156 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.
Why it exists
Why Pharos?
Pharos is a project by TokenBrice, Claude, and Codex. It puts the stablecoin picture you actually need in one place: honest classification, peg and freeze tracking, liquidity depth, systemic spillovers, and a graveyard for the ones that did not make it.
Development runs through cmcs and a Claude-led, Codex-executed workflow where Claude acts as architect and orchestrator, dispatching Codex agents to implement features in parallel.
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.
81 coins in the Cemetery
Algorithmic failures, rug pulls, regulatory shutdowns, and the quiet abandonments worth remembering.
Open cemeteryBlacklist Tracker
USDC, USDT, PAXG, and XAUT blacklist events across Ethereum, Arbitrum, Base, Optimism, Polygon, Avalanche, BSC, and Tron.
Open blacklist trackerPeg Tracker
Composite peg scores, depeg event detection, heatmaps, and four years of history on the dashboard.
Open dashboardBluechip 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 trackerMint 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 daily ecosystem health score that rolls peg integrity, supply growth, and liquidity depth 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 15 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, CoinMarketCap, DexScreener, and direct protocol redemption quotes for selected redeemable assets
- 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 Ethena, Falcon, infiniFi, M0, Mento Reserve, OpenEden, and Accountable where available)
- On-chain Reads & Events
- Etherscan v2 (freeze events), TronGrid, Alchemy & dRPC (EVM RPCs, including Ethereum mint/burn flows and direct Liquity/B.Protocol reads)
- Ratings & Reference
- Bluechip, ECB via Frankfurter, fawazahmed0/exchange-api (CNH and non-ECB FX), gold-api.com, FRED DGS3MO (T-bill rates)
- DEX Data
- DeFiLlama Yields & Protocols, Curve Finance API, The Graph, GeckoTerminal, DexScreener
- AI Generation
- Anthropic Claude (daily digest)
Processing path
- 1
Sources
Market, on-chain, ratings, FX, commodity, and digest inputs are collected on a fixed schedule.
- 2
Cloudflare Worker + D1
Cron jobs sync every 15 minutes, normalize the data, and cache the results for the public API.
- 3
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 methodologyImportant context
Disclaimer
Pharos is an informational tool, not a licensed financial advisor. Nothing on this site constitutes financial, investment, or legal advice. All data is provided as-is and may contain errors or delays. Always do your own research and consult a qualified professional before making financial decisions.
Reach 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.