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By Bluechip
Stellar boasts increasing stablecoin adoption across USDC, EURC, GYEN, ZUSD, AUDD, and others. Users often treat these stablecoins as identical. However, the underlying risk profile is vastly different.
Reserve composition, redemption rights, issuer jurisdiction, smart contract risk, and regulatory oversight differ materially across them. Bluechip ratings are designed to quickly frame the risk of a stablecoin and easily compare across different issuers. We already rate 25 stablecoins that cover ~90% of total supply, including USDC (rated B+) and USDT (rated D).
What is missing on Stellar is the layer that puts those ratings in front of the users and apps that actually need them. We are building a stablecoin safety layer with three integrated components.
Wallet Rating Tool - Enter a Stellar address and get a holdings-weighted Bluechip rating for the entire stablecoin portfolio held at that address, including per-asset summary and historical change in rating.
Users can enter multiple addresses to combine holdings, or track the ratings of popular addresses on Stellar. Developers can use our API to natively embed the tool in their service.
The tool will read live account balances via the Horizon API, and pull address labels via the Stellar Wallet API. It will support standard (G…) and muxed (M…) addresses.
This is the first wallet-level stablecoin safety primitive on any chain. Automated wallet scoring allows users to understand the structural risk of their stablecoin holdings quickly and accurately.
Activity Dashboard - Access and download live onchain data for every major stablecoin on Stellar, including metrics like total supply, daily issuance and burn, transaction count and volume, active holders, and many more.
Users can work with the data via interactive charts or download the data in CSV or XLS file formats. This will enable institutional users building on Stellar to do their own research while making decisions.
Appropriate Stellar sources will be used: Horizon for account balances and classic asset identity, Stellar RPC for Soroban and contract event data, and Hubble for historical aggregation where direct queries are inefficient.
This will turn Stellar's stablecoins as a proxy for the health of Stellar by adding a user-friendly layer to track metrics in one place. Builders get a credible public reference point for tracking adoption and making better decisions.
New Bluechip ratings - Full ratings coverage with letter-grade ratings for GYEN, AUDD, and ZUSD. These three issuers collectively account for material Stellar-native stablecoin supply with no Bluechip rating.
We already have ratings for ~90% of stablecoin supply, including many Stellar-native assets like CETES (rated B+). Three new ratings will ensure complete coverage for the Wallet Rating Tool and Activity Dashboard.
Ratings are done through a structured process where 24 sub-factors are scored using an objective, pre-defined criteria. The final output is a comprehensive rating report and summary, published on our website and social media.
This expands Bluechip's coverage to three issuers that Stellar already hosts. Every rating is publicly available on the Bluechip website, and surfaces in every downstream integrator, compounding value across the ecosystem.
Validated need: Stellar has moved decisively into stablecoins and tokenized assets, attracting institutional users like Franklin Templeton and WisdomTree. This is exactly the type of audience that needs independent third-party risk assessments. Bluechip already has credibility with this audience as an independent agency with three years of crypto-native expertise. This carries directly into how Stellar is perceived.
Our proposed build will - (1) enable faster decisions through a credible and easy way to track stablecoin adoption on Stellar, (2) boost risk management through automated risk scoring for any Stellar address, and (3) allow stablecoin issuers to attract institutional capital to Stellar and improve their offering.
Data reliability
Stellar-native data sources will be used for onchain data. For the Activity Dashboard, metrics will be calculated from Horizon, RPC event ingestion, and Stellar Hubble or other indexed Stellar data providers where historical aggregation is needed. Prices and peg deviation data will come from Renesis and/or configured market data providers. Bluechip ratings and methodology data will come from the Bluechip Ratings API. The interface will show the source, timestamp, and stale/partial-data status where relevant. The backend will handle missing prices, stale provider data, duplicate asset codes, and provider failures instead of returning misleading results.
API offerings
The three APIs delivered in this build (the Wallet Rating API, the Activity Dashboard API, and the existing Bluechip Ratings API) can be consumed by any Stellar application. Wallets like Lobstr or Freighter can call the Wallet Rating API and surface a safety badge (ex. "Portfolio Safety: B+") for connected wallets. DEXs like Aquarius or StellarX can call the Bluechip Ratings API and display the SMIDGE grade on stablecoin trading pairs. Institutions or VCs investing in Stellar can call the Activity Dashboard API to monitor relevant metrics to track ecosystem health.
Rating methodology
Every Bluechip rating uses the SMIDGE framework, a six-factor risk model covering Stability, Management, Implementation, Decentralization, Governance, and Externals. These six factors are sub-divided into 24 sub-factors, each scored on a 0-to-1 scale using objective, pre-defined criteria documented in Bluechip’s Scoring Guidelines. Any stablecoin that triggers a red flag like zero or endogenous collateral, issuer ties to scams, or unaudited smart contracts automatically assigns an F grade. Read the full SMIDGE framework here and a sample rating report here.
$136.5K
Bluechip is an independent, stablecoin rating agency with three years of established track record and rating experience. Our post announcing the RLUSD rating reached over 1.8M impressions on X / Twitter.
Safety ratings - We have 25 stablecoins under continuous coverage, including USDC (rated B+) and USDT (rated D). All ratings are publicly available on bluechip.org with a letter-grade and rating summary. We also rate tokenized bond products like CETES (rated B+) and commodity backed stablecoins like PAXG (rated A). Our rating framework is publicly available here.
Research reports - We published a 63-page report on stablecoin ramps and the bottlenecks to further adoption. Read the full report here. The report was published under a grant from the Ethereum Foundation, and benefitted from the domain expertise of 14 contributors across the stablecoin sector.
Industry conferences - We organize the first annual conference in the world dedicated to crypto safety. Bluechip25 was organized in Vienna in Nov 2025. Tickets for Bluechip26 are live on our website here. The two-day conference is presented by Raiffeisen Bank International in partnership with Mastercard. The events are highly curated to prioritize quality of dialogue over scale.
Podcast - We launched Bluechip Dialogues, a podcast hosted by our Chief Economist Garett Jones. Watch the podcast on our YouTube channel here. Episodes are primarily distributed via X, LinkedIn, and Spotify. Recent guests on the show include the heads of crypto from Visa and Mastercard.
Stellar boasts increasing stablecoin adoption. However, there are no services that surface the stablecoin risk in a user-friendly format. Bluechip's existing institutional credibility and rating coverage uniquely positions us to deliver this by leveraging our framework, brand, and analyst capacity.
Core Stellar Data Layer, Wallet Rating API, AUDD Bluechip rating
Deliverables: Bluechip rating for AUDD, Admin Token Registry, Bluechip Ratings API/CMS sync, Renesis pricing integration, Wallet Rating Tool API, and popular-address endpoint.
Completion Criteria: Registry stores tracked Stellar assets, issuer metadata, SAC mappings, Bluechip rating metadata, Renesis pricing keys, peg targets, and monitoring configuration. Wallet Rating Tool API accepts G... and M... accounts, reads tracked holdings, excludes unrated/untracked holdings, returns per-holding breakdowns with coverage status, and supports popularity tiers without exposing exact lookup counts. Bluechip rating for AUDD published on the website with letter-grade, rating summary, and full rating report.
Budget: $55,150 - See breakdown below.
Backend work: data layer + wallet rating API (repo, DB schema, token registry, admin endpoints, integrations for Bluechip, Renesis, Horizon, Stellar, asset identity + SAC mapping/dedup, wallet rating API, popular address endpoint) 190 hrs × $150 = $28,500
Frontend work: foundation + wallet rating tool (Next.js scaffold, data layer, token layer, theming, multi-address UI) 80 hrs × $120 = $9,600
AUDD rating work (stablecoin research, factor scoring & rating, report writing, continued coverage, rating updates included, annual maintenance fee waived) 155 hrs × $110 = $17,050
Estimated Completion Date: Week 1/2 after grant approval
Activity Dashboard API, Daily Workers, GYEN & ZUSD Bluechip rating
Deliverables: Bluechip rating for GYEN & ZUSD, Stellar Stablecoin Activity Dashboard API, daily metrics workers, top-N holder snapshots, and CSV export.
Completion Criteria: Dashboard API exposes aggregate overview, per-token detail, time series, holders, and CSV export. Daily workers write launch-forward metric rows and holder snapshots covering supply, holders, concentration, 24h issuance/burn, transaction count/volume, price, peg target, and peg deviation. Bluechip rating for GYEN & ZUSD published on the website with letter-grade, rating summary, and full rating report.
Budget: $49,850 - See breakdown below.
Backend work: dashboard API + workers + CSV (overview, per-token detail, time series, endpoints, daily metrics workers, price and peg deviation, long-format CSV export, data standardization and cleanup) 115 hrs × $150 = $17,250
Frontend work: dashboard (overview, asset pages, charts) 70 hrs × $120 = $8,400
GYEN + ZUSD ratings (stablecoin research, factor scoring & rating, report writing, continued coverage, rating updates included, annual maintenance fee waived) 220 hrs × $110 = $24,200
Estimated Completion Date: Week 3/4 after grant approval
Verification, Hardening, and Deployment Documentation
Deliverables: Technical verification, provider failure handling, API authentication/rate limiting, and deployment documentation.
Completion Criteria: Verified handling for G... and M... accounts, duplicate asset codes, SAC/classic deduplication, unrated holdings, missing prices, stale provider data, provider failures, CSV export, and unsupported C... contract addresses. Deployment docs cover provider integrations, API keys, rate limits, operational assumptions, and stale/partial data behavior.
Budget: $31,500 - See breakdown below.
Backend work: Verification, hardening + security (missing or stale prices, provider failures, rate limiting, timeouts, performance hardening, security review, testing for wallet, dashboard, export, and fallback behavior) 170 hrs × $150 = $25,500
Frontend work: Documentation (deployment docs, providers, keys, methodology, Mintlify API reference + CSV schema) 50 hrs × $120 = $6,000
Estimated Completion Date: Week 5/6 after grant approval
Bluechip is led by four people:
Benjamin Levit (CEO & Co-Founder) - LinkedIn - Benjamin discovered crypto in 2016 as a professional poker player, and decided to apply his risk management skills to stablecoins. Prior to Bluechip, he built a successful e-commerce business, where he led operations, finance, and marketing.
Garett Jones (Chief Economist & Co-Founder) - LinkedIn - Garett is a Professor of Economics at George Mason University. His research spans behavioural macroeconomics, monetary policy, and corporate finance. Previously, he was also an Advisor to the Reserve Protocol.
Amey Dandawate (Ratings Director) - LinkedIn - Prior to Bluechip, Amey led a team of research analysts at Delphi Digital, producing token due diligence for institutional clients. He also managed social media and content strategy for leading DeFi protocols at Scrib3.
Philipp Hochreiter (Research Director) - LinkedIn - Philipp is the Founder of Stiltskin Regulatory Consulting. Previously, he spent five years at Austria's Financial Market Authority (FMA) covering macro-prudential policy, and held senior compliance roles at Erste Group and Bitpanda.
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Benjamin Levit
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