{
  "source": "Morpho Blue API, https://blue-api.morpho.org/graphql",
  "fetched": "2026-07-15",
  "threshold": "badDebtUsd >= $1M",
  "identityNote": "collateralName values are from Morpho's own asset registry",
  "rows": [
    {
      "marketId": "0xfdb8221edcae73f73485d55c30e706906114bc2ff4634870c5c57e8fb83eae6a",
      "chainId": 42161,
      "chain": "Arbitrum",
      "collateral": "K",
      "collateralName": "Kinto",
      "loan": "USDC",
      "badDebtUsd": 1776684189.6755705,
      "borrowUsd": 2372167947.781597,
      "realizedBadDebtUsd": 0.0,
      "excludedFromFigure": "reported figures against unpriceable collateral (Kinto); the breach kernel routes this to the unknown band and refuses to certify it"
    },
    {
      "marketId": "0x9e90aec7d768403dacc9dd0d8320307fda3f980eed4df43e3e52168a1c667709",
      "chainId": 42161,
      "chain": "Arbitrum",
      "collateral": "xUSD",
      "collateralName": "Staked Stream USD",
      "loan": "USDC",
      "badDebtUsd": 59410336.87943301,
      "borrowUsd": 60533089.878246196,
      "realizedBadDebtUsd": 0.0,
      "oneLiner": "Staked Stream USD, the looped synthetic dollar; its oracle held at par through the November 2025 collapse",
      "november2025": true
    },
    {
      "marketId": "0xd9e34b1eed46d123ac1b69b224de1881dbc88798bc7b70f504920f62f58f28cc",
      "chainId": 1,
      "chain": "Ethereum",
      "collateral": "wstUSR",
      "collateralName": "Wrapped stUSR",
      "loan": "USDC",
      "badDebtUsd": 39324328.446068175,
      "borrowUsd": 46575040.43753186,
      "realizedBadDebtUsd": 0.0,
      "oneLiner": "Wrapped stUSR, the staked, interest-bearing form of Resolv USD, a synthetic dollar",
      "november2025": false
    },
    {
      "marketId": "0x5a96ea60ddb8ece11b0dd1176f05bbc44ec92197ba206adb086db559146cc964",
      "chainId": 480,
      "chain": "World Chain",
      "collateral": "sdeUSD",
      "collateralName": "Staked deUSD",
      "loan": "USDC",
      "badDebtUsd": 13479946.543270433,
      "borrowUsd": 13813183.88269574,
      "realizedBadDebtUsd": 0.0,
      "oneLiner": "Staked deUSD; Elixir wound the coin down in November 2025 after the Stream break",
      "november2025": true
    },
    {
      "marketId": "0xe1b65304edd8ceaea9b629df4c3c926a37d1216e27900505c04f14b2ed279f33",
      "chainId": 1,
      "chain": "Ethereum",
      "collateral": "RLP",
      "collateralName": "Resolv Liquidity Provider Token",
      "loan": "USDC",
      "badDebtUsd": 13033280.966661526,
      "borrowUsd": 15058608.605203126,
      "realizedBadDebtUsd": 1181027.238535577,
      "oneLiner": "Resolv Liquidity Provider Token, collateral from the same USR complex",
      "november2025": false
    },
    {
      "marketId": "0xff0f2bd52ca786a4f8149f96622885e880222d8bed12bbbf5950296be8d03f89",
      "chainId": 8453,
      "chain": "Base",
      "collateral": "USR",
      "collateralName": "Resolv USD",
      "loan": "USDC",
      "badDebtUsd": 4433292.072611133,
      "borrowUsd": 5854992.775009791,
      "realizedBadDebtUsd": 0.0,
      "oneLiner": "Resolv USD itself, the synthetic dollar at the base of the complex",
      "november2025": false
    },
    {
      "marketId": "0x1cfdc0154ae6b9f1887a8250f2582d55606e1a2008e65108fb83dd50a928593e",
      "chainId": 1,
      "chain": "Ethereum",
      "collateral": "PT-RLP-9APR2026",
      "collateralName": "PT Resolv Liquidity Provider Token 9APR2026",
      "loan": "USDC",
      "badDebtUsd": 2675934.398734379,
      "borrowUsd": 3227456.4702963876,
      "realizedBadDebtUsd": 0.0,
      "oneLiner": "A fixed-term Pendle principal token wrapping RLP",
      "november2025": false
    },
    {
      "marketId": "0x4b86442549b52826e0fc11770ec5154450cb3c5c14dc751a761d81dcfbe7a7b2",
      "chainId": 1,
      "chain": "Ethereum",
      "collateral": "RLP",
      "collateralName": "Resolv Liquidity Provider Token",
      "loan": "AUSD",
      "badDebtUsd": 1817694.254313718,
      "borrowUsd": 2222369.098927082,
      "realizedBadDebtUsd": 0.0,
      "oneLiner": "The same RLP collateral in a market lending a different dollar",
      "november2025": false
    },
    {
      "marketId": "0x8e7cc042d739a365c43d0a52d5f24160fa7ae9b7e7c9a479bd02a56041d4cf77",
      "chainId": 1,
      "chain": "Ethereum",
      "collateral": "USR",
      "collateralName": "Resolv USD",
      "loan": "USDC",
      "badDebtUsd": 1765240.2534888342,
      "borrowUsd": 2156311.8702172874,
      "realizedBadDebtUsd": 0.0,
      "oneLiner": "Resolv USD on Ethereum, a smaller market of the same pair",
      "november2025": false
    }
  ]
}