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Pharos
Pharos

Shadow Stablecoins

Shadow stablecoin policy for PSI-only assets, eligibility boundaries, UI exclusions, data handling, and why these assets stay out of main rankings.

Two metadata entries are maintained outside the tracked public stablecoin set for historical PSI and depeg continuity:

  • ust-terra
  • iron-iron-finance

They live in shared/lib/shadow-stablecoins.ts and are intentionally separated from the tracked stablecoin registry (shared/lib/stablecoins/registry.ts, backed by per-coin files in shared/data/stablecoins/coins/*.json plus shared/data/stablecoins/coins.generated.json).

Purpose

Shadow stablecoins preserve historically important collapse events in systems that would otherwise undercount past systemic stress after an asset is delisted from the public dashboard.

They are used where historical continuity matters:

  • shared/lib/psi-eligible.ts combines active tracked + shadow assets into PSI_ELIGIBLE_STABLECOINS, excluding every non-active tracked entry
  • worker/src/cron/detect-depegs.ts and worker/src/cron/compute-dews.ts use the PSI-eligible set
  • worker/src/cron/stability-index.ts filters the live cache against PSI_ELIGIBLE_IDS
  • worker/src/cron/snapshot-supply.ts and worker/src/api/backfill-supply-history.ts use the PSI-eligible registry
  • worker/src/api/backfill-cg-prices.ts also needs the PSI-eligible registry so replay-critical shadow price gaps can be repaired
  • worker/src/api/backfill-depegs.ts can backfill shadow assets the same way it backfills tracked assets
  • worker/src/api/backfill-dews.ts can replay DEWS rows over the PSI-eligible universe
  • worker/src/lib/psi-history-universe.ts centralizes the historical PSI/DEWS replay universe
  • shared/lib/stablecoin-id-registry.ts includes shadow entries in PSI-inclusive canonical ID resolution; public readable ID resolution excludes shadow-only entries

Current Inventory

ust-terra

  • llamaId: "3"
  • detailProvider: "defillama"
  • geckoId: "terrausd"
  • Included in the live DefiLlama-ID registry path via REGISTRY_BY_LLAMA_ID
  • Historical PSI replay and live PSI depeg grouping also canonicalize legacy ust-terra-classic depeg rows onto ust-terra so shadow supply history and collapse-era depegs join back together

iron-iron-finance

  • No DefiLlama stablecoin ID
  • detailProvider: "coingecko"
  • geckoId: "iron-stablecoin"
  • Exists mainly for registry/backfill/history continuity; the source file notes that supply history needs manual DB insertion for the peak-collapse period

Public UI Boundary

Shadow stablecoins are not part of the public tracked-set metadata used for dashboard counts, filters, and table inclusion:

  • ACTIVE_STABLECOIN_COUNT remains the technical live-listing count, while CORE_AGGREGATE_STABLECOIN_COUNT drives market-aggregate copy; both static projections are kept in sync with their shared registries by tests
  • src/components/stablecoin-table-logic.ts uses the client registry projection (CLIENT_ACTIVE_IDS / CLIENT_ACTIVE_STABLECOINS from shared/lib/stablecoins/client-registry.ts) as its default inclusion set
  • taxonomy/filter pages derive their selectable universe from tracked metadata, not shadow metadata

Operational consequence:

  • raw cache-backed surfaces can still contain a shadow asset if the upstream sync emits it
  • public list/table UX filters those assets back out by tracked ID

Gotchas

  • Do not add a shadow asset to shared/data/stablecoins/coins/*.json unless it should become publicly tracked everywhere
  • Do not remove a shadow asset without checking PSI, depeg backfill, and supply-history continuity first
  • If a shadow asset gains a reliable live source, update both shared/lib/shadow-stablecoins.ts and the paths that depend on PSI_ELIGIBLE_STABLECOINS