---
title: "Honey (HONEY) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/honey-berachain/"
description: "Build-time stablecoin profile for Honey (HONEY). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Honey (HONEY)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

1:1 basket-backed dollar on Berachain (USDC/USDT0/pyUSD/USDe) with atomic basket unwind; chain immaturity and dependency drag the grade into D territory. HONEY is Berachain's native stablecoin, minted 1:1 against a basket of USDC, USDT0, pyUSD, and USDe through permissionless on-chain vaults governed by BGT holders. The redemption backstop with atomic settlement is the headline: you can always unwind HONEY into its constituent stablecoins, which is more than most basket tokens offer, and the peg itself has held tight enough to stay at the calm end of the stress scale. But the D safety grade is no accident — a fully centralized-dependent governance posture, reliance on those upstream issuers, and Berachain's unproven status all compound, and the dozens of brief sub-50-bps blips plus one absurd +4,981 bps upward spike show the chaos beneath the surface in the ecosystem's early days. That kind of upward deviation points to thin two-sided liquidity rather than a backing failure, and the modest effective depth relative to headline TVL confirms much of the on-chain liquidity is shallow. The underlying basket architecture would score meaningfully higher on an established chain with less concentrated control; here it reads as a sound mechanism wearing its host's risks. Structurally, HONEY's basket mint and Basket Mode work like a multi-asset {{term:psm}}PSM{{/term}}, with permissionless atomic {{term:redemption}}redemption{{/term}} into its underlying stablecoin reserves.

## Collateral

1:1 basket of USDC, USDT0, pyUSD, and USDe on Berachain

## Peg Mechanism

Direct 1:1 mint/redeem against centralized stablecoin collateral with Basket Mode safety

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| berachain | `0xfcbd14dc51f0a4d49d5e53c2e0950e0bc26d0dce` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/honey-berachain.