182 stablecoins
Coverage across every major chain, classified by governance, backing, and peg currency.
About Pharos
A practitioner-built watchtower for stablecoins: market structure, peg stress, liquidity, dependency risk, and the failures everyone else stops tracking.
Reference pages
Reference Pages
Why it exists
Why Pharos?
Stablecoins are the backbone of on-chain finance, yet the data to evaluate them is scattered, inconsistent, or buried behind paywalls. Pharos changes that. It tracks 182 live stablecoins, 10 upcoming launches, and 87 dead ones across every major chain, scoring each on peg integrity, liquidity depth, resilience, and contagion risk. Real-time depeg detection, freeze monitoring, safety grades, mint-and-burn flow analysis, and a 30-minute ecosystem-wide stability index give you the full picture before a crisis makes the headlines. You can also plug in your own holdings to see your effective stablecoin exposure, concentration risks, and blended safety profile in one view.
Pharos is a public good, a resource. It's a mission-driven project made to elevate the understanding of stablecoin market participants: free, open source, and with no plan to monetize. Make the most of it!
The team
Who Is Building Pharos?
TokenBrice created Pharos and leads product direction, scoring methodology, and the data pipeline. Ike drives growth and communications, getting Pharos in front of the people who need it. The engineering is AI-native: most of the codebase is written and maintained by Claude and Codex, from the worker pipeline and scoring engine to the frontend and daily digest.
Coverage
What Pharos Tracks
The raw monitoring layer: live supply, peg behavior, blacklist activity, liquidity depth, and chain-level flow data pulled into one operating picture.
10 upcoming stablecoins
Pre-launch projects tracked from announcement to launch, with milestones, timelines, and featured content.
View upcoming87 coins in the Cemetery
Algorithmic failures, rug pulls, regulatory shutdowns, and the quiet abandonments worth remembering.
Open cemeteryBlacklist Tracker
USDC, USDT, PAXG, XAUT, PYUSD, and USD1 blacklist events across Ethereum, Arbitrum, Base, Optimism, Polygon, Avalanche, BSC, and Tron, with a reconciled freeze ledger for major ETH and TRON blacklist totals.
Open blacklist trackerPeg Tracker
Composite peg scores, depeg event detection, heatmaps, and four years of depeg history on the dedicated tracker.
Open depeg trackerBluechip safety ratings
Independent SMIDGE coverage for rated stablecoins, pulled in as an outside reference signal.
Review sourceDEX liquidity
Pool depth, volume, quality-adjusted TVL, durability, and pair diversity scored 0-100.
Open liquidity trackerChain Analytics
Per-chain stablecoin supply totals, 24h/7d/30d trends, composition breakdowns, and a Chain Health Score across quality, chain environment, concentration, peg stability, and backing diversity.
Open chain leaderboardMint and burn flows
Ethereum mint and burn monitoring via Alchemy JSON-RPC, including the Bank Run Gauge and flight-to-quality detection.
Open flow trackerSignals
What Pharos Computes
The analysis layer: digest summaries, ecosystem health scoring, dependency spillovers, safety grades, and forward-looking depeg pressure.
Daily Digest
A daily briefing on stablecoin market conditions covering supply shifts, depeg alerts, and liquidity changes.
Open digestPharos Stability Index (PSI)
A 30-minute ecosystem health score that combines active-depeg severity, market-cap breadth, DEWS stress breadth, and 7-day market-cap trend into a 0-100 signal.
Open stability indexSafety Grades
Composite A+ to F grades built from liquidity, resilience, decentralization, dependency risk, and peg behavior.
Open scorecardsContagion Map
A live dependency graph showing how collateral relationships can transmit stress through the ecosystem.
Open dependency mapSystemic Risk Scoreboard
The highest-impact single-coin failure scenarios, surfaced inside the scorecard stress panel before a crisis makes them obvious.
Open stress panelDepeg Early Warning (DEWS)
A per-coin stress score refreshed every 30 minutes from supply velocity, pool balance drift, liquidity erosion, price confidence, source divergence, blacklist activity, mint and burn flow, and yield anomalies.
Telegram alerts cover DEWS state changes, depeg events, and safety grade changes.
Open @PharosWatchBotIn the wild
Live Walkthrough
TokenBrice walked through Pharos live on Leviathan News, covering the motivation behind the project, how the data pipeline works, and how the main risk signals should be read in practice.
Watch the Leviathan News broadcastGovernance lens
Classification
Pharos classifies stablecoins into three governance tiers: CeFi (fully centralized), CeFi-Dependent (decentralized infrastructure but reliant on centralized collateral or peg mechanisms), and DeFi (fully on-chain, no centralized custody dependency). The classification reflects actual infrastructure dependency, not marketing claims.
Source flow
Data Pipeline
All data is fetched server-side by a Cloudflare Worker and cached in D1. The browser never calls external APIs directly.
Source groups
- Supply & Price
- DefiLlama, CoinGecko, GeckoTerminal, CoinMarketCap, DexScreener, Jupiter Price API, Pyth Network, Binance, Kraken, Bitstamp, Coinbase, RedStone, Curve on-chain, Fluid, Balancer, Raydium, Orca, Meteora, PancakeSwap, Aerodrome Slipstream, Velodrome Slipstream, and direct protocol redemption quotes for selected redeemable assets such as Cap cUSD and infiniFi iUSD; CoinGecko also repairs total supply for tracked DefiLlama-backed assets when known deployments are missing from DefiLlama chain coverage
- Reserve Transparency
- Issuer and protocol reserve APIs, dashboards, proof-of-reserve portals, and direct on-chain vault/accounting reads (including live reserve composition feeds from providers such as Anzen, Ethena, Falcon, Frankencoin, infiniFi, M0, Mento Reserve, OpenEden, Re, USDD, USD.AI, Accountable, Tether, Frax, Circle, First Digital Labs, SG-FORGE, Paxos, Sky/MakerDAO, Chainlink PoR/NAV oracles, Aave GHO, and Curve/Yield Basis reserve reads where available)
- On-chain Reads & Events
- Etherscan v2 (freeze events), TronGrid, Alchemy, dRPC, selected public chain RPCs (including EVM RPCs for Ethereum mint/burn flows, direct Liquity/B.Protocol reads, and Frankencoin's ZCHF -> VCHF StablecoinBridge balance probe, plus Solana mainnet RPC reads for tracked mint-supply validation), and reconciled freeze-ledger bootstrap rows from kyc.rip / stables.rip for major ETH and TRON blacklist coverage
- Ratings & Reference
- Bluechip, Chainlink Data Feeds, ECB via Frankfurter, Open Exchange Rates (real-time FX cross-validation), fawazahmed0/currency-api (CNH and non-ECB FX), ExchangeRate-API (tertiary full-set FX fallback), gold-api.com, FRED DGS3MO, the ECB Data API for 3M compounded €STR, and SIX delayed SARON compound-rate downloads via public guest access
- DEX Data
- DeFiLlama Yields & Protocols, protocol-native yield APIs (Hashnote, Ondo, Morpho, Pendle, Yearn Kong, Beefy, Aave V3, Compound V3, BIMA Earn), Curve Finance API, The Graph, Fluid API + DexReservesResolver, Balancer API, Raydium API, Orca API, Meteora API, PancakeSwap subgraphs, Aerodrome and Velodrome Sugar view contracts, GeckoTerminal, DexScreener; dead or deprecated DEX slugs such as Bunni are blocked from runtime pricing and liquidity inputs rather than treated as live venues
- AI Generation
- Anthropic Claude (daily digest)
Processing path
Sources
Market, on-chain, ratings, FX, commodity, and digest inputs are collected on a fixed schedule.
Cloudflare Worker + D1
Staggered quarter-hourly, half-hourly, hourly, and daily cron jobs normalize the data and cache the results for the public API.
Static dashboard
Next.js pages on Cloudflare Pages consume the worker outputs and render the stablecoin view without direct third-party calls.
Scoring details
Methodology
Pharos grades every stablecoin across four base dimensions, with peg stability acting as a multiplier on top. The methodology page covers the full grading formula, peg score computation, DEX liquidity scoring, and contagion stress-test design.
Read the full methodologyReach out
Get in Touch
Pharos is fully open source. If you spot a bad data point, want a stablecoin added, or want to understand how something is computed, open the code or reach out directly.