Stress and exposure modeling

Bad-debt, liquidation, and exit-liquidity scenarios.

The MVP stress model is deterministic and transparent. It combines reviewed asset exposure, market utilization, collateral type buffers, redemption delays, and bridge-pause assumptions.

local fallback

Scenario

Stablecoin 3% depeg

stablecoin-depeg

Bad debt at risk

$296.7M

After collateral buffers and utilization factors.

Liquidation at risk

$780.6M

Shock-adjusted exposure across mapped markets.

Exit liquidity gap

$10.62B

Liquidity haircut, delay, and bridge-pause effects.

Scenario selector

Prebuilt Phase 4 stress views from the brief.

10% broad price shockshock 10% · liquidity haircut 20% · delay 1d 30% collateral drawdownshock 30% · liquidity haircut 45% · delay 3d 50% liquidation stressshock 50% · liquidity haircut 65% · delay 7d Stablecoin 3% depegshock 3% · liquidity haircut 35% · delay 5dselected LRT slashing and withdrawal delayshock 15% · liquidity haircut 55% · delay 14d Bridge pause and cross-chain exit haltshock 8% · liquidity haircut 60% · delay 10d

Scenario output

Rows are sorted by modeled bad debt plus exit-liquidity gap.

Severity	Asset	Type	Exposure	Markets	Max cap utilization	Bad debt at risk	Liquidation at risk	Exit liquidity gap
high	USDC	stablecoin	$10.80B	22	90.0%	$116.6M	$291.6M	$3.97B
high	USDT	stablecoin	$6.20B	8	77.0%	$57.3M	$143.2M	$1.95B
high	USDe	stablecoin	$4.20B	6	90.0%	$45.4M	$113.4M	$1.54B
high	sUSDe	stablecoin	$3.70B	5	90.0%	$33.3M	$99.9M	$1.36B
high	DAI	stablecoin	$3.80B	3	71.0%	$27.0M	$80.9M	$1.10B
medium	USDS	stablecoin	$1.10B	4	71.0%	$7.8M	$23.4M	$318.9M
medium	FRAX	stablecoin	$850.0M	2	63.0%	$5.4M	$16.1M	$218.7M
medium	crvUSD	stablecoin	$620.0M	1	52.0%	$3.2M	$9.7M	$131.6M
low	PYUSD	stablecoin	$310.0M	0	0.0%	$775K	$2.3M	$31.6M