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Cross-asset depeg
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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

AssetMarket capBackingIssuerSpotOracleDivergenceVault healthCompositeVaults
EURC
EUR
EURC (Circle)
$462.62M
RWA
Circle
$1.1600-30 bps
no feed——
Healthy15/100
8
EURe
EUR
Monerium EUR
$27.03M
RWA
Monerium
$1.1600-30 bps
no feed——
Healthy15/100
1
eUSDElectronic Dollar
$22.87M
Crypto
Reserve
$0.9993-7 bps
no feed——
Healthy4/100
1
USDCUSD Coin
$73.99B
RWA
Circle
$0.9999-1 bps
$0.9998-2 bps
1 bps
0/100Circle
Healthy1/100
125
USDSUSDS
$9.78B
Crypto
Sky (formerly MakerDAO)
$1.0000+0 bps
$0.9998-2 bps
2 bps
0/100MakerDAO Vat
Healthy1/100
2
DAIDai
$4.58B
Crypto
MakerDAO
$0.9998-2 bps
$0.9999-1 bps
1 bps
0/100MakerDAO Vat
Healthy1/100
2
PYUSDPayPal USD
$2.86B
RWA
PayPal / Paxos
$1.0000+0 bps
$1.0002+2 bps
2 bps—
Healthy1/100
5
USDTTether
$183.38B
RWA
Tether
$1.0000+0 bps
$1.0000+0 bps
0 bps
0/100Tether
Healthy0/100
24
USDeEthena USDe
$4.26B
Crypto
Ethena Labs
$1.0000+0 bps
$0.9999-1 bps
0 bps
0/100OKX
Healthy0/100
2

LST / LRT breakdown

AssetCategoryFair valueSpotGapSeverityDiagnostic
weETH
LRT
$2757.87$2770.0844 bps premium
Healthy22/100
weETH at a 44 bps premium 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).
rETH
LST
$2919.61$2931.7241 bps premium
Healthy21/100
rETH at a 41 bps premium 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
$2847.50$2859.3342 bps premium
Healthy21/100
cbETH at a 42 bps premium 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).
ezETH
LRT
$2707.44$2717.1036 bps premium
Healthy18/100
ezETH at a 36 bps premium 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).
wstETH
LST
$3125.68$3121.3114 bps discount
Healthy7/100
wstETH at a 14 bps discount 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
$2508.47$2510.699 bps premium
Healthy4/100
stETH at a 9 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).
rsETH
LRT
$2693.93$2693.930 bps discount
Healthy0/100
rsETH trading at oracle fair value — zero gap to Kelp DAO's on-chain rate.
How the score composes. For stables: composite = max(price deviation, issuer-vault-health). Price score saturates at 200 bps off peg. Vault health is per-coin (Aave bucket for GHO, collateral ratio for FRAX, contract pause for Circle/Tether stables, ETH perp funding for USDe/sUSDe). For LSTs: score = |spot − oracle fair value| / fair value, same saturation. 20 stables in registry. Read the full breakdown on /methodology.