USD yield-token coverage survey, verification run (API-precise), 2026-08-03

This run re-measured every figure of the 2026-08-02 sandboxed survey (a working file that was never committed to this repo) against primary sources. All venue sizes are first-hand reads, none are quoted from press or cached explorers.

Measurement snapshots (all 2026-08-03):

• Morpho: GraphQL blue-api.morpho.org, full enumeration of all 318 listed chainId=1 markets (of 1,700 total incl. unlisted), state timestamps 08:04-08:30 UTC. Unlisted/delisted markets separately queried per token. Note: unlisted-market USD marks in the API are unreliable (garbage prices on dead markets); where quoted below for dead tokens they are order-of-magnitude only and flagged.
• Aave v3: on-chain via cast at pinned block 25,673,213 (08:36:59 UTC), publicnode RPC. Reserve lists from each Pool, sizes = aToken totalSupply x AaveOracle price, roster addresses from bgd-labs/aave-address-book. All four mainnet instances: Core, Prime (Lido), EtherFi, Horizon.
• Fluid: api.fluid.instadapp.io/v2/1/vaults (119 vaults, prices 08:36-08:38 UTC). Smart-collateral (DEX pair) vaults priced as vault shares x tokenPerShare x API token price.
• Mechanics: direct eth_call (name/decimals/asset()/convertToAssets/totalAssets/ totalSupply) per token; Aave feed addresses via getSourceOfAsset.
• Herd MCP was not available in this session (OAuth not completed); on-chain reads used Foundry cast directly. No sub-agent was used for any load-bearing number.

Bar for inclusion: >= $5M current size in at least one Ethereum-mainnet Aave v3 / Morpho Blue (listed) / Fluid market, per the category definition.

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1 Summary decision table

Sizes are the token's qualifying mainnet venue footprint (sum of markets >= $1M), 2026-08-03. "NEW" = not in the prior survey at all.

Tier 1 - propose asset profile + portfolio USD book

Token	Venue footprint	Yield source	Provenance	One-line case
AA_FalconXUSDC (+wFalconX wrap) NEW	Morpho $76.1M + $24.7M	Private credit (FalconX institutional credit lines, M11 Credit curated)	CONTRACT (Pareto/Idle CDO tranche price)	Largest non-Ethena category collateral on Morpho; two wraps of one exposure
USTB (Superstate)	Aave Horizon $72.0M	T-bills (~$1B fund)	ORACLE (feed 0x5Ae4...F44)	Confirmed largest Horizon RWA collateral, +56% since April

Tier 2 - portfolio registry row (book USD) now, profile decision deferred

Token	Venue footprint	Why a row now	Why not a profile yet
mGLOBAL (Midas x Fasanara) NEW	Horizon $30.3M	Scaled fast since 2026-06-24 listing	6 weeks old; permissioned; oracle NAV (feed 0xe034...E939)
mF-ONE (Midas x Fasanara)	Morpho $23.9M	Above bar; PT-underlying logic n/a but existing prior-Tier-1 candidate	DOWNGRADE from prior Tier 1: market collateral bled $54.3M (Jan) -> $22.8M (Jul), still declining
USD3 (3Jane) NEW	Morpho $20.7M + PT-USD3 $15.7M	PT-USD3-17DEC2026 is live Morpho collateral > $5M; M1 PT resolution needs the underlying registered	Unsecured-credit yield source is new to the shelf; protocol young; token supply $64.2M (on-chain), NAV 1.1679
stUSDS (Sky)	Morpho $19.9M ($18.6M vs USDC)	Prior Tier 2 confirmed; size now exact	Junior loss-absorbing tranche question unchanged
JAAA (Centrifuge / Janus Henderson)	Horizon $18.1M + wJAAA Morpho $4.3M	AAA CLO fund, $1B+ AUM, daily NAV; grew $3M (Apr) -> $18.1M	Venue size moderate; Resolv loop deployed only ~18% of announced $100M
srUSD / wsrUSD (Reservoir)	Morpho wsrUSD/USDC $17.5M	Prior Tier 1; wsrUSD is the actual listed asset	DOWNGRADE from prior Tier 1: Reservoir TVL now $30.7M (DefiLlama), prior "$109M" not current; srUSD/rUSD "$51.4M" market does not exist
srUSDe (Strata)	via PT only: Aave Core PT-srUSDe-22OCT2026 $50.1M	Only live at-scale Aave PT collateral; M1 resolves PT -> underlying book	Raw srUSDe still has no >= $5M direct market (confirmed)
sUSDD (staked USDD) NEW	via PT only: Morpho PT-sUSDD-27AUG2026 $18.7M	Same PT-underlying logic as srUSDe	Raw sUSDD has no >= $5M direct market; Tron-ecosystem issuer risk profile unassessed

Tier 3 - watchlist (blocking unknown stated)

Token	Venue footprint	Blocking unknown
mM1-USD (Midas) NEW	Morpho $18.0M	Listed 2026-06-18; market-neutral DeFi strategy (M1 Capital risk-managed); nil secondary liquidity; Midas LYT deleveraging precedent (Nov 2025)
sUSDat (Saturn Credit) NEW	Morpho $17.0M ($15.5M vs AUSD)	Share rate is SUB-PAR: totalAssets 78.06M USDat / 84.90M shares = 0.9195. STRC (Strategy preferred) mark-to-market flows straight into the rate; structurally similar exposure to the excluded apyUSD family. Decide: watch vs declared exclusion
siUSD (infiniFi) NEW	Morpho $14.5M (incl. $7.7M vs msUSD)	Fractional-reserve model (USDC deployed into PTs/sUSDe/Aave); iUSD exit is FIFO queue with slash risk; young
USCC (Superstate -> Bitwise)	Horizon $12.5M	DOWNGRADE from prior Tier 1: fund shrank ~$267M (May) -> $28.1M total supply (2.41M shares x $11.66); Horizon collateral $120M (Jun 2 press) -> $12.5M. Watch whether Bitwise stabilizes it
strUSD (Tori) NEW	Morpho $10.0M	Markets are 11 days old (created 2026-07-23); coll $10.0M vs only $4.2M supplied suggests seeding/looping; whitelist-only mint/redeem (apxUSD-pattern check unresolved)
savUSD (Avant) NEW	Morpho $9.4M	Mainnet token is a bridged representation of an Avalanche 4626 (asset() empty on mainnet); provenance chain (LayerZero) unverified
v-wmtUSDC (VaultCraft x Wintermute)	Morpho $6.3M	Single-obligor uncollateralized credit; NAV operator-posted beneath a 4626 shell; prior "$30M" figure not visible on-venue
VBILL (VanEck)	Horizon $6.25M	At the bar exactly; suspiciously round supplied amount (likely one seed position)

EXCLUDE - fails a gate (declared-exclusion row where tracked wallets may hold)

Token	Gate failed / reason
apyUSD (Apyx)	Policy consistency: yield = STRC preferred dividends; apxUSD par claim broken (depegs 2026-06-04 to $0.93, 2026-06-25 to $0.78). NOTE: above bar at $22.4M Morpho + PT-apyUSD $12.9M, so a declared-exclusion row is REQUIRED, and the PT routing needs a decision
csUSDL (Coinshift)	DEAD. Token totalSupply now ~49,360 units (~$54k). All Morpho markets delisted/dust. Prior Tier 1 recommendation is void
USYC, JTRSY, ACRED	Horizon reserves exist but supplied = $0 (all three, block 25,673,213)
msUSD (Metronome Synth USD)	Fails gate 2: par synth, holder yield does not accrue in token. $15.2M as Morpho LOAN asset. NOT the dead Main Street msUSD (prior survey conflated two different tokens; see corrections)
dCOMP	Not USD-denominated: COMP governance wrapper ($26.9M Morpho collateral, ignore for this shelf)
mHyperBTC	BTC-denominated ($4.5M)
cUSDO (OpenEden)	No mainnet venue: mainnet markets dust/delisted; only market of size is Base, $201. Prior Tier 3 resolved to EXCLUDE
stcUSD (Cap)	No mainnet venue >= $5M: Katana $985k, mainnet PT market $101k. Resolved to EXCLUDE
thBILL (Theo)	Not mainnet: live markets on chains 988/999 (HyperEVM ecosystem) and Arbitrum, all < $200k. Prior open question answered
sNUSD (Neutrl)	Below bar: $2.27M
mBASIS / mEDGE / mMEV / mTBILL	Mainnet markets all < $1M (largest live mBASIS market is on Base, $27k)
mHYPER	Below bar on mainnet: $631k + $55k
USP (Pareto)	Below bar: $4.2M
eUSDe	Confirmed dead venue-side (dust markets only); points receipt, no cash yield
USD0++ (Usual)	Remnants now DUST: largest delisted market $29k supply, $17k coll (prior "$7-20M residual" is stale)
wstUSR/USR (Resolv)	Confirmed dead post-March-2026 exploit; delisted markets show bad-debt residue (borrow == supply $70.4M with $1M collateral)
sdeUSD (Elixir)	Dead; delisted market shows garbage $2.17B supply==borrow mark (bad-debt pricing artifact, flagged as such)
slvlUSD, wUSDM, xUSD (Stream), USDX	Dead/dust everywhere, confirmed per-token
msY / Main Street	No live markets anywhere in the enumeration (see msUSD disambiguation)
AVLT (Altura)	Absent from all listed/unlisted results; wind-down stands

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2 Baseline: already-covered assets, current venue sizes (2026-08-03)

Covered asset	Aave v3 mainnet	Morpho (listed, >= $1M mkts)	Fluid
sUSDe	Core $445.47M supplied (cap-bound; LT 75, e-mode). Prime: $45,930 (the Prime sUSDe/GHO loop is GONE)	$45.0M coll ($25.6M/PYUSD + $17.7M/USDtb + $1.7M/DAI)	~$2.7M total: normal vaults $1.94M + smart (sUSDe/USDT, GHO/sUSDe) $0.77M. Family collapsed
sUSDS	none (confirmed: not an Aave mainnet reserve)	$98.1M coll (two /USDT mkts $50.1M + $46.6M, /AUSD $1.3M)	NO sUSDS vaults on mainnet Fluid (prior roster claim wrong for 2026)
sGHO	n/a (Aave savings product, not a reserve)	none	none
sUSDf	none	dust only (< $10k markets)	none
syrupUSDC	not on Aave	$117.9M coll ($71.2M/PYUSD + $26.3M/AUSD + $20.4M/RLUSD)	~$0.47M (smart syrupUSDC/USDC $463k + dust). Family collapsed
syrupUSDT	Core $15.17M supplied	$78k	dust
reUSD	none	$26.4M coll + PT-reUSD-10DEC2026 $50.5M coll	$20.1M (vs GHO) + $23.5M smart reUSD/USDT + $2.7M (vs USDT)
PST	none	$22.3M coll (/USDC)	$36.9M (2 vaults) + $5.0M smart PST/USDC
sUSDai	none	mainnet $327k (vs AUSD); Arbitrum $163k	none

Note: EtherFi instance is entirely dust (4 reserves, all < $15k) and the whole instance can be dropped from monitoring.

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3 Per-asset dossiers (candidates above the bar)

AA_FalconXUSDC + wFalconX (Pareto x FalconX credit vault) NEW, Tier 1

1. Identity: AA_FalconXUSDC "Pareto AA Tranche - FalconXUSDC" 0xC26A6Fa2C37b38E549a4a1807543801Db684f99C, 18d; wFalconX "Wrapped FalconX" 0x4614F7A56A3Eb83b2Ff9fA4B4b9575B28Fb68644, 18d. Manager: Pareto (ex-Idle), credit curated by M11 Credit; borrower: FalconX (prime broker).
2. Venue: Morpho AA_FalconXUSDC/USDC coll $76.08M, supplied $54.18M, borrow $44.32M, lltv 0.77 (mkt 0xe83d72fa..., created 2025-07-03); wFalconX/USDC coll $24.65M, supplied $21.64M, lltv 0.915 (0x2a0b8934..., created 2026-05-21). AUSD twin markets exist but are dust. Tranche token supply 165.84M shares.
3. Yield source: private credit (institutional credit lines to FalconX). ~8.25% 30D gross (Jun 2026), 10% perf fee.
4. Provenance: CONTRACT (Idle-style CDO tranche price; Morpho oracle ChainlinkOracleV2 0x52eA2C12... wraps it). Exact CDO read (virtualPrice/tranche address) NOT yet pinned, flagged for listing work. wFalconX wrap relationship (which contract it wraps) also to pin.
5. Exit rights: monthly interest distribution + monthly redemption windows; equity tranche + transaction-level collateral beneath AA. Whether mint/redeem requires KYC and whether ERC-20 transfer is unrestricted: UNVERIFIED, must close before profile ships. Secondary depth: none meaningful (venue-only asset).
6. Incidents: none found for the FalconX vault; Pareto/Idle CDO stack has multi-year track record.
7. Recommendation: Tier 1, contingent on closing the exit-rights check; treat the two wraps as ONE exposure in coverage (csUSDL-style routing question applies to wFalconX).

USTB (Superstate Short Duration US Government Securities) Tier 1

1. 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e, 6d, Superstate (fund mgmt transition to Invesco per prior; not re-verified here).
2. Venue: Aave Horizon supplied $71.95M, collateral-enabled (LTV 88 / LT 90), block 25,673,213.
3. Yield: T-bills.
4. Provenance: ORACLE, Aave feed 0x5Ae4D93B9b9626Dc3289e1Afb14b821FD3C95F44 (getSourceOfAsset). NAV/share also published by Superstate API.
5. Exit: qualified/whitelisted holders mint/redeem at NAV via Superstate (USDC rails); token transfer allowlist-gated. No public secondary. Solvency test: independent fund accounting + daily NAV; not operator-free but regulated-fund grade.
6. Incidents: none.
7. Tier 1 (prior call confirmed; size verified $72.0M vs prior "$46M Apr, +300% Q2 reported" -> actual +56% Apr->Aug).

mGLOBAL (Midas / Fasanara GDADF) NEW, Tier 2

1. 0x7433806912Eae67919e66aea853d46Fa0aef98A8, issuer: Aureum Securitisation Fund, Compartment mGLOBAL (Lux), tokenized by Midas; strategy: Fasanara diversified alt-debt (trade receivables, digital invoices).
2. Venue: Horizon supplied $30.34M (LTV/LT printed 0.1% in raw config: supply-collateral via e-mode config, listed 2026-06-24).
3. Yield: private credit.
4. Provenance: ORACLE (Aave feed 0xe034De753a3d855B6daD1A4984de75a5c443E939; Midas rate oracle beneath).
5. Exit: permissioned (eligible holders); Midas mint/redeem rails; no public secondary.
6. Incidents: none (6 weeks old).
7. Tier 2: registry row now, profile after a quarter of NAV/track record. (The USCC trajectory is the cautionary tale for insta-promoting young Horizon listings.)

mF-ONE (Midas / Fasanara F-ONE) Tier 2 (downgraded from prior Tier 1)

1. 0x238a700eD6165261Cf8b2e544ba797BC11e466Ba, 18d, Midas x Fasanara.
2. Venue: Morpho mF-ONE/USDC coll $23.93M, supplied $19.34M, lltv 0.915 (0xef2c308b..., created 2025-06-19). Token supply 64.54M. Monthly collateral trajectory (Morpho API): 2026-01-07 $54.28M -> 02-07 $37.48M -> 03-10 $29.34M -> 04-10 $25.49M -> 05-11 $25.50M -> 06-11 $24.33M -> 07-12 $22.77M.
3. Yield: private credit (fintech receivables, SME).
4. Provenance: ORACLE (Midas rate oracle; Morpho market oracle wraps it).
5. Exit: permissioned holders, Midas redemption rails; every holder has the NAV claim.
6. Incidents: none protocol-side; steady venue outflow all 2026.
7. Tier 2. Prior "$190M AUM / $144.6M collateral" is REFUTED for 2026 (never true this year on-venue).

USD3 (3Jane) NEW, Tier 2

1. 0x056B269Eb1f75477a8666ae8C7fE01b64dD55eCc, 6d, ERC-4626 over USDC. 3Jane protocol (unsecured, credit-score-based credit lines). NOT Reserve's Web3 Dollar (different token, 0x0d86..., 18d).
2. Venue: Morpho USD3/USDC coll $20.71M, supplied $19.31M, lltv 0.915 (0xe3df58f9..., created 2025-11-19); PT-USD3-17DEC2026/USDC coll $15.66M (created 2026-06-04). Token supply 64.22M units; convertToAssets(1e18) = 1.1679.
3. Yield: unsecured consumer/institutional credit lines (novel for this shelf); junior tranche sUSD3 absorbs first loss.
4. Provenance: CONTRACT (4626 convertToAssets on 0x056B...).
5. Exit: USDC redemption against vault liquidity buffer; queue behavior beyond buffer and any KYC gates UNVERIFIED. DefiLlama slug "3jane" shows only $3.5M and clearly measures a different sub-metric; on-chain supply is authoritative here.
6. Incidents: none found; protocol launched 2025.
7. Tier 2 (registry row is REQUIRED regardless, because PT-USD3 is live collateral above bar and M1 needs the underlying).

stUSDS (Sky) Tier 2 (prior confirmed)

1. 0x99CD4Ec3f88A45940936F469E4bB72A2A701EEB9, 18d, 4626 over USDS, rate 1.0673.
2. Venue: Morpho stUSDS/USDC coll $18.58M, supplied $18.06M, lltv 0.86 (0xd570c19c..., created 2026-02-21); /USDS $1.29M; /USDT $866k.
3. Yield: administered rate (Sky Risk Capital; junior to sUSDS in loss waterfall).
4. Provenance: CONTRACT (convertToAssets).
5. Exit: permissionless instant unstake to USDS (subject to Sky exit-liquidity conditions); deep USDS liquidity behind it.
6. Incidents: none; note Sky-level solvency observations in memory (Surplus Buffer depletion) apply to the tranche question.
7. Tier 2; the tranche-subordination call (does junior risk stay in the USD book) is still the open product decision.

JAAA / wJAAA (Centrifuge x Janus Henderson AAA CLO) Tier 2

1. JAAA 0x5a0F93D040De44e78F251b03c43be9CF317Dcf64 (Horizon reserve); wJAAA "Wrapped JAAA" 0x86b495e4Cb00AB18Ad94BFD7920479cC79E8eBFE, 6d (Morpho).
2. Venue: Horizon supplied $18.14M, LTV 81 / LT 86; Morpho wJAAA/USDC coll $4.30M at lltv 0.98 (98%! created 2026-04-14).
3. Yield: CLO (AAA tranche) income.
4. Provenance: ORACLE (Aave feed 0xF77f2537dba4ffD60f77fACdfB2c1706364fA03d).
5. Exit: qualified investors redeem at daily NAV via Centrifuge/Anemoy; fund AUM $1B+.
6. Incidents: none for JAAA. Context: the Feb-26-2026 Resolv/Centrifuge "up to $100M" Horizon loop deployed only partially (venue total $18.1M today, was $3M in April); Resolv itself was exploited March 2026 (USR family died) but JAAA collateral kept growing modestly. Position-level attribution of the $18.1M to Resolv was not measured.
7. Tier 2 with upgrade path; watch the 98%-lltv Morpho market (thin but aggressive).

srUSD / wsrUSD (Reservoir) Tier 2 (downgraded from prior Tier 1)

1. wsrUSD "Wrapped Savings rUSD" 0xd3fD63209FA2D55B07A0f6db36C2f43900be3094, 18d, 4626 over srUSD 0x09D4214C03D01F49544C0448DBE3A27f768F2b34, rate 1.0913.
2. Venue: Morpho wsrUSD/USDC coll $17.51M, supplied $17.18M, lltv 0.945 (0x1590cb22..., created 2026-01-08). The prior's "srUSD/rUSD $51.4M borrowed" market DOES NOT EXIST today; raw srUSD/USDC is delisted dust ($64k).
3. Yield: T-bills + IG/private credit via Reservoir adapters (savings rate on rUSD).
4. Provenance: CONTRACT (wsrUSD convertToAssets; srUSD savings-rate contract beneath).
5. Exit: srUSD redeemable to rUSD permissionlessly at the savings rate; rUSD PSM to USDC. Protocol TVL now $30.7M (DefiLlama) so exit capacity is bounded; prior "srUSD TVL $109M" is not current.
6. Incidents: none found.
7. Tier 2: registry rows for srUSD+wsrUSD; profile only if the protocol re-scales.

srUSDe (Strata) Tier 2 via PT (prior confirmed, maturity updated)

• Raw srUSDe: still NO direct market >= $5M anywhere (Morpho PT-srUSDe-15JAN2026 delisted $26k; 2APR2026 dust).
• Aave Core PT-srUSDe-22OCT2026: $50.14M supplied at block 25,673,213 - THE only live at-scale PT collateral on Aave (every PT-sUSDe/PT-USDe/PT-eUSDe maturity has rolled off to dust; PT-srUSDe-2APR2026/25JUN2026 matured).
• Recommendation unchanged: srUSDe registry row so e-mode PT-srUSDe carries resolve to a USD book.

sUSDD (staked USDD) NEW, Tier 2 via PT

• Morpho PT-sUSDD-27AUG2026: /USDT coll $9.82M + /USDC coll $8.90M = $18.72M (both created 2026-06-01, lltv 0.915).
• Raw sUSDD: no direct listed market >= $1M found.
• Underlying is Tron-ecosystem USDD savings; issuer risk profile not assessed here. Registry row needed for PT mapping; profile not proposed.

mM1-USD (Midas M1 Market Neutral) NEW, Tier 3

1. 0xCc5C22C7A6BCC25e66726AeF011dDE74289ED203, 18d, Midas; risk manager M1 Capital.
2. Venue: Morpho mM1-USD/USDC coll $18.03M but supplied only $8.42M (lltv 0.86; created 2026-06-18).
3. Yield: market-neutral DeFi strategies (basis/funding family).
4. Provenance: ORACLE (Midas rate oracle).
5. Exit: Midas mint/redeem rails (permissioned); secondary liquidity effectively nil (CoinGecko total liquidity $116).
6. Incidents: none for M1; Midas LYT family deleveraged Nov 2025.
7. Tier 3: six weeks old; revisit at 90 days with NAV history.

sUSDat (Saturn Credit) NEW, Tier 3 or declared exclusion (decision needed)

1. "Staked USDat" 0xD166337499E176bbC38a1FBd113Ab144e5bd2Df7, 18d, 4626 over USDat (0x23238f20..., 6d, M0-stack par stable, T-bill backed). Saturn Labs.
2. Venue: Morpho sUSDat/AUSD coll $15.53M, supplied $7.52M, lltv 0.86 (0x582fdc41..., created 2026-04-09); /USDC $1.43M. Plus PT-sUSDat-27AUG2026 $1.8M, PT-USDat-27AUG2026 $5.8M.
3. Yield: "digital credit" collateralized by Strategy STRC preferred stock (DAT-company credit); yield ~= STRC's 11%+ dividend passthrough.
4. Provenance: CONTRACT, and the contract is honest: convertToAssets shows 0.9195 USDat per sUSDat (totalAssets 78,064,638.878 USDat vs totalSupply 84,900,465.436 shares, read 2026-08-03). The staking rate is BELOW par: STRC trading below its $100 stated value flows directly into the rate. Serenity/PANews coverage documents the mechanism (ex-dividend retracement already broke a Pendle threshold on 2026-04-14).
5. Exit: mint/redeem via Saturn KYC rails; token transfer free -> apxUSD-pattern risk applies to non-KYC holders. Secondary depth minimal.
6. Incidents: the sub-par rate IS the incident (STRC drawdown, June 2026, same underlying that depegged apxUSD to $0.78 on 06-25).
7. Recommendation: Tier 3 at most; consistency with the apyUSD exclusion (same STRC economics) argues for a declared-exclusion row instead. Product call for Fred.

siUSD (infiniFi) NEW, Tier 3

1. "Staked infiniFi USD" 0xDBDC1Ef57537E34680B898E1FEBD3D68c7389bCB, 18d, 4626 over iUSD (0x48f9e38f...), rate 1.0817. Protocol TVL $52.1M.
2. Venue: Morpho siUSD/USDC coll $6.83M (lltv 0.915, created 2025-07-11); siUSD/msUSD coll $7.68M supplied $5.84M (msUSD = Metronome).
3. Yield: fractional-reserve deployment of USDC into Pendle PTs, Ethena assets, Aave (duration-matched to locks).
4. Provenance: CONTRACT (convertToAssets).
5. Exit: siUSD -> iUSD instant; iUSD -> USDC via liquid buffer, else FIFO queue with potential slashing. Permissionless but liquidity-conditional.
6. Incidents: none; Certora formal verification of redemption fairness published.
7. Tier 3: the queue/slash exit and rehypothecation profile need a deliberate call before any book inclusion.

USCC (Superstate -> Bitwise Crypto Carry) Tier 3 (downgraded from prior Tier 1)

1. 0x14d60E7FDC0D71d8611742720E4C50E7a974020c, 6d.
2. Venue: Horizon aUSCC totalSupply 1,070,427.56 x oracle $11.6567 = $12.48M (verified leg by leg). Token total supply 2,411,227.79 shares (~$28.1M).
3. Yield: crypto basis + Treasuries fund.
4. Provenance: ORACLE (feed 0x14CB2E810Eb93b79363f489D45a972b609E47230).
5. Exit: qualified holders at NAV.
6. Incidents: no failure, but the fund is in heavy outflow through the Bitwise takeover: ~$267M (May 7 press) -> $121.6M on Horizon (Jun 2 press) -> $12.5M on venue / $28.1M fund (Aug 3 on-chain). Prior survey's $121.6M was momentarily true, then 90% left in 8 weeks.
7. Tier 3: watch; re-tier only if flows stabilize.

strUSD (Tori) NEW, Tier 3

1. "Tori Staked trUSD" 0x280839980a7eD0D7717F64125fE241012E5F5815, 18d, 4626 over trUSD (0xd0580192...), rate 1.0103. Tori Finance: delta-neutral strategies executed via institutional desks; $50M filled pre-launch; protocol TVL $55.1M.
2. Venue: two Morpho strUSD/USDC markets created 2026-07-23; the sized one: coll $10.01M vs supplied only $4.17M (lltv 0.86).
3. Yield: basis / market-neutral trading.
4. Provenance: CONTRACT (convertToAssets), NAV honesty depends on off-chain desk marks feeding the rate.
5. Exit: whitelisted mint/redeem only; transfer free. This is exactly the apxUSD-pattern shape; secondary depth trivial (Curve pool ~$12k daily volume).
6. Incidents: none (too young).
7. Tier 3 hard: eleven days of history; collateral/supply ratio suggests protocol-adjacent seeding.

savUSD (Avant) NEW, Tier 3

1. "Staked avUSD" 0xb8D89678E75a973E74698c976716308abB8a46A4, 18d, mainnet representation of the Avalanche-native 4626 (0x06d4...219e on Avalanche); mainnet asset() empty -> bridged/OFT wrap, not a live vault.
2. Venue: Morpho savUSD/USDC coll $9.36M, supplied $8.05M, lltv 0.915 (created 2026-01-16); PT-savUSD/PT-avUSD-14MAY2026 markets matured.
3. Yield: Avant delta-neutral/on-chain strategies (avUSD collateral).
4. Provenance: on mainnet effectively ORACLE/bridge-attested (rate originates on Avalanche); exact Morpho oracle path unverified.
5. Exit: stake/unstake on Avalanche; mainnet holders depend on bridge + Avalanche redemption. Not assessed further.
6. Incidents: none found.
7. Tier 3: cross-chain provenance chain must be mapped before any inclusion.

v-wmtUSDC (VaultCraft x Wintermute) Tier 3 (prior confirmed, size corrected)

1. "wmtUSDC [4626 Vault Shares]" 0xF65460B84c13eeb911303336Ab0f9D63CC79839f, 6d, 4626 over wmtUSDC 0xC9499006... (Wintermute credit vault), rate 1.1575.
2. Venue: Morpho v-wmtUSDC/USDC coll $6.31M, supplied $5.29M, lltv 0.86 (created 2026-04-27). Prior "~$30M Armitage" is not visible on-venue.
3. Yield: uncollateralized single-obligor credit to Wintermute (fixed 9.25% per prior).
4. Provenance: 4626 shell over an operator-marked book -> classify OPERATOR for honesty.
5. Exit: async redemption epochs (VaultCraft), obligor-dependent.
6. Incidents: none.
7. Tier 3 (single-obligor concentration; at-bar size).

VBILL (VanEck / Securitize) Tier 3

• Horizon supplied $6.25M exactly (LTV 88 / LT 90), oracle feed 0x5ed77a9D9b7cc80E9d0D7711024AF38C2643C1c4. T-bill fund, qualified holders. At the bar, flat, likely one position. Watch.

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4 PT-underlying map (for the portfolio's PT resolution)

Live PT collateral >= $5M, 2026-08-03, with the book each underlying needs:

PT	Venue, size	Underlying -> book
PT-srUSDe-22OCT2026	Aave Core, $50.14M	srUSDe -> USD (Tier 2 row)
PT-reUSD-10DEC2026	Morpho, $44.55M /USDC + $5.92M /USDT	reUSD -> USD (covered)
PT-sUSDD-27AUG2026	Morpho, $9.82M /USDT + $8.90M /USDC	sUSDD -> USD (Tier 2 row, NEW)
PT-USD3-17DEC2026	Morpho, $15.66M	USD3 -> USD (Tier 2 row, NEW)
PT-apyUSD-5NOV2026	Morpho, $6.57M /USDC + $6.36M /apxUSD	apyUSD -> EXCLUDED underlying; routing decision required
PT-USDat-27AUG2026	Morpho, $5.81M	USDat (par, non-yielding) -> par USD row question

Below bar but present: PT-sUSDS-26NOV2026 $3.7M, PT-sUSDE-13AUG2026 $3.1M (13 days to maturity), PT-apxUSD-5NOV2026 $4.0M, PT-apyUSD-27AUG2026 $4.1M, PT-USD3 (17DEC) already counted, PT-sUSDat-27AUG2026 $1.8M, PT-stcUSD-23JUL2026 $101k.

Notable: Aave's PT program has fully rotated: every PT-sUSDe / PT-USDe / PT-eUSDe reserve is matured/dust; PT-srUSDe-22OCT2026 is the only live PT reserve at scale.

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5 New listings in the last 90 days (2026-05-05 .. 2026-08-03)

From market creation timestamps (Morpho) and listing events (Aave):

• Morpho: strUSD/USDC (2026-07-23), mM1-USD/USDC (2026-06-18), PT-reUSD-10DEC2026 (06-15), PT-USD3-17DEC2026 (06-04), PT-sUSDD-27AUG2026 (06-01), PT-apyUSD-5NOV2026 (05-28), wFalconX/USDC (05-21).
• Aave: mGLOBAL on Horizon (2026-06-24, press-confirmed); PT-srUSDe-22OCT2026 on Core (in-window per maturity cadence; exact AIP date not pulled).
• Fluid: no new category tokens (roster re-confirmed: ETH/BTC/gold/par-stables + reUSD/PST + collapsed sUSDe/syrup families). Method note: the venue rosters themselves are the ground truth here; a governance approval without an on-chain listing cannot meet the venue gate.

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6 Changes vs prior survey (every corrected figure)

1. mF-ONE: "≈$190M AUM, $144.6M collateral" -> $23.93M collateral / $19.34M supplied; trajectory $54.3M (Jan) -> $22.8M (Jul). Tier 1 -> Tier 2.
2. USCC: "Horizon ≈$121.6M supplied" -> $12.48M on-venue; fund total $28.1M. (The $121.6M matched June 2 press, then collapsed.) Tier 1 -> Tier 3.
3. csUSDL: "supply ≈$113M, Tier 1 + routing question" -> token supply ~$54k, all markets delisted/dust. DEAD. Tier 1 -> EXCLUDE. Routing question moot.
4. srUSD: "Morpho srUSD/rUSD $51.4M borrowed; srUSD TVL ≈$109M" -> no such market exists; the listed asset is wsrUSD/USDC $17.51M; Reservoir TVL $30.7M. Tier 1 -> Tier 2.
5. USTB: "$46M (Apr) with ~+300% Q2 growth reported" -> $71.95M actual (+56% Apr->Aug). Growth claim cut by ~5x; Tier 1 confirmed anyway.
6. JAAA: "$3M on Horizon, deployment uncertain" -> $18.14M + $4.30M wJAAA on Morpho; the $100M loop deployed ~18%; Resolv's exploit did not kill it.
7. Prime sUSDe (open question): $45,930. The Prime loop is fully unwound.
8. sUSDe Core: prior "~$450-460M" CONFIRMED at $445.47M (and the ~$1B Aavescan figure re-confirmed stale).
9. Fluid open questions: sUSDe family ~$2.7M (collapsed), syrupUSDC family ~$0.47M (collapsed), sUSDS vaults: none exist (prior listed sUSDS in the Fluid roster).
10. stUSDS: "per-market size unverified, >$400M Sky aggregate context" -> exact: $18.58M /USDC + $1.29M /USDS + $0.87M /USDT.
11. thBILL: "may be on Stable chain" -> confirmed NOT mainnet (chains 988/999/Arbitrum, all < $200k).
12. cUSDO: "USDO TVL $277M, Morpho market unknown" -> mainnet markets dead/dust; only live listed market is Base at $201. EXCLUDE.
13. stcUSD: "Morpho markets exist" -> mainnet dust; real market is on Katana ($985k). EXCLUDE.
14. sNUSD: "≈$170M TVL, size unpinned" -> mainnet market $2.27M. Below bar.
15. v-wmtUSDC: "≈$30M" -> on-venue $6.31M.
16. mHYPER/mBASIS/mEDGE/mMEV: confirmed below bar with exact dust figures; mHyperBTC ($4.5M) is BTC-denominated.
17. USD0++: "residual ≈$7-20M" -> residual is now < $30k of live supply marks (delisted). Fully dead.
18. apyUSD/apxUSD: sized precisely ($16.9M /USDC + $5.5M /apxUSD + PTs); two 2026 depeg episodes dated (06-04, 06-25). Exclusion confirmed, but a declared-exclusion row is now REQUIRED given scale.
19. msUSD disambiguation: prior's "msY/msUSD (Main Street) dead" stands, BUT the live $15.2M msUSD loan-asset footprint on Morpho is Metronome Synth USD (0xab5eB14c...), a different token. No Main Street market survives.
20. NEW tokens the prior survey missed entirely: AA_FalconXUSDC ($76.1M), wFalconX ($24.7M), USD3/3Jane ($20.7M + PT $15.7M), mM1-USD ($18.0M), sUSDat ($17.0M), siUSD ($14.5M), strUSD ($10.0M), savUSD ($9.4M), sUSDD (via PT $18.7M), mGLOBAL ($30.3M), wJAAA ($4.3M). The prior's Morpho picture was materially incomplete below its Tier 1 line.
21. EtherFi instance: not mentioned in prior; it is entirely dust (< $32k across 4 reserves) and can be dropped.
22. USYC/JTRSY/ACRED: prior "on-venue sizes small/unverified" -> all exactly $0 supplied.

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7 Flagged as unverifiable in this run (do not treat as facts)

• Fluid smart-vault USD sizes use Fluid API token prices (not an independent oracle); error is bounded and immaterial at current sizes.
• AA_FalconXUSDC / wFalconX: KYC/transfer permissioning and the exact CDO price-read address; wFalconX wrap target.
• USD3: redemption queue mechanics beyond the liquidity buffer; DefiLlama slug discrepancy ($3.5M vs $64.2M on-chain supply) unexplained.
• savUSD: mainnet bridge/oracle provenance path.
• strUSD: redemption whitelist terms (docs only, not verified on-chain).
• Saturn sUSDat: whether any 1:1-at-genesis assumption holds (the 0.9195 rate is a direct read; the "impairment" interpretation assumes 1:1 genesis mint, which Saturn docs state but I did not verify from the contract's history).
• USTB manager transition to Invesco, USCC to Bitwise: taken from prior/press, not re-verified from fund filings.
• Aave V4 (live on mainnet, hub/spoke in address book) was NOT enumerated; the category gate is v3+Morpho+Fluid, but new listings are starting to target V4 and it should enter the next survey's venue set.