Halcyra Stablecoin
Over-collateralised stablecoin minted against diversified collateral.
Users mint a dollar-pegged stablecoin from collateralised debt positions. A stability pool absorbs liquidations and a peg-stability module allows 1:1 swaps against approved stable assets within limits.
- Ecosystem
- Ethereum
- Category
- Stablecoin
- Languages
- Solidity, Vyper
- Launched
- Nov 2024
Grade AA · Low risk
Strong posture with minor, documented weaknesses.
+1.0 since Nov 2025 · ±0.0 since Jul 2026
Quantix Protocol Research · as of 24 Oct 2026 · About this data
Risk Index
How the score is built
| Component | Weight | Value | Points | Gap |
|---|---|---|---|---|
| Code Security | 30% | 88 | 26.4 | −3.6 |
| Operational Security | 20% | 86 | 17.2 | −2.8 |
| Governance Risk | 15% | 82 | 12.3 | −2.7 |
| Economic Security | 15% | 84 | 12.6 | −2.4 |
| Infrastructure Resilience | 10% | 86 | 8.6 | −1.4 |
| Transparency | 10% | 90 | 9.0 | −1.0 |
| Quantix Risk Index | 100% | 86.1 | −13.9 |
| Component | Halcyra Stablecoin |
|---|---|
| Code | 88 |
| Operational | 86 |
| Governance | 82 |
| Economic | 84 |
| Infrastructure | 86 |
| Transparency | 90 |
Grade scale
- AAA90–100
- AA85–89.9
- A80–84.9
- BBB75–79.9
- BB70–74.9
- B65–69.9
- CCC60–64.9
- CC55–59.9
- C50–54.9
- D0–49.9
Score history
12 monthly snapshots
| Period | Quantix Risk Index |
|---|---|
| Nov ’25 | 85.1 |
| Dec ’25 | 85.1 |
| Jan ’26 | 85.6 |
| Feb ’26 | 85.6 |
| Mar ’26 | 85.6 |
| Apr ’26 | 85.6 |
| May ’26 | 86.1 |
| Jun ’26 | 86.1 |
| Jul ’26 | 86.1 |
| Aug ’26 | 86.1 |
| Sep ’26 | 86.1 |
| Oct ’26 | 86.1 |
5 May 2026
Economic
Collateral caps
Per-collateral debt ceilings tightened.
- Economic Security+3
13 Jan 2026
Upgrade
PSM redeployed with pinned compiler
Vyper module rebuilt with a pinned, patched compiler release.
- Code Security+2
Risk factors
MediumEconomic SecurityProfile analysis
Peg-stability module exposure
If an approved stable asset depegs, the PSM can absorb devalued reserves up to its ceiling.
MediumEconomic SecurityProfile analysis
Stability pool depth in crashes
Fast collateral declines can exhaust the stability pool, shifting losses to redistribution.
Recommendations
Economic Security: 84 → 88
Dynamic PSM fees
Raise swap fees as a reserve asset drifts from its peg.
+0.6
→ 86.7
Governance Risk: 82 → 86
Longer delay for collateral onboarding
Use a 7-day delay for new collateral types.
+0.6
→ 86.7
Analysis
Contract, governance and operations
Contract analysis
- Source
- Verified
- Upgradeability
- Immutable core with governed parameters
- Administrative control
- Halcyra governor with a 48-hour timelock
- Enforced delay
- 48 hours
- External dependencies
- Collateral price feeds; Approved stable assets in the PSM
- PassSource verified. Solidity and Vyper contracts verified with pinned compilers.
- PassImmutable core. VaultEngine logic cannot be replaced.
- PassPSM limits. Per-asset debt ceilings on the peg-stability module.
- CautionStable-asset exposure. PSM reserves depend on the peg of approved stable assets.
Governance exposure
Low
Parameters change through governance with a 48-hour timelock; the core is immutable.
Operational resilience
Strong
Liquidation keepers are permissionless; the stability pool absorbs debt.
Monitoring
Monitoring history
- 20 Feb 2026Medium1.8% of supply redeemed through the PSMWhale Activity · PegStabilityModule (Vyper)Resolved
Research assessment
No Quantix assessment of Halcyra Stablecoin has been published. Its security findings are represented by the contract-analysis signals above: 0 failed and 1 cautionary.
Research
Relevant research
Architecture
System components
- VaultEngine
- Collateralised debt positions and stability fees
- StabilityPool
- Absorbs liquidated debt
- PegStabilityModule (Vyper)
- Bounded 1:1 swaps
- Governor
- Parameter changes through a timelock
Turn risk factors into a remediation plan.
A research assessment traces each weakness to code, configuration or process, and verifies the fix before the score moves.