Liquidity depth per major asset
Spiko's assessment for RD-F-065 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Secondary market liquidity for USTBL/EUTBL is effectively zero: tokens are KYC-whitelisted (transfer-restricted) with no public AMM pool or on-chain order book. Primary-market redemption via Spiko's platform is the only viable exit route: daily window, 10:30 CET cutoff, same-day or next-business-day NAV execution. Weekend/holiday orders queue to next business day (up to ~3-day NAV staleness window). 44.97% of TVS is on Stellar, where the Stellar-to-EVM bridge step for primary-market redemption is undefined in available public documentation. Underlying T-bills have ~43-day weighted average maturity; settlement lag is implied ~T+1 but not explicitly stated. These are structural features of regulated securities, not exploitable vulnerabilities, but they represent real illiquidity constraints vs. instant on-chain exit.
Sources #
- URLDefiLlama — Spiko chain breakdown confirming Stellar dominanceDefiLlama chain split: Stellar 44.97% ($547.4M), Arbitrum 33.78% ($411.1M) — no DEX liquidity pools found for USTBL/EUTBL on any chainretrieved 2026-05-15
- Arbitrum Foundation STEP-2 Application — Spiko USTBL — Redemption & Liquidity TermsArbitrum STEP-2 application — redemption terms: 'Orders received by 10:30 AM CET on business days processed same day'; portfolio: ~93% US T-Bills, WAM ~43 days, deposits at JPMorgan Chase up to 10%retrieved 2026-05-16
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →