BREAKING: @MetronomeDAO Synth USD (msUSD) continues its depeg, now trading at $0.9756, down 241 bps from its $1 target. The current depeg has been active since July 23, 2026, making it the longest in msUSD's recorded history. Previous depeg incidents averaged just 1 hour. msUSD has now logged 21 depeg events.

Version 9 of our Safety Score is now fully deployed and operational, introducing a new 3-dimensions framework 1. Backing: does this thing have value to begin with? 2. Control: even if the box is full, can something destroy it anyway? 3. Exit: fine, but can I actually leave?

Stablecoin Spotlight of the Week: frxUSD Most stablecoins are built to hold a peg and hope the market agrees. frxUSD by @fraxfinance has gone further than that. USP by @piku_dao, USG by @Tangent_fi, and USSD by @SonicLabs, to name a few all route through frxUSD as a peg keeper. Other stablecoins are building on top of it. frxUSD has become the infrastructure other stablecoins depend on. Here is what our data says: Overall Score: B (72/100) Peg Stability: A+ (99/100) Exit Liquidity: A- (80/100) Resilience: B+ (78/100) Decentralization: B+ (75/100) Dependency Risk: C (58/100) DEWS: 10/100 — Calm Market Cap: $138M 90D Net Flow: +$19M 450 days streak without a depeg event. No F grade across any sub-dimension. Among the 353 stablecoins Pharos tracks, that combination is rare. The exit liquidity picture is one of the strongest we have seen in this series. A 93-rated atomic redemption backstop through enshrined custodians gives frxUSD one of the most reliable exit routes among crypto-native stablecoins. On the DEX side, 60+ pools with a low 0.11 HHI across multiple chains show genuinely diversified liquidity rather than concentration in one or two venues. 60+ pools across multiple chains is what stablecoin infrastructure looks like at scale, and that is by design. @samkazemian built frxUSD to be used everywhere, not just held somewhere. The cross-chain architecture is where frxUSD separates itself in a way that has gone largely unnoticed. When the LayerZero incident hit and stablecoins using the OFT standard took collateral damage, frxUSD was unaffected. It uses OFT, but on its own terms. Frax runs its own DVN and its own libraries that no external entity can upgrade, operating on a 3/3 DVN consensus policy moving to 5/5. frxUSD offers various yield opportunities, including its recent Stake DAO vault currently running at 11.11% APY with $7.25M in deposits. Active AMO strategies across those 60+ DEX pools sustain that yield surface across rate environments rather than depending on any single source. $19M in net inflows over 90 days. The market is not just watching frxUSD. It is building on top of it.