v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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deUSD

Elixir · Failed synthetic dollar (contagion casualty) · Ethereum · as of 2026-07-11

TOMBSTONE. Collapsed ~98% in November 2025 when ~65% of its backing (~$68M lent to Stream via private Morpho vaults) was impaired by the xUSD failure; subsequently wound down. The lesson is concentration: one counterparty was two-thirds of the reserve.

Realized loss event — tombstone
F
11.6
tombstoneconf high
Haircut: 100.0%
realized loss event -> 100%
Illustrative — not a margin requirement.
Backing & reserves12 · 25%
~65% of reserves lent to a single counterparty (Stream). [1]
Redemption & exit8 · 20%
Redemptions overwhelmed; wound down. [1]
Counterparty & custody5 · 15%
Fatal single-counterparty concentration via private vaults. [1]
Peg & market infrastructure10 · 15%
Fell to ~$0.015. [1]
Leverage & rehypothecation15 · 15%
Embedded in the same loop complex. [1]
Transparency & governance25 · 10%
Exposure concentration not prominently disclosed pre-failure. [1]
What would change this grade: None. Realized loss event.
Live price

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Model signals
Not yet computed

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

Evidence appendix
Backing & reserves: [1]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1