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Sky (SKY): the cheap blue-chip with a throttled buyback
The protocol formerly known as MakerDAO is growing revenue fast and trades cheaply, around 6x surplus. The catch is a buyback deliberately cut to 7.5% while it rebuilds a solvency reserve, a dated catalyst that flips back on once the reserve fills. Grade BBB.
EconomicsStablecoins
Reservoir (rUSD / DAM): use the stablecoin, question the token
Reservoir's rUSD stablecoin has real usage, but the DAM token captures almost none of it. With an opaque balance sheet, an 80% supply overhang, and no live fee-to-token mechanism, the value is in using srUSD, not owning DAM. Grade CCC.
EconomicsStablecoins
Stablecoin safety ratings: size is not safety
Seven major stablecoins scored on one capital-preservation rubric. USDC and PYUSD top it; USDT, around 60% of the market, rates only fourth. Size is not safety.
EconomicsStablecoins