TVL concentration (top-10 wallet share)
Usual (USD0 / bUSD0 / USUAL)'s assessment for RD-F-064 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
On-chain top-10 depositor wallet share not quantified (Dune queries return 403; on-chain scan not performed). Structural concentration risks: (1) 100% of USD0 collateral backing is held in a single 8-of-15 Gnosis Safe at 0xdd82875f0840AAD58a455A70B88eEd9F59ceC7c7; (2) bUSD0 holders are locked until June 2028 maturity, creating a trapped-concentration cohort; (3) primary collateral is concentrated in a single provider (USYC/Hashnote, ~83.96% of treasury per profile). USD0 ($557M supply) likely distributed broadly. Yellow for structural concentration in collateral custody and bUSD0 lockup cohort; USD0 depositor concentration unquantified.
Sources #
- URLCoinGecko — USD0 market dataCoinGecko USD0 — circulating supply 557M tokens, market cap $557M (2026-05-17); indicates broad distribution but top-10 share unconfirmedretrieved 2026-05-17
- Data cache — Collateral Treasury Safe details00-data-cache.json safe_multisigs[0] — collateral_treasury_8_of_15 at 0xdd82875f0840AAD58a455A70B88eEd9F59ceC7c7; threshold=8, owner_count=15retrieved 2026-05-16
- Protocol profile §6 — collateral composition and bUSD0 maturityProfile 00-profile.md §6 — Collateral Treasury Safe holds USYC (83.96%) and USTBL (16.04%); bUSD0 matures June 11, 2028retrieved 2026-05-17
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →