Algorithmic / under-collateralized stablecoin

Spiko's assessment for RD-F-069 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

USTBL and EUTBL are NAV-accruing yield tokens representing UCITS fund units. The price rises continuously as T-bill yield accrues; there is no algorithmic peg mechanism, no seigniorage design, no under-collateralized architecture. Not in the Terra/Luna or Basis-style stablecoin class. Lending-only/algorithmic-stablecoin-specific factor per taxonomy PD-024.

Sources #

Governance
Arbitrum Foundation STEP-2 Application — Spiko USTBL — NAV MechanismArbitrum STEP-2 application — NAV accrual description: 'NAV is calculated on each business day of the Paris Stock Exchange'; compounded EFFR tracking since launchretrieved 2026-05-16

Methodology #

Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol spiko factor RD-F-069 score not_applicable collected_at 2026-05-15 22:52:13