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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USDO (+ TBILL)

OpenEden · T-bill fund-backed yield dollar · Ethereum · as of 2026-07-11

Backed by a regulated T-bill fund structure (TBILL) that carries a public S&P fund rating per issuer materials — a transparency posture most of the class lacks. Singapore-linked issuer; verify current rating status and redemption terms before publishing.

A-
79.7
draftconf medium
Haircut: 7.5%
base 6% (A-) x 1.25 (medium confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves88 · 25%
Underlying regulated T-bill fund with external fund rating claimed; verify current. [1]
Redemption & exit75 · 20%
Fund-style subscription/redemption with KYC gates; orderly but not instant. [1]
Counterparty & custody82 · 15%
Regulated custodian/administrator stack. [1]
Peg & market infrastructure74 · 15%
NAV-accruing; moderate secondary usage. [1]
Leverage & rehypothecation72 · 15%
Increasing collateral integrations; monitor loop growth. [1]
Transparency & governance85 · 10%
External rating + published attestations is best-in-class behavior for the tier. [1]
What would change this grade: Loss or lapse of the underlying fund's external rating, or redemption-term deterioration, would cut Backing and Redemption.
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