The most interesting stables that don't depend on banks. Looking at the top-rated assets on @PharosWatch, the pattern is clear: the best decentralized stables are almost all CDPs ($fxUSD, $BOLD, $LUSD, $crvUSD, $USDS). These protocols are nearly perfect in everything that matters for decentralization. They have a solid peg, zero dependencies, and in many cases are fully immutable or resilient. But they have a "liquidity problem" that keeps them from getting a perfect score. Take @LiquityProtocol ($BOLD) as an example. The rating have shifted from an A- to a B+ recently. Why? Because Faros tracks liquidity in real-time and it’s their weakest link. Here is how the score is weighted: > Deep Liquidity (35%): Without depth, you can't scale. > Volume (20%): If nobody trades it, the rating drops. > Pool Quality (22.5%): Reliability of the underlying DEX. > Durability (15%): It comes from TVL stability and consistent volume. > Diversity (7,5%): Having liquidity across multiple sources like Curve, Uniswap, and Aerodrome to avoid massive slippage if one pool unbalances. I have to say, Pharos is being a bit nitpicky with liquidity. I’ve been simulating 7-figure trades and everything works perfectly. The "liquidity problem" seems to be more about how metrics are calculated than an actual issue for users.