USDD

IM-01 4: anyone can open a vault and mint by locking collateral on chain, with no approval or whitelist, which is band 4's non-custodial on-chain action. IM-02 2: this is a collateralized debt position system, so minting is borrowing, the model band 1 names for DAI; the peg stability module is a non-debt path but carries only about 5% of collateral, so band 2 rather than 1. IM-03 2: collateral is crypto-native only, TRX, staked TRX and USDT, exactly band 2. IM-04 3: elastic with no hard cap, but per-collateral debt ceilings are set by the admin path, so a soft cap with override. IM-05 4: two-way and permissionless, through repay-and-burn, liquidation auctions and the PSM, though contraction is user-initiated. Average 15/5 = 3.0.

SPS-01 3: a reactive mechanism set, liquidation at a threshold ratio, a stability fee, and a fixed-rate PSM swap, rather than continuous algorithmic targeting of a real-economy index. SPS-02 2: the benchmark is the US dollar, which band 2 names explicitly. SPS-03 4: price feeds run through on-chain Median and OSM oracle contracts with published contract addresses, and all collateral sits on chain, with source prices coming from off chain. SPS-04 3: version 2.0 has held close to par for 19 months and read $0.9996 tonight, but the ticker's history includes a significant depeg in 2022; band 4 fits the current design and band 2 fits the history, so the middle is the honest call and the reviewer should pick deliberately. SPS-05 3: daily peg only, with no purchasing-power anchoring. SPS-06 4: the vault and PSM contracts are permissionless and work anywhere a wallet does. Weighted 28.5/9.5 = 3.0.

FI-01 1: hard-pegged 1:1 to the US dollar. FI-02 3: collateral is dominated by TRX and staked TRX, which are non-fiat, with USDT in the PSM and stablecoin-heavy Smart Allocator strategies making up a meaningful but minority fiat-backed share. FI-03 5: no banking relationship is required anywhere in the protocol. FI-04 2: all feeds are dollar-denominated, sourced through the Median contract's multi-feed design. FI-05 2: a dollar failure removes the peg target and the recovery path is theoretical. FI-06 2: dollar parity is the permanent design goal, with no transition plan. FI-07 1: a monolithic CDP system with no mechanism for local or sectoral currencies to denominate against it. FI-08 3: three chains reachable through generic bridges and DEXs, with no protocol-specific monetary standard. Weighted 25.5/11.5 = 2.22.

TR-01 5: on-chain supply grew from about $1.37B a month ago to $1.51B, and the issuer's own API moved $7.6M in the last day. TR-02 3: the USDD ticker dates from May 2022 and the current design from January 2025. TR-03 4: 462,766 holders on the TRON contract per TronScan. TR-04 2: no merchant acceptance; this is a DeFi instrument. TR-05 2: never used as a unit of account, always quoted as a dollar equivalent, and this question carries the heaviest weight in the category. TR-06 4: the TRON DAO Reserve is active, with audits through September 2025 and docs updated within five months. TR-07 4: three chains, DeFi venues and two audit firms. TR-08 4: significant independent media coverage and a research house report. TR-09 2: a 4% savings rate on the protocol's own yield product drives much of the holding. TR-10 4: supply up on the month, the week and the day. TR-11 3: a stated decentralization mission with a yield-driven community and no cultural artifacts. Weighted 53.5/17.5 = 3.06.

SO-01 2: an Emergency Shutdown Module, a Pause contract and a PauseProxy exist on all three chains, and the holder of those roles is not disclosed, so a single party can plausibly halt the system. SO-02 3: contracts are deployed and readable on public chains, but the docs link no source repository and 96% of supply sits on TRON, a delegated-proof-of-stake chain with 27 block producers. SO-03 3: contracts are distributed across three chains while the sponsoring entity is a single foundation. SO-04 5: fully non-custodial; vault owners and token holders keep their own keys throughout. SO-05 2: the project is closely identified with one founder. SO-06 3: a heavy dependency on TRON with untested fallbacks, mitigated by live Ethereum and BNB Chain deployments. SO-07 4: the documentation states the token cannot be frozen once self-custodied and describes no blacklist; I did not verify the absence of a freeze function in bytecode, so this stops at 4. SO-08 3: pseudonymous public chains. SO-09 3: monetary rules are on chain in Vat, Jug and Spot, but a GovActionsProxy and PauseProxy admin path exists and no mandatory delay, quorum or public review period is documented. Weighted 41.5/14 = 2.96.

GO-01 2: the entire governance page is 542 bytes and one paragraph of intent, with no documented procedure, roles, timelines or escalation path. GO-02 1: no voting token, stakeholder set or vote record was found on any surface, while a GovActionsProxy implies an administrator. GO-03 2: the monetary mechanism itself is genuinely auditable in real time on chain, which is the strong half; against that, no governance record is published, and the issuer's own public /circulatingSupply endpoint returns 1,512,834,455 while the token contracts it lists hold 1,283,436,591, an overstatement of 229,397,864 that equals its savings TVL to the dollar. GO-04 1: there is no governance to capture. GO-05 2: upgrades run through the pause and proxy contracts with no documented public vote. GO-06 2: no separation between monetary and operational change. GO-07 3: the Core Features page states principles including freeze-free transactions, and nothing formally protects them from override. GO-08 2: debt ceilings and stability fees sit behind the same admin path, with no disclosed timelock. Weighted 23/12.5 = 1.84.

RE-01 2: the first version depegged during the 2022 Terra contagion and needed reserve intervention, which is band 2's emergency-intervention case; the 2.0 redesign is the answer to it. RE-02 4: three independent chains, many public RPCs, and a single front end. RE-03 4: the system is rebuildable from public chain state and the widely forked architecture it derives from, with no documented recovery plan. RE-04 3: a Maker-derived design of Vat, Dog, Clip, Spot, Jug, Median, OSM and PSM plus a Smart Allocator layer, well documented and genuinely complex. RE-05 4: already deployed on three major stacks, which proves portability. RE-06 3: liquidation auctions, debt ceilings, a PSM and an emergency shutdown are explicit stress machinery, and the current design has not been tested live at scale. RE-07 4: stability fees, PSM fees and Smart Allocator yield on $2.25B of collateral fund the operation without external raises. RE-08 2: assumes low-latency global consensus. RE-09 5: the documentation ships an MCP server, a skills page, an AI and LLMs page and an llms.txt, alongside a free keyless public REST API, which is deliberate design for machine participants. Weighted 38/12.5 = 3.04.

IN-01 4: open to anyone with a wallet and no KYC on chain, with front-end terms the only practical gate. IN-02 5: TRON gas is near zero and there is no minimum balance. IN-03 3: accessible to underbanked users in theory, with no design choice or outreach aimed at them. IN-04 3: the 4% savings rate flows to holders while stability fees and allocator yield accrue to the protocol and its sponsor, a disclosed split with meaningful insider capture. IN-05 4: the same vault and PSM rules apply to every address, with no tiering. IN-06 5: no identity requirement for any core function; participation is pseudonymous. IN-07 2: savings yield is proportional to holdings, which passively compounds concentration. Weighted 38/10 = 3.80.