Depeg constellation

Every USD stablecoin, LST, and LRT that backs (or could back) a Morpho vault — drawn as a cosmos around the $1.00 peg-star. Distance from the star is composite depeg score; body size is market cap; glow intensity is issuer-side stress. The same signal flow Sharpe Finance uses to score individual vault risk, surfaced cross-asset.

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Stablecoin breakdown

Asset	Market cap	Backing	Issuer	Spot	Oracle	Divergence	Vault health	Composite	Vaults
USDTTether	$187.33B	RWA	Tether	$0.9989-11 bps	$0.9988-12 bps	1 bps	0/100Tether	Healthy6/100	23
EURC EUR EURC (Circle)	$429.99M	RWA	Circle	$1.1600-8 bps	no feed	—	—	Healthy4/100	12
USDCUSD Coin	$75.62B	RWA	Circle	$0.9997-3 bps	$0.9996-4 bps	1 bps	0/100Circle	Healthy2/100	140
USDSUSDS	$10.91B	Crypto	Sky (formerly MakerDAO)	$0.9996-4 bps	$0.9997-3 bps	1 bps	0/100MakerDAO Vat	Healthy2/100	2
DAIDai	$4.34B	Crypto	MakerDAO	$0.9997-3 bps	$0.9995-5 bps	2 bps	0/100MakerDAO Vat	Healthy2/100	2
PYUSDPayPal USD	$2.91B	RWA	PayPal / Paxos	$0.9997-3 bps	$1.0001+1 bps	4 bps	—	Healthy2/100	7
eUSDElectronic Dollar	$23M	Crypto	Reserve	$0.9999-1 bps	no feed	—	—	Healthy0/100	3

LST / LRT breakdown

Asset	Category	Fair value	Spot	Gap	Severity	Diagnostic
wstETH	LST	$2163.68	$2170.30	31 bps premium	Healthy15/100	wstETH at a 31 bps premium to Lido's oracle fair value — within the normal structural band for staked-ETH wrappers (withdrawal-queue time value usually prices in as a 20–60 bps discount).
stETH	LST	$1750.32	$1754.27	23 bps premium	Healthy11/100	stETH at a 23 bps premium to Lido's oracle fair value — within the normal structural band for staked-ETH wrappers (withdrawal-queue time value usually prices in as a 20–60 bps discount).
weETH	LRT	$1924.73	$1923.12	8 bps discount	Healthy4/100	weETH at a 8 bps discount to ether.fi's oracle fair value — within the normal structural band for staked-ETH wrappers (withdrawal-queue time value usually prices in as a 20–60 bps discount).
ezETH	LRT	$1891.62	$1889.98	9 bps discount	Healthy4/100	ezETH at a 9 bps discount to Renzo's oracle fair value — within the normal structural band for staked-ETH wrappers (withdrawal-queue time value usually prices in as a 20–60 bps discount).
rETH	LST	$2045.88	$2044.65	6 bps discount	Healthy3/100	rETH at a 6 bps discount to Rocket Pool's oracle fair value — within the normal structural band for staked-ETH wrappers (withdrawal-queue time value usually prices in as a 20–60 bps discount).
cbETH	LST	$1986.67	$1985.77	5 bps discount	Healthy2/100	cbETH at a 5 bps discount to Coinbase's oracle fair value — within the normal structural band for staked-ETH wrappers (withdrawal-queue time value usually prices in as a 20–60 bps discount).
rsETH	LRT	$1876.02	$1876.02	0 bps discount	Healthy0/100	rsETH trading at oracle fair value — zero gap to Kelp DAO's on-chain rate.