Kerne Honesty Index

Stables Labs sUSDX

Dormant . ethereum . 0x7788a3538c5fc7f9c7c8a74eac4c898fc8d87d92

What this vault advertises, against what it actually paid, measured from its own share price on chain over a 30 day window. Everything below is recomputed hourly and every figure on this page comes from the snapshot named at the bottom. Nothing here is typed by hand.

this protocol advertises no yield figure.

What Stables Labs published.

Stables Labs publishes no yield figure we can record for sUSDX on a first-party surface, so this row carries a realized reading and no comparison. That is a description of what is published, not an accusation.

Context for this row.

Accrual has stopped and we found no announcement saying so, which is why this row is labelled dormant rather than sunset: asserting a wind-down Stables Labs never declared would be a claim we cannot source. What we can show, we can show precisely. The sUSDX share price has not moved since 2025-11-07, a date we locate by binary searching the chain for the last block at which it changed, and it has now been flat for about two hundred and seventy eight days, having grown about 1.3 percent over the trailing year entirely before that date. Neither the share count nor the assets behind it moved at all over the last thirty days, to the wei, so nobody deposited and nobody left. Their own documentation states that sUSDX is a reward-bearing token whose value appreciates rather than rebasing, so share price is the correct measure for this protocol and not an artifact of our method. That documentation carries no yield figure and was last updated about a year ago. Their app, where a current figure would render, did not resolve on 2026-07-29 and still did not on 2026-08-12: usdx.money, app.usdx.money and stableslabs.com all returned a Cloudflare origin error on both dates, while their separately hosted documentation stayed up. USDX is a delta-neutral synthetic dollar by their own description, so it belongs on this board.

Read the realized column for this row with care, and read it as the smaller of two facts. A share price is denominated in the underlying, and the underlying here is USDX, which traded near nine tenths of one cent on 2026-08-12 per DefiLlama rather than at a dollar. A flat share price in USDX terms says almost nothing about the dollar outcome for a holder, and the dollar outcome is the one that matters here.

This page measures one axis and one only: advertised yield against realized yield. It is not a rating, not an audit, and it says nothing about whether Stables Labs is safe or whether its reserves are what it says they are. A protocol in an announced wind down paying nothing is behaving correctly. The reserve axis is a different page, at the reserve transparency scorecard.

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