MCU5OXMlMjBjZW50cmFsaXphdGlvbiUyMHJpc2tzJTIwZG9uJUUyJTgwJTk5dCUyMG1lYW4lMjBtdWNoLiUyMiUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQlMkMlMjJpc1ZvaWQlMjIlM0FmYWxzZSUyQyUyMmRhdGElMjIlM0ElN0IlN0QlN0QlNUQ=\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">DAI, in its current form, is ideal for users (a) who want a permissionless protocol and&nbsp; risk-managed, volatility-minimized reserves, and (b) to whom DAI&rsquo;s centralization risks don&rsquo;t mean much.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">DAI's rating can be upgraded from B+ to A- by:\u003C/span>\u003C/div>\n\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\" data-slate-fragment=\"JTVCJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMkRBSSdzJTIwcmF0aW5nJTIwY2FuJTIwYmUlMjB1cGdyYWRlZCUyMGZyb20lMjBCJTJCJTIwdG8lMjBBLSUyMGJ5JTNBJTIyJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCUyQyU3QiUyMnR5cGUlMjIlM0ElMjJ1bm9yZGVyZWQtbGlzdCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydHlwZSUyMiUzQSUyMmxpc3QtaXRlbSUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMmludHJvZHVjaW5nJTIwYW55JTIwcHJldmVudGl2ZSUyMGFudGktZ292ZXJuYW5jZSUyMGF0dGFjayUyMG1lYXN1cmUuJTIyJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RCUyQyUyMmlzVm9pZCUyMiUzQWZhbHNlJTJDJTIyZGF0YSUyMiUzQSU3QiU3RCU3RCU1RA==\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">introducing any preventive anti-governance attack measure.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>"},{id:18,status:"published",sort:14,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-22T10:10:34.086Z",user_updated:null,date_updated:"2026-09-24T10:01:00.801Z",name:"Reflexer",symbol
41:"RAI",slug:"rai",coingecko_id:"rai",icon:"3f76f26f-f865-42f3-8678-b41c4907cee8",grade:"B+",type_of_peg:11,peg:null,collateralization:372,smart_contract_audit:true,date_of_rating:null,date_last_change:null,price:3.07,marketcap:"1539185.3796",vol24h:"11521.9934",stability:157,management:158,implementation:209,decentralization:160,governance:161,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:2,type_of_backing:[30],coins_id:18,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">RAI is an experimental decentralized stablecoin with a floating price. Unlike most stablecoins, RAI is not pegged to a fiat currency. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">The protocol is forked from MakerDAO's DAI and is substantially similar, except for 2 innovations: (a) a free-floating price and (b) the use of positive and negative interest rates to influence the market price of RAI.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">RAI is solely backed by ETH collateral. Its current Collateralization Ratio is over 350%.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Despite its experimental nature, RAI has proven to be a reliable low-volatility alternative to conventional stablecoins. RAI is ideal for sophisticated users who want a decentralized, censorship resistant stablecoin and can understand its intricacies.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>
41",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\n\u003Cp>RAI's rating can be upgraded from B+ to A- by:\u003C/p>\n\u003Cul>\n\u003Cli>allowing direct redemption (primary liquidity) of RAI for ETH collateral.\u003C/li>\n\u003C/ul>\n\u003Cp>&nbsp;\u003C/p>\n\u003C/div>"},{id:38,status:"published",sort:15,user_created:"0a9b9d1e-1e1b-4036-8a2f-6eb5bd805352",date_created:"2025-09-03T11:38:37.410Z",user_updated:null,date_updated:"2026-09-24T10:01:00.818Z",name:"Origin Protocol",symbol:"OUSD",slug:"ousd",coingecko_id:"origin-dollar",icon:"8eea793c-c353-40fb-a7b9-a12835c2dd2c",grade:"B+",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:null,date_last_change:null,price:.999403,marketcap:"6142647.0312",vol24h:"94885.6880",stability:170,management:171,implementation:209,decentralization:172,governance:173,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[62],coins_id:38,grade_note:null,summary:"\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">OUSD by Origin Protocol is backed by reserves invested across selected onchain strategies, like supplying assets to Morpho vaults, providing protocol-owned liquidity to Curve Finance, and staking USDS on Sky Money.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">OUSD inherits technical risk from external protocols since reserves are held in third-party smart contracts that are not owned by Origin Protocol. Any exploit or loss of funds in these protocols will directly impact the peg.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">OUSD reserves are largely backed by onchain collateral via staked USDS, and Morpho vaults that lend against BTC and ETH. Increasing exposure to these strategies cuts regulatory risk and custodian dependence.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">OUSD reserves are partially backed by offchain collateral via USDC deployed on Curve Finance. While this leads to poor decentralization, it increases stability by relying on safer underlying collateral and a better mechanism to keep the peg.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">OUSD is governed by OGN stakers. While vote escrows and time delays dissuade governance attacks, the protocol experiences weak participation from unaffiliated OGN holders.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">\u003Cstrong>Suitability\u003C/strong> - OUSD is most suitable for (a) users seeking to earn passive yield from onchain strategies, and (b) users seeking exposure to the US Dollar in an onchain format.\u003C/p>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp dir=\"ltr\">The following outcomes may improve factor scores.\u003C/p>\n\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">
41Origin Protocol reduces exposure to offchain collateral (via USDC) and increases exposure to onchain collateral (like BTC and ETH).\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Origin Protocol implements preventive measures against governance attacks like immutable contracts, historical time-weighted voting power, or voting cliffs.\u003C/p>\n\u003C/li>\n\u003C/ul>"},{id:20,status:"published",sort:16,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-22T13:48:36.939Z",user_updated:null,date_updated:"2026-09-24T10:01:00.834Z",name:"Glo Foundation",symbol:"USDGLO",slug:"usdglo",coingecko_id:"glo-dollar",icon:"f3efb72e-e277-44b7-83dd-2340579b3992",grade:"B",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2024-04-05",date_last_change:null,price:.9999,marketcap:"1001879.0559",vol24h:"56763.0972",stability:94,management:101,implementation:209,decentralization:103,governance:104,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[31],coins_id:20,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Glo Dollar (USDGLO) is a dollar-backed stablecoin marketed by the Glo Foundation, a Public Benefits Corporation in the US. USDGLO is issued by Brale Inc., a tech company offering Stablecoins-as-a-Service. Brale Inc. offers its products under various U.S State&rsquo; Money Transmitter licenses.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Yield generated from USDGLO reserves are used to fund public goods.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">The reserves comprise US Treasury debt and cash deposits in fully segregated accounts, but these are unlikely to be bankruptcy-remote. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDGLO is a niche stablecoin with a limited market presence. It is appropriate for users who would like to supp
41ort public goods while holding stablecoins.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:null},{id:42,status:"published",sort:17,user_created:"0a9b9d1e-1e1b-4036-8a2f-6eb5bd805352",date_created:"2026-08-05T18:52:01.587Z",user_updated:"0a9b9d1e-1e1b-4036-8a2f-6eb5bd805352",date_updated:"2026-09-08T08:02:16.422Z",name:"GMO Internet Group",symbol:"ZUSD",slug:"zusd",coingecko_id:null,icon:"d32bf522-f985-438b-af0e-1db35e9e7778",grade:"B-",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:null,date_last_change:null,price:.998754,marketcap:null,vol24h:"14.6218",stability:192,management:198,implementation:209,decentralization:195,governance:196,externals:210,marketdata_updated_at:"2026-08-25T17:01:00",coin_status:null,type_of_backing:[66],coins_id:42,grade_note:null,summary:"\u003Cul>\n\u003Cli dir=\"ltr\" role=\"presentation\">ZUSD by GMO Internet Group is backed exclusively with bank deposits held in custody by the East West Bank in California, US. Since ZUSD is being phased out, the reserves are held as bank deposits to fulfill timely redemption requests.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">Reserves backing ZUSD are held in segregated accounts for the benefit of token holders, and cannot be used for the issuer&rsquo;s regular business operations. These assets will likely remain protected from any potential bankruptcy of the issuer.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">ZUSD is issued by GMO Internet Group via the GMO-Z.com Trust Company, a limited purpose trust company regulated by the New York Department of Financial Services (NYDFS).\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">GMO Internet Group publishes monthly attestations of reserves backing ZUSD. The issuer is required to submit audited financial statements of the issuing subsidiary to the NYDFS and those of the parent company to the Financial Services Agency (FSA) in Japan.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">ZUSD does not have sufficient secondary market trading volume or onchain liquidity to allow current holders to exit without slippage. However, all holders from supported jurisdictions can onboard with the issuing subsidiary and redeem ZUSD directly at par.\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">Since ZUSD has entered voluntary dissolution, users cannot mint new ZUSD. Due to this, riskless arbitrage does not exist when ZUSD trades above $1, resulting in the market price consistently trading above $1.\u003Cstrong id=\"docs-internal-guid-f406a308-7fff-5d2c-ef31-770602d0e2ca\">\u003C/strong>\u003C/li>\n\u003Cli dir=\"ltr\" role=\"presentation\">\u003Cstrong>Suitability\u003C/strong> - Since ZUSD is being phased out, we do not recommend using this stablecoin. Users are better served by other alternatives from issuers with ongoing operations.\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cstrong id=\"docs-internal-guid-d2b84281-7fff-d053-4848-4148ee0b1dad\">\u003C/strong>\u003C/p>",recommendations:null},{id:43,status:"published",sort:18,user_created:"0a9b9d1e-1e1b-4036-8a2f-6eb5bd805352",date_created:"2026-09-07T06:29:35.429Z",user_updated:null,date_updated:"2026-09-24T10:01:00.849Z",name:"GMO Internet Group",symbol:"GYEN",slug:"gyen",coingecko_id:"gyen",icon:"1850b37d-9083-4f65-9b97-423653b1c1ff",grade:"B-",type_of_peg:null,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:null,date_last_change:null,price:.00636671,marketcap:"5951801.4924",vol24h:"550.8552",stability:211,management:212,implementation:213,decentralization:214,governance:215,externals:216,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[69],coins_id:43,grade_note:null,summary:"\u003Cul>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">GYEN by GMO Internet Group is backed exclusively with bank deposits held in custody by the East West Bank in California, US. Since GYEN is being phased out, the reserves are held as bank deposits to fulfill timely redemption requests.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Reserves backing GYEN are held in segregated accounts for the benefit of token holders, and cannot be used for the issuer&rsquo;s regular business operations. These assets will likely remain protected from any potential bankruptcy of the issuer.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">GYEN is issued by GMO Internet Group via the GMO-Z.com Trust Company, a limited purpose trust company regulated by the New York Department of Financial Services (NYDFS). However, guidelines issued by the NYDFS are not applicable to GYEN as a non-USD stablecoin.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">GMO Internet Group publishes monthly attestations of reserves backing GYEN. The issuer is required to submit audited financial statements of the issuing subsidiary to the NYDFS and those of the parent company to the Financial Services Agency (FSA) in Japan.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">GYEN does not have sufficient secondary market trading volume or onchain liquidity to allow current holders to exit without slippage. However, all holders from supported jurisdictions can onboard with the issuing subsidiary and redeem GYEN directly at par.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">Since GYEN has entered voluntary dissolution, users cannot mint new GYEN. Due to this, riskless arbitrage does not exist when GYEN trades above $1.\u003C/p>\n\u003C/li>\n\u003Cli dir=\"ltr\" aria-level=\"1\">\n\u003Cp dir=\"ltr\" role=\"presentation\">\u003Cstrong>
41Suitability\u003C/strong> - Since GYEN is being phased out, we do not recommend using this stablecoin. Users are better served by other alternatives from issuers with ongoing operations.\u003C/p>\n\u003C/li>\n\u003C/ul>",recommendations:null},{id:11,status:"published",sort:19,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T10:13:18.369Z",user_updated:null,date_updated:"2026-09-24T10:01:00.867Z",name:"First Digital",symbol:"FDUSD",slug:"fdusd",coingecko_id:"first-digital-usd",icon:"3ae84241-fea7-4b79-93f3-b030e442a453",grade:"C",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-09-30",date_last_change:null,price:.99887,marketcap:"324675414.0288",vol24h:"173722385.1233",stability:52,management:65,implementation:209,decentralization:67,governance:68,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[19],coins_id:11,grade_note:null,summary:"\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">FDUSD is a stablecoin issued by First Digital Labs, incorporated in the British Virgin Islands, and part of the Hong Kong-based First Digital Group.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">First Digital Labs is not a regulated issuer of stablecoins or digital assets. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">FDUSD is backed by USD cash deposits and US T-Bills with a maturity of less than 3 months. These assets are held by banks and custodians in Hong Kong, Switzerland, and Australia.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Although the reserves are held in custody by a Hong-Kong trust, we believe these reserves are not bankruptcy-remote. In the event of bankruptcy of the issuer or its holding company, users&rsquo; funds may not be isolated from the liquidation process.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">FDUSD meets the bare minimum requirements to achieve a passing grade.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">At present, FDUSD lacks meaningful utility and is appropriate for those who wish to benefit from Binance's Zero Trading Fee promotion on the BTC/FDUSD pair. For all other users, safer and/or more liquid alternatives exist.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp>FDUSD's rating can be improved to a B- by:\u003C/p>\n\u003Cul>\n\u003Cli>being regulated by the Hong Kong Monetary Authority for the issuance and management of stablecoins.\u003C/li>\n\u003C/ul>\n\u003Cp>&nbsp;\u003C/p>"},{id:14,status:"published",sort:20,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T12:54:09.125Z",user_updated:null,date_updated:"2026-09-24T10:01:00.886Z",name:"Frax Finance",symbol
41:"FRAX",slug:"frax",coingecko_id:"frax",icon:"9ab94b0c-bc5b-46b8-b719-789a1e560b9e",grade:"D",type_of_peg:7,peg:1,collateralization:84,smart_contract_audit:true,date_of_rating:"2023-07-01",date_last_change:null,price:.991088,marketcap:"217355695.2883",vol24h:"385172.3483",stability:70,management:71,implementation:209,decentralization:73,governance:74,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[23],coins_id:14,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">FRAX has one of the tightest pegs relative to its peers. It has performed well historically, especially during times of broader market stress. However, it is partially collateralized by the protocol&rsquo;s native FXS token, which makes it prone to bank-run risks, but with limited loss potential. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">The Frax protocol is led by a public team of seasoned entrepreneurs/programmers based in the United States.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Although Frax aims to be a decentralized protocol,\u003C/span>\u003C/div>\n\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">It is heavily reliant on centralized assets such as USDC, USDT and DAI\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">The core team controls a majority of the voting power (&gt;51%) and also has complete control over FRAX's monetary policy and the protocol&rsquo;s assets.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">In our assessment, FRAX is neither suitable for the average retail stablecoin holder nor for the decentralization-focused holders. It is more suited to risk-seeking yield farmers and liquidity providers who understand the complexities and nuances of the protocol and have appropriate risk management systems in place.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp>FRAX's rating can be upgraded from D to C by:\u003C/p>\n\u003Cul>\n\u003Cli>introducing a fully-functional voting system with binding votes and on-chain execution AND\u003C/li>\n\u003Cli>implementing any two anti-governance attack measures.\u003C/li>\n\u003Cli>re-collateralizing FRAX back to 100%\u003C/li>\n\u003C/ul>"},{id:13,status:"published",sort:21,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T12:20:49.218Z",user_updated:null,date_updated:"2026-09-24T10:01:00.910Z",name:"Tether",symbol:"XAUT",slug:"xaut",coingecko_id:"tether-gold",icon:"2b84a3db-0124-4d98-9f4e-03a22982180e",grade:"D",type_of_peg:10,peg:null,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:4256.38,marketcap:"2650764436.3770",vol24h:"226729638.2775",stability:59,management:60,implementation:209,decentralization:62,governance:63,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[68],coins_id:13,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Tether Gold (XAUT) is a gold-backed stablecoin issued by TG Commodities, a subsidiary of Tether Holdings Limited.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Each XAUT token represents ownership in 1 fine troy ounce of gold held at vaults in Switzerland.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">The Tether Group has a less than stellar reputation for its opaque operations and questionable practices. It has been the subject of intensive regulatory scrutiny and penal actions from the likes of the New York Attorney General and the CFTC for making false claims about the backing of USDT, another stablecoin issued by it.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">In our assessment, XAUT is only suitable for high-net-worth individuals and institutions who have registered accounts with Tether for availing redemptions.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\n\u003Cp>XAUT's rating can be upgraded from D to C by:\u003C/p>\n\u003Cul>\n\u003Cli>disclosing the names of its gold custodian(s) OR\u003C/li>\n\u003Cli>lowering the minimum redemption value from $100K to $5K.\u003C/li>\n\u003C/ul>\n\u003Cp>&nbsp;\u003C/p>\n\u003C/div>"},{id:15,status:"published",sort:22,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T13:01:54.431Z",user_updated:null,date_updated:"2026-09-24T10:01:00.928Z",name:"Tether",symbol:"USDT",slug:"usdt",coingecko_id:"tether",icon:"d9d2fa3e-803e-4443-84d5-50774eaed245",grade:"C",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:"2026-09-03",price:.999782,marketcap:"183498650711.8474",vol24h:"78070040403.5631",stability:76,management:77,implementation:209,decentralization:79,governance:80,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[26],coins_id:15,grade_note:null,summary:"\u003Cul>\n\u003Cli>\u003Cspan data-slate-string=\"true\">USDT is fully backed by reserves held by Tether International SA de CV. Reserves are primarily invested in US treasury bills, which present some of the lowest credit and duration risks while trading in a highly liquid secondary market.\u003C/span>\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Tether invests a portion of reserves in risky assets like secured loans, corporate bonds, gold, and bitcoin. While Tether has identified Cantor Fitzgerald as the primary custodian for US treasury bills, it does not disclose custodians for other assets.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Tether has acquired a Digital Asset Service Provider (DASP) license in El Salvador. However, El Salvador does not have the requisite regulatory capacity to ensure effective external oversight. \u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDT reserves are not isolated from Tether's corporate funds or held in bankruptcy remote structures. Stablecoin holders will likely be treated as ordinary creditors in case of insolvency. The issuer's license does not mandate such key provisions.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">\u003Cstrong id=\"docs-internal-guid-ce7c5d28-7fff-14a0-cf66-0a3d080cd65e\">\u003C/strong>\u003C/span>Tether has concentrated governance authority. One multi-sig holds unbounded mint, freeze, or blacklist c
41apability. No deployment has a timelock on any privileged action. No onchain reserve feed exists, and no mint path references backing.\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cstrong id=\"docs-internal-guid-2fb5df76-7fff-8b0a-3cea-c56aa74e3bb4\">\u003C/strong>Tether publishes quarterly attestations of reserves from an independent accounting firm. The issuer has also completed a full audit of the 2025 financial statements from KPMG US with an unqualified opinion.\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Tether has consistently fulfilled redemptions. This has helped USDT regain the $1 peg through multiple stress tests since 2014. However, access to primary liquidity is restricted to high net-worth users or institutional users.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">\u003Cstrong>Suitability:\u003C/strong> USDT is suitable for non-US, institutional users or high net-worth traders who can onboard with Tether to directly access the mint and redeem mechanism. Users who are unable to do so will need to rely on secondary markets.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">USDT is only suitable for users who want to access its deep market liquidity, volume market share, and breadth of trading pairs. Majority of retail users and passive market participants are better served by other, more transparent &amp; regulated options.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>
41",recommendations:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\n\u003Cp dir=\"ltr\">The following actions by Tether may lead to a rating upgrade from C to B-.\u003C/p>\n\u003Cul>\n\u003Cli dir=\"ltr\">Increase the frequency of reserve attestations from quarterly to monthly.\u003C/li>\n\u003Cli dir=\"ltr\">Incorporate a transparent and reasonable policy for redemption timelines in the company&rsquo;s terms of service.\u003C/li>\n\u003C/ul>\n\u003C/div>"},{id:27,status:"published",sort:23,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-05-12T09:32:50.682Z",user_updated:null,date_updated:"2026-09-24T10:01:00.943Z",name:"Euro Tether",symbol:"EURT",slug:"eurt",coingecko_id:"tether-eurt",icon:"e3d87117-144f-42ab-b5a3-b65d69553bd9",grade:"D",type_of_peg:8,peg:null,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-16",date_last_change:null,price:.061741,marketcap:"256465.7867",vol24h:"135.1725",stability:130,management:131,implementation:209,decentralization:133,governance:134,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:2,type_of_backing:[42],coins_id:27,grade_note:null,summary:"\u003Cul>\n\u003Cli>\n\u003Cp>EURT is a EURO-denominated stablecoin issued by Tether.\u003C/p>\n\u003C/li>\n\u003Cli>\n\u003Cp>EURT is backed by the same pool of assets that USDT is. Reserve assets include US Treasury bills, non-US Treasury debt, reverse repos, corporate bonds, secured loans, Bitcoin and miscellaneous investments whose exact nature and liquidity profiles are undisclosed.\u003C/p>\n\u003C/li>\n\u003Cli>\n\u003Cp>In our assessment, there are safer Euro-denominated alternatives to EURT.\u003C/p>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp>EURT's rating can be upgraded from D to C by:\u003C/p>\n\u003Cul>\n\u003Cli>\n\u003Cp>disclosing the names of its banks and custodians OR\u003C/p>\n\u003C/li>\n\u003Cli>\n\u003Cp>lowering the minimum redemption value from $100K to $5K AND\u003C/p>\n\u003C/li>\n\u003Cli>\n\u003Cp>performing a complete financial audit by an independent auditor OR\u003C/p>\n\u003C/li>\n\u003Cli>\n\u003Cp>incorporating transparent and reasonable timelines for redemption in the Terms of Service, similar to conditions imposed by the NYDFS on stablecoin issuers under its authority.\u003C/p>\n\u003C/li>\n\u003C/ul>"},{id:4,status:"published",sort:24,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T07:54:19.712Z",user_updated:null,date_updated:"2026-09-24T10:01:00.960Z",name:"Aave",symbol:"GHO",slug:"gho",coingecko_id:"gho",icon:"6ad173f3-75b8-4aee-9a4c-6cde291e55ff",grade:"D",type_of_peg:7,peg:1,collateralization:295,smart_contract_audit:true,date_of_rating:"2023-08-30",date_last_change:null,price:.998972,marketcap:"698281726.3724",vol24h:"6079385.0689",stability:8,management:9,implementation:209,decentralization:11,governance:12,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[11],coins_id:4,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">GHO is a new USD-pegged stablecoin launched in July 2023 by Aave, a leading money-market protocol on Ethereum, and is fully governed by the Aave DAO.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">It is a CDP-style stablecoin that can be minted (borrowed) against collateral supplied into the Aave app.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Since its launch, GHO has been consistently trading around $0.97-0.985. A reclaim of GHO&rsquo;s peg seems unlikely in the short term due to: (i) lack of strong stability mechanisms to enforce a $1 peg (ii) a low cost of borrowing GHO that incentivizes supply increases and (iii) anticipated sell pressure on GHO arising from a leveraged-yield strategy enabled by the onboarding of sDAI as collateral on Aave v3.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">While GHO has low Management, Decentralization and Governance risks, it does not meet the minimum standard for Stability. GHO holders are exposed to significant price and liquidity risks. Due to low borrowing rates and no reserve redemption mechanism, GHO&rsquo;
41s price is more likely to drop further than increase.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">GHO, in its current form, is unsafe. We caution users against holding GHO.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>
41",recommendations:"\u003Cp>Despite our rating, we believe GHO already has many key ingredients in place to become a safe, decentralized stablecoin, provided that it implements stability-enhancing changes to its design.&nbsp;\u003C/p>\n\u003Cp>GHO's rating can be improved to a B+/B by:\u003C/p>\n\u003Cul>\n\u003Cli>enabling redemption of GHO for collateral or\u003C/li>\n\u003Cli>enabling GHO as a collateral asset with high LTV.\u003C/li>\n\u003C/ul>\n\u003Cp>&nbsp;\u003C/p>"},{id:12,status:"published",sort:25,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T11:49:28.829Z",user_updated:null,date_updated:"2026-09-24T10:01:00.976Z",name:"Trust Token",symbol:"TUSD",slug:"tusd",coingecko_id:"true-usd",icon:"410d4c16-cee3-4bd6-9644-e0e282494ec4",grade:"D",type_of_peg:7,peg:1,collateralization:100,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:null,price:.999556,marketcap:"494295475.7323",vol24h:"13082692.7191",stability:53,management:54,implementation:209,decentralization:56,governance:57,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[20],coins_id:12,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">TUSD is issued by Techteryx Ltd, a China-based conglomerate shrouded in mystery. Details about the company&rsquo;s corporate information, ownership and the identity of the management team are not disclosed. However, it is commonly believed that it is controlled by Justin Sun.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">TUSD is backed by US cash deposits, cash equivalents and short-term, highly liquid investments. However, Techteryx, the issuer of TUSD, is not transparent about the exact type and amount of each asset held in reserve.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">TUSD claims to provide real-time reserve attestations but these are fully-automated attestations based on data feeds from third parties. No manual verification or review is performed on source data or on the attestation reports..&nbsp;\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">In our opinion, the general lack of transparency in relation to reserves, management structure and operations, risk makes us apprehensive about TUSD. We strongly advise against using TUSD.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>",recommendations:"\u003Cdiv data-slate-node=\"element\">\n\u003Cp>TUSD's rating can be upgraded from D to C by:\u003C/p>\n\u003Cul>\n\u003Cli>disclosing the the quantum and type of assets held in reserves\u003C/li>\n\u003Cli>resuming redemptions and continuing to meet redemptions consistently for a 3 month period\u003C/li>\n\u003Cli>clear disclosure of the management structure and details of ownership of Techteryx AND\u003C/li>\n\u003Cli>performing a complete financial audit by an independent auditor OR\u003C/li>\n\u003Cli>incorporating transparent and reasonable timelines for redemption in the Terms of Service, similar to conditions imposed by the NYDFS on stablecoin issuers under its authority.\u003C/li>\n\u003C/ul>\n\u003Cp>&nbsp;\u003C/p>\n\u003C/div>"},{id:8,status:"published",sort:26,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T09:34:18.646Z",user_updated:null,date_updated:"2026-09-24T10:01:00.990Z",name:"TronDAO",symbol:"USDD",slug:"usdd",coingecko_id:"usdd",icon:"ede5533a-d709-42f4-83af-2aeccc07bec6",grade:"F",type_of_peg:7,peg:1,collateralization:97,smart_contract_audit:true,date_of_rating:"2023-06-04",date_last_change:"2025-10-14",price:.999232,marketcap:"1511334741.5682",vol24h:"1517304.2864",stability:34,management:35,implementation:209,decentralization:37,governance:38,externals:210,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:null,type_of_backing:[15],coins_id:8,grade_note:null,summary:"\u003Cul>\n\u003Cli>\u003Cspan data-slate-string=\"true\">USDD by TronDAO is backed by reserves primarily invested in Aave v3 markets on Ethereum, TRX and staked TRX tokens, and stablecoins held for redemption liquidity.\u003C/span>\u003C/li>\n\u003Cli>\u003Cspan data-slate-string=\"true\">Since TRX tokens are also issued by the TronDAO, they are classified as endogenous assets and considered invali
41d collateral. Excluding these endogenous assets, USDD is under-collateralized with a collateral ratio (CR) below 100%.\u003C/span>\u003C/li>\n\u003Cli>While USDD reserves supplied to Aave v3 are ultimately held in audited, third-party contracts owned by Aave, the corresponding receipt tokens are held in externally-owned accounts (EOAs). This presents a single point of failure with a high level of storage risk.\u003C/li>\n\u003Cli>\u003Cspan data-slate-string=\"true\">While USDD claims that governance is vested with a DAO, there are no hallmarks of a credibly decentralized management like a proposal process, onchain votes, or public discourse. A small group of insiders control the decision-making process.\u003C/span>\u003C/li>\n\u003Cli>\u003Cspan data-slate-string=\"true\">De facto control of TronDAO rests with Justin Sun, who has a history of questionable business practices. This includes prior co-mingling of USDD reserves with affiliated entities and running a market manipulation scheme to inflate TRX trading volumes.\u003Cbr>\u003C/span>\u003C/li>\n\u003Cli>\u003Cspan data-slate-string=\"true\">\u003Cstrong>Suitability\u003C/strong> - We strongly recommend users not to hold USDD.\u003C/span>\u003C/li>\n\u003C/ul>",recommendations:"\u003Cp>The following outcomes may improve factor scores and lead to a rating upgrade.\u003C/p>\n\u003Cul>\n\u003Cli>USDD becomes fully collateralized by eliminating exposure to endogenous assets (TRX and staked TRX tokens).\u003C/li>\n\u003Cli>USDD reduces storage risk by transferring control of Aave v3 receipt tokens from EOAs to a protocol-owned smart contract.\u003C/li>\n\u003C/ul>"},{id:6,status:"published",sort:27,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-17T08:44:27.860Z",user_updated:null,date_updated:"2026-09-24T10:01:01.016Z",name:"Bean",symbol:"BEAN",slug:"bean",coingecko_id:"bean",icon:"bd50beb0-feb8-47a2-b124-d7db5a08139c",grade:"F",type_of_peg:7,peg:1,collateralization:0,smart_contract_audit:true,date_of_rating:"2024-02-01",date_last_change:null,price:.259396,marketcap:"0.0000",vol24h:"5554.4955",stability:null,management:null,implementation:null,decentralization:null,governance:null,externals:null,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:1,type_of_backing:[13],coins_id:6,grade_note:null,summary:"\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">&nbsp;\u003C/div>\n\u003Cul class=\"css-bjaxj3\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">BEAN is an on-chain stablecoin pegged to the US Dollar but is not backed by any reserves. Instead, BEAN relies on (a) a credit market comprising willing participants who manipulate the supply and demand for BEAN and (b) other financial incentives from the protocol to influence the peg of BEAN.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">BEAN's design substantially draws inspiration from failed algorithmic stablecoins such as Empty Set Dollar and Basis Cash.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">When BEAN's price is &lt;$1, holders of BEAN are incentivized to lend their BEANs to the protocol (which burns BEANs to reduce supply), and when price is &gt;$1 new BEANs are minted and distributed between governance stakeholders and BEAN lenders.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Governance rights in BEAN are earned by depositing whitelisted assets for liquidity and stability management. However, voting is performed entirely off-chain. Voting decisions are implemented by a governance Multi-Sig comprising entirely of anonymous contributors. The Multi-Sig has unrestricted control over the protocol's smart contracts as governance enforcement does not exist.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">BEAN's short and long-term stability is primarily contingent on Beanstalk Protocol's ability to attract BEAN lenders when BEAN is below the peg.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Bluechip does not believe that the protocol will be able to guarantee the existence of lenders when the situation demands it. The failures of Empty Set Dollar and Basis Cash are clear warning signs. Further, the lack of restrictions on the anonymous Multi-Sig signers is another major cause of concern.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>
41",recommendations:null},{id:17,status:"published",sort:28,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-22T10:04:41.027Z",user_updated:null,date_updated:"2026-09-24T10:01:01.030Z",name:"Synthetix",symbol:"sEUR",slug:"seur",coingecko_id:"seur",icon:"2ddf59c2-f324-4656-b18d-f1dab83fbaef",grade:"F",type_of_peg:8,peg:1,collateralization:0,smart_contract_audit:true,date_of_rating:"2024-02-01",date_last_change:null,price:.01848619,marketcap:"18393.8259",vol24h:"0.9243",stability:null,management:null,implementation:null,decentralization:null,governance:null,externals:null,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:1,type_of_backing:[29],coins_id:17,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Synthetix stablecoins are algorithmic and backed by endogenous collateral. They are issued and managed by Synthetix, a permissionless synthetic assets / derivatives protocol.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">They are overcollateralized by the protocol&rsquo;s native token, SNX, and can be minted/borrowed by staking SNX at a collateralization ratio (CR) of 500%. When CR drops to 160%, liquidation of SNX collateral is initiated by transferring the debt to other SNX stakers.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">These stablecoins cannot be redeemed for underlying collateral. Holders are rely solely on on-chain liquidity pools to exit from Synthetix assets to non-Synthetix assets.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Bluechip does not consider SNX as acceptable collateral while determining the safety of Synthetix stablecoins. The Terra-Luna collapse illustrates that using native tokens as collateral for stablecoins can lead to rapid death spirals.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>
41",recommendations:null},{id:16,status:"published",sort:29,user_created:"69d6ad75-687b-4ac6-b9d3-559640a1b2f5",date_created:"2025-04-22T10:02:17.182Z",user_updated:null,date_updated:"2026-09-24T10:01:01.071Z",name:"Synthetix",symbol:"sUSD",slug:"susd",coingecko_id:"nusd",icon:"14b6d830-a391-4adc-9c80-29bd2a53df49",grade:"F",type_of_peg:7,peg:1,collateralization:0,smart_contract_audit:true,date_of_rating:"2024-02-01",date_last_change:null,price:.00857976,marketcap:"374073.2719",vol24h:"13103.5098",stability:null,management:null,implementation:null,decentralization:null,governance:null,externals:null,marketdata_updated_at:"2026-09-24T10:01:00",coin_status:1,type_of_backing:[28],coins_id:16,grade_note:null,summary:"\u003Cul>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Synthetix stablecoins are algorithmic and backed by endogenous collateral. They are issued and managed by Synthetix, a permissionless synthetic assets/derivatives protocol.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">They are overcollateralized by the protocol&rsquo;s native token, SNX, and can be minted/borrowed by staking SNX at a collateralization ratio (CR) of 500%. When CR drops to 160%, liquidation of SNX collateral is initiated by transferring the debt to other SNX stakers.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">These stablecoins cannot be redeemed for underlying collateral. Holders rely solely on on-chain liquidity pools to exit from Synthetix assets to non-Synthetix assets.\u003C/span>\u003C/div>\n\u003C/li>\n\u003Cli class=\"css-165b468\" data-slate-node=\"element\" data-slate-fragment=\"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\">\n\u003Cdiv class=\"css-9daywu\" data-slate-node=\"element\">\u003Cspan data-slate-string=\"true\">Bluechip does not consider SNX as acceptable collateral while determining the safety of Synthetix stablecoins. The Terra-Luna collapse illustrates that using native tokens as collateral for stablecoins can lead to rapid death spirals.\u003C/span>\u003C/div>\n\u003C/li>\n\u003C/ul>
41",recommendations:null}],auth:{user:null,accessToken:void 0}},"uses":{"search_params":["previewToken"],"params":["lang"]}},null,{"type":"data","data":{page:{auth:"all",sections:[{id:"89",collection:"section_post_overview",item:{internal_name:"Test | Post Overview",post_types:"all",show_filters:true,display_type:null,title:"News",subtitle:null},additionalData:{featuredPost:{date:"2026-09-03",author:null,categories:[],preview_image:null,posts_id:16,preview_text:"Bluechip issues a rating action to upgrade USDT rating from D to C. The upgrade follows a full financial audit of the issuer by KPMG US with an unqualified opinion, and the first assessment of USDT's technical risk under the Implementation methodology powered by Hacken.",slug:"bluechip-upgrades-usdt-rating-from-d-to-c",permalink:null,title:"Bluechip Upgrades USDT Rating From D to C"},posts:[{date:"2026-08-25",author:null,categories:[{post_category_id:{name:"Bluechip"}}],preview_image:null,posts_id:15,preview_text:"Bluechip is partnering with Hacken to integrate technical risk scoring into our stablecoin ratings. Hacken's methodology will power the I in SMIDGE: Implementation. With this partnership, Bluechip is the first stablecoin rating agency to cover technical risk in an extensive manner as a full factor.",slug:"bluechip-partners-with-hacken-to-score-technical-risk-in-stablecoin-ratings",permalink:null,title:"Bluechip Partners With Hacken to Score Technical Risk in Stablecoin Ratings"},{date:"2026-08-07",author:null,categories:[{post_category_id:{name:"Bluechip"}}],preview_image:null,posts_id:14,preview_text:"Bluechip's Ratings Director Amey Dandawate tells CoinDesk why joining the Open USD consortium is a free option for partners like Visa, Mastercard, and Coinbase.",slug:"bluechip-quoted-in-coindesk-article-on-open-usd-and-circle",permalink:null,title:"Bluechip Quoted in CoinDesk Article on Open USD and Circle"},{date:"2025-12-17",author:null,categories:[{post_category_id:{name:"Stablecoins"}}],preview_image:null,posts_id:13,preview_text:"Stablecoins move money faster, and in many corridors, at meaningfully lower costs. But the real bottleneck to adoption is the cost and quality of on/off ramps.",slug:"the-ramping-bottleneck",permalink:null,title:"The Ramping Bottleneck"},{date:"2023-12-17",author:{website_link:null,linkedin_link:79,x_link:80,id:7,position:"Chief Economist & Co-Founder",email:null,phone:null,name:"Garett Jones",translations:[26],image:{id:"454bd170-cbf2-46a9-ae40-d28bdf2cabc6",type:"image/jpeg",translations:[]}},categories:[{post_category_id:{name:"Stablecoins"}}],preview_image:null,posts_id:8,preview_text:"The power to tax is the power to destroy. It’s also the power to run a decent monetary policy. If you’re looking for a monetary system with low and stable inflation, you’re looking for a system with a stable supply of money and a stable demand for that same money.",slug:"stablecoins-versus-the-power-to-tax",permalink:null,title:"Stablecoins versus The Power to Tax"},{date:"2023-07-13",author:{website_link:null,linkedin_link:75,x_link:76,id:5,position:"CEO & Co-Founder",email:null,phone:null,name:"Benjamin Levit",translations:[24],image:{id:"fa4e9ff3-4fa3-4b7c-8eec-1a8675c64e9c",type:"image/png",translations:[]}},categories:[{post_category_id:{name:"Bluechip"}}],preview_image:null,posts_id:12,preview_text:"Bluechip is a nonprofit dedicated to evaluating stablecoin safety and giving letter grade ratings to the most important stablecoins, provided to the public at no cost.",slug:"stablecoin-rating-platform-bluechip-launches",permalink:null,title:"Stablecoin Rating Platform Bluechip Launches to Provide Transparency into Stablecoin Safety & Risks to All "},{date:"2023-07-10",author:null,categories:[{post_category_id:{name:"Stablecoins"}}],preview_image:null,posts_id:6,preview_text:"Bond ratings, movie ratings, Consumer Reports car ratings, CAMELS bank safety ratings: one sign of a mature market is when lots of individuals and organizations take the time to separate the wheat from the chaff, the Yes from the Maybe from the Definitely Not.",slug:"the-stablecoin-temptation",permalink:null,title:"The Stablecoin Temptation"}],totalPages:1,categories:[{id:3,key:"stablecoins",post_category_id:3,name:"Stablecoins"},{id:4,key:"crypto",post_category_id:4,name:"Crypto"},{id:5,key:"bluechip",post_category_id:5,name:"Bluechip"}]}}],slug:"news",seo_title:"News | Bluechip",seo_description:"Stay up to date on all things stablecoin. Bluechip is a stablecoin rating agency.",seo_image:{id:"2af5577e-fce6-4c53-834d-a0d794024cae",type:"image/jpeg"}}},"uses":{"params":["path","lang"],"parent":1}}],
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