CDP Stablecoins evaluated across liquidation mechanics you actually bear, what actually backs the coin, cost of the loan and who controls it, and observed peg behaviour under stress.
Ranked here: CDP stablecoins, which let you mint dollars as a loan against collateral you post yourself, with liquidation mechanics that you bear. Not ranked here: dollar coins redeemed at par rather than minted as collateralised debt, and coins that have been sunset, are being switched off by their own governance or no longer have a website.
#1 of 7 · published ranking
Liquity V2 (BOLD)
80ChainChoice Score
4199
Why it leads
Liquity V2 (BOLD) scores higher than everything else in this ranking on its collateral integrity.
Show the arithmetic
Best in this ranking on collateral integrity (8/10; next 7/10)
Cost
$249 interest/yr · Amount borrowed: $10k
ReviewedNext review by Published Methodology v2026.11.1
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
No provider can pay for a position in this table. The code that computes this order cannot read which links carry a referral code, and every build proves it. Every score below rebuilds from the published criteria.Ranking v2026.11.1 · 4 criteria · 7 products · same inputs, same order
How we review · 7 ranked of 15 assessed · 4 criteria · 0 sponsor weight
How we review
7ranked
15assessed
4criteria
0sponsor weight
Recommendation first, comparison only if needed.
Reviewed and rechecked on the current cycle.
Commercial relationships disclosed before clickout.
Personal comparison
What CDP stablecoins cost you
Your inputs update the cost column. The independent ranking stays fixed.
Interest on what you borrow at the published rate. Variable rates move; excludes origination and liquidation penalties.
Cost of the loan and who controls it — 9/10Trade-off: The user-set rate is not the free lunch it appears. BOLD redemptions are routed to th...
80score
Lowest at your inputs
Check availability for your country
Liquity V2 (BOLD) · docs.liquity.org. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
Cost of the loan and who controls it — 10/10Trade-off: You are borrowing from a frozen protocol. Liquity's engineering and Stability Pool in...
76score
interest/yr
Check availability for your country
Liquity V1 (LUSD) · docs.liquity.org. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
3
Curve crvUSDCurve's CDP using LLAMMA continuous sof...
Liquidation mechanics you actually bear — 9/10Trade-off: Soft liquidation is not free and Curve will not quantify it. Their own LLAMMA documen...
73score
interest/yr
Check availability for your country
Curve crvUSD · docs.curve.finance. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
Liquidation mechanics you actually bear — 6/10Trade-off: GHO is deliberately crippled as collateral: reading the Aave v3 reserve configuration...
67score
interest/yr
Check availability for your country
Aave GHO · aave.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
5
Sky (formerly MakerDAO) USDSGovernance-run vault system minting USD...
Observed peg behaviour under stress — 7/10Trade-off: Sky publishes no live per-vault parameters. docs.sky.money's sitemap lists only a leg...
58score
-Not published
Check availability for your country
Sky (formerly MakerDAO) USDS · docs.sky.money. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
Observed peg behaviour under stress — 4/10Trade-off: Ethena does not belong in this category and should not be compared on collateral rati...
51score
-Not published
Check availability for your country
Ethena USDe · docs.ethena.fi. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
1 more assessed and ranked below — none of them hidden for commercial reasons.
Ranked on 4 published criteria weighted 35/25/20/20, which set goal alignment — 30 of the 86 points. The rest: regional access 20 (constant here), evidence depth 18 (constant here), ease of use 10 (constant here), institutional trust 8 (constant here). Profile match is shown in breakdowns but carries no weight.
How you can lose money here, and what the ranking scores
Control failure: a key or vote changes the rules, freezes or mints.
Scored by Cost of the loan and who controls it · 20% (Liquity V2 (BOLD) 9/10, Liquity V1 (LUSD) 10/10, Curve crvUSD 7/10)
Oracle failure: a wrong price or outcome liquidates or settles a position.
Scored by Liquidation mechanics you actually bear · 35% (Liquity V2 (BOLD) 8/10, Liquity V1 (LUSD) 7/10, Curve crvUSD 9/10)
Insolvency failure: the firm or issuer that owes you cannot pay.
Scored by What actually backs the coin · 25% (Liquity V2 (BOLD) 8/10, Liquity V1 (LUSD) 7/10, Curve crvUSD 4/10)
Exit failure: you cannot get out at par, on time, or with what is yours.
Scored by Observed peg behaviour under stress · 20% (Liquity V2 (BOLD) 4/10, Liquity V1 (LUSD) 3/10, Curve crvUSD 4/10)
Not assessed by this ranking: Contract failure, Regulatory failure, Execution failure. A high place says nothing about these; the Methodology tab says what each means.
Audit
Infrastructure
Methodology
2026.11.1
published 10 November 2026
Providers tracked
860+
across 121 categories
Last verified
22 October 2026
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
Weighted on liquidation mechanics you actually bear (35), what actually backs the coin (25), cost of the loan and who controls it (20), and observed peg behaviour under stress (20). The heaviest is liquidation mechanics you actually bear: Minimum collateral ratio, liquidation penalty, and — decisively — whether the mechanism is a continuous rebalance (LLAMMA soft liquidation), a stability-pool absorption, or a full-positio…
What collateral are you posting, and how close to the liquidation ratio will you sit?
Will you mainly hold CDP stablecoins, transfer them, or use them inside onchain apps?
Would you rather face an auction, a stability pool, or a redemption queue on a bad day?
Current engine lead
The #1 overall and the scoring weights
Liquity V2 (BOLD)Data checked Oct 2026
Liquity v2: user-set interest rates, ETH and LST collateral
Liquity v2: user-set interest rates, ETH and LST collateral. Strongest on cost of the loan and who controls it (9/10): Each Liquity V2 borrower sets their own interest rate within immutable 0.5% to 25% bounds, and no governance body can change it. The trade-off is that redemptions hit the lowest-rate loans first; the wstETH branch averages about 2.49% a year. Weakest on observed peg behaviour under stress (4/10): BOLD has traded below $1 since mid-September 2026: 172 of 449 two-hourly prices sit under $0.995, with a low of $0.99335 on 12 October 2026, on about 38M circulating, the second-smallest supply among the coins compared. Published facts: Liquity docs (docs.liquity.org/v2-faq/borrowing-and-liquidations, read 22 October 2026): "The interest you pay is determined by the rate you set yourself." There is no protocol-set rate. "When first opening the loan you pay an Upfront Borrowing Fee.
Best forCost of the loan and who controls it — 9/10
Main tradeoffThe user-set rate is not the free lunch it appears. BOLD redemptions are routed to the lowest-interest-rate Troves first, so choosing a cheap rate directly buys you redemption exposure — your collateral gets swapped for debt repayment at exactly the moment BOLD trades below peg. Setting a competitive rate means continuously monitoring where everyone else set theirs, which is an active management burden Liquity v1 did not impose.
Verify before signupLiquity docs (docs.liquity.org/v2-faq/borrowing-and-liquidations, read 22 October 2026): "The interest you pay is determined by the rate you set yourself." There is no protocol-set rate. "When first opening the loan you pay an Upfront Borrowing Fee. This fee is calculated as 7 days’ worth of average interest on the respective collateral branch." Changing your rate sooner than 7 days after the last adjustment incurs a Premature Adjustment Fee. What borrowers actually pay, from Liquity's own API (api.liquity.org/v2/ethereum.json, read 22 October 2026), as the average borrower-set rate per branch: wstETH "interest_rate_avg":"0.024947988397406499" (about 2.4948 per cent a year; the largest branch), WETH "interest_rate_avg":"0.034377498739162213" (about 3.44), rETH "interest_rate_avg":"0.084183474157198681" (about 8.42). A rate below others on the same branch is redeemed first.
Weighted criteria
Liquidation mechanics you actually bear35%
What actually backs the coin25%
Cost of the loan and who controls it20%
Observed peg behaviour under stress20%
Methodology
How this category is reviewed
Reviewed on liquidation mechanics you actually bear, what actually backs the coin, cost of the loan and who controls it, and observed peg behaviour under stress.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
Frequently asked
Questions people ask before choosing CDP stablecoins
When should I use CDP stablecoins instead of other crypto assets?
When you want dollars WITHOUT selling the collateral you already hold. A CDP stablecoin is minted against assets you lock up, so it is a loan you took from a protocol rather than a dollar someone is holding for you — useful for staying exposed to an asset while spending against it, and unnecessary if you simply want a dollar balance. The trade you accept in return is liquidation risk: the position is scored here on the mechanics you actually bear when the collateral falls, because that is the day the product either behaves as documented or does not.
Are all CDP stablecoins basically the same?
No, and the differences show up precisely when it matters. They differ on what actually backs the coin, on the liquidation mechanics you bear if your collateral falls, on who controls the borrowing rate and can change it, and on how the peg has behaved under real stress rather than in a whitepaper. Two coins can hold the same peg on a calm day and behave completely differently in an hour of falling collateral prices, which is the scenario this page is built around.
What matters most when choosing a CDP stablecoin?
The liquidation mechanics you personally bear, and what onchain state shows actually backs the coin. One protocol here presents as a CDP while crypto-collateralised vaults are under 4% of its debt, and another publishes no protocol parameters at all.
Reviewed22 October 2026Method4 criteriaCategorycdp_stablecoins
Not financial advice · For informational purposes only · Always do your own research
