Most trackers show price. Pharos shows risk.
Live reserve feeds, forward-looking depeg warnings, and public blacklist monitoring across a 253-asset core universe of stablecoins and cash equivalents: everything that could make a stable asset fail.
Stablecoins tracked
407
Every stablecoin makes two promises at once: that it will redeem at par, and that it can be redeemed at all. Pharos watches both across 253 core assets and 53 tracked variants, plus 29 stable-value investments, and the chains and reserves beneath them so that desks, treasuries, and researchers can read the peg the way navigators read weather.
Edited by TokenBrice · Engineered with Claude & Codex · MIT
Watching the peg.
Why it exists
The data needed to evaluate stablecoins is scattered, inconsistent, or buried behind paywalls. Worse, marketing claims rarely match reality: a "decentralized" stablecoin may rely entirely on centralized collateral, an issuer can freeze balances without warning, and a major stablecoin's failure transmits stress to dozens of derivatives that looked safe in isolation.
Pharos tracks 253 core stablecoins and cash equivalents, plus 53 variants, 29 stable-value investments, 30 upcoming launches, and 110 dead ones, then scores the core universe with honest governance classification, transitive dependency scoring, and live reserve composition where available. Real-time depeg detection, freeze monitoring across 35 stablecoins, and a 30-minute ecosystem-wide stability index surface stress as it builds, before it reaches the headlines.
When a tracked stablecoin effectively dies (issuer abandonment, supply trending to zero, irrecoverable depeg, regulatory shutdown), Pharos freezes it rather than deletes it, and surfaces it in the cemetery with an obituary and an archived detail page.
Pharos is a public good. The dashboard stays free, the code is open source, and sustainability comes from community support plus future paid API access for heavy programmatic usage. See the funding ledger or get started and make the most of it.
For asset eligibility and lifecycle decisions, read the listing policy. For architecture, methodology, and design references, use the documentation archive.
Operating stance
Pharos has no token, takes no issuer money, sells no paid placement, and accepts no editorial trade. Sustainability comes from community support and, eventually, paid API access for heavy programmatic users. The code is MIT-licensed and the inbound funding ledger is published in full at /funding/.
Most trackers show what a stablecoin is worth right now. Pharos shows what could make it fail: backing, governance, freeze authority, dependency exposure, peg behavior, and exit liquidity. Price is the current outcome. Pharos measures the conditions that can change it.
Safety grades cap composite scores at the upstream asset the coin depends on. A stablecoin backed by a stablecoin backed by a money-market fund inherits the weakest grade in that chain. The dependency map exists because the 2023 USDC depeg showed that derivative coins move with their collateral.
Every score Pharos publishes carries a methodology version and a changelog link. When a formula changes, the version increments and the change is documented before the new number replaces the old one. The project changes its mind in public so that anyone who cited an earlier reading can verify what changed between then and now.
The dashboard, the worker pipeline, the scoring engines, and the data exports are MIT-licensed and reproducible. What is tracked is a curatorial decision, and the curation is published. Additions land with explicit rationale, exclusions are documented when contested, and the inbound funding that supports the work is logged at /funding/ for inspection.
Narrative summaries on coin pages and the daily digest are drafted by a large language model against the same data the dashboard renders. Each panel names the model and facts date; a reviewer is named only after approving that exact text. Static adoption, funding, address, TVL, supply, and market-cap claims require a displayed source, date, chain scope, and denominator. Address counts are not presented as users without a dedicated methodology, and project financing is not compared with token supply unless the quantities are economically comparable. The numeric outputs, including scores, peg deviations, supply, liquidity, and freezes, are computed by the worker pipeline, not by the model.
Pharos publishes data that other people will cite, which means it has to be wrong in public when it is wrong. If a number is off, a classification is wrong, or a methodology choice does not survive scrutiny, the correction path is the same as for every Pharos data point: a GitHub issue, the on-page feedback link, or a message via Telegram. Verified corrections are applied and dated. See the funding ledger for the inbound side of the same accountability.
The team
TokenBrice created Pharos and leads product direction, scoring methodology, and the data pipeline. Ike drives growth and communications. 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.
In the wild
Featured
Ethereum Builders Live: Pharos
Ethereum Foundation ·
The Ethereum Foundation hosted TokenBrice and chaskin.eth to explore what makes a stablecoin trustless, walk through the Pharos risk dashboard, and dig into stablecoin analytics.
Watch the broadcast
Don't Touch A Stablecoin Without Checking Pharos First
DeFi Dad ·
A DeFi Frontier episode on using Pharos to vet a stablecoin before putting money behind it.
How Stable Is Your Stablecoin?
Leviathan News ·
TokenBrice walked through Pharos live — the motivation behind the project, the data pipeline, and how the main risk signals should be read in practice.
Coverage
Signals
Telegram alerts cover DEWS state changes, depeg events, and safety grade changes.
Open @PharosWatchBotImmersive data visualization
Governance lens
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
All data is fetched server-side by a Cloudflare Worker and cached in D1. The browser never calls external APIs directly.
Source groups
Processing path
Sources
Market, on-chain, ratings, FX, commodity, and digest inputs are collected on a fixed schedule.
Cloudflare Worker + D1
Staggered 5-minute, 15-minute, 30-minute, hourly, multi-hour, daily, and monthly lanes normalize the data, preserve independent protocol evidence in DEX price challenges before bounded TVL coverage selection, 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
Pharos Safety Score V9 grades stablecoins across Backing Quality, Exit Strength, and Economic Control, then applies peg behavior, deployment adjustments, and binding caps. The methodology page covers the full grading formula, peg score computation, DEX liquidity scoring, and contagion stress-test design.
Read the full methodologyPharos is a project by TokenBrice, Ike, Claude, and Codex. It puts the stablecoin data you want to monitor in one place: honest classification, freeze tracking, and a graveyard for the ones that didn't make it.
Pharos uses 253 core stablecoins and cash equivalents for ecosystem market aggregates, while keeping tracked variants and stable-value investments visible as separate listing classes. It documents 110 dead stablecoins in the cemetery, monitors issuer freeze and blacklist events on-chain, provides peg scores and depeg heatmaps, scores DEX liquidity, computes a 30-minute Pharos Stability Index, and publishes risk report cards.
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). This reflects actual infrastructure dependency, not marketing claims.
Pharos aggregates data from DefiLlama, CoinGecko, on-chain RPC nodes, Etherscan, TronGrid, protocol-native APIs, public regulatory registers, and curated sources like Bluechip. Details on all data sources are available on the About page.
Reach out
Pharos is MIT-licensed 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.
