FRGMNT USDC Core

Market.

Market risk reads moderate, set by its worst component (shared exposure) over the record we hold.

Liquidity.

Liquidity risk reads low, set by its worst component (could you get out) over the record we hold.

Depositor concentration.

Depositor concentration risk reads high, set by its worst component (largest depositor) over the record we hold.

Operating.

Nothing feeding operating risk was measured for this vault, so there is no reading here.

Controller.

We could not read who may move the money here, so there is no reading.

Evidence.

3 of the 5 risk components that apply to this vault carried a reading (liquidation does not apply to this kind of vault); not read: worst fall suffered, stopped operating.

Market here is two observed readings: the worst fall in the vault's past share price and how much of its lending shares a market with other vaults we track. It does not assess the collateral, the borrowers' ability to repay, a concentration in one market (read under where the capital rests), or whether withdrawals hold under stress. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Low observed risk is not zero risk. Input: 20.0% of it could be withdrawn at the last reading: declared withdrawable $24,798 over capital $123,995. The reading 0.20 is one less that share over 25%: a quarter or more free reads 0, nothing free reads 1. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

It measures how much of the vault its largest depositor holds, not how much the vault lends into one market; that is the allocation table. Input: largest wallet holds 65%, by the address's position; addresses are not merged by who owns them, and whether the largest is a person, another vault or a custodian is not established. The reading 0.53 is that share less 25%, over 75%: a quarter or less reads 0, the whole vault 1. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

That is our coverage, not a finding.

Unexamined is not acceptable, and this is not part of the overall band either way.

By weight, 49.5 of the 82.5 points that apply were read, which is 60% of the component weight the band could draw on (a different denominator: components are not equally weighted); the rest of the 100 is the weight of what does not apply. This is a statement about our coverage and carries no level of its own, because how much we could read is not a risk the vault runs.