Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin. At least this much: 11 of 12 chains read
Share of total stablecoin supply
#26 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #4 of 98 issuers; 12 with material supply
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded / domicile
BM · Pembroke
Issuer of AUSD, a dollar stablecoin with VanEck-managed reserves.
Agora issues its dollar stablecoin from a Bermuda segregated accounts company. Its US parent holds a preliminary conditional approval from the OCC to charter a national trust bank.
The issuer
Agora Bermuda Limited issues AUSD. Its terms of use describe a Bermuda exempted company registered under the Segregated Accounts Companies Act 2000, acting for its Segregated Account as issuer. The AUSD reserves are held in that segregated account. Under the terms, they are not available to meet liabilities to general shareholders, or to creditors whose claims are not linked to segregated accounts.
Ownership and business
The parent of the Agora group is Agora Atlas Corp., a Delaware corporation incorporated in October 2023, according to the OCC. The group also includes Agora Blue Ltd. and the Agora Reserve Fund, LP. Agora Blue Limited, a British Virgin Islands company, runs the Agora account platform under its own terms. The OCC addressed its decision to Nicholas van Eck as chief executive officer. Agora sells AUSD and stablecoin APIs to businesses for minting, moving and redeeming dollars, and lets clients launch white-label stablecoins on AUSD. Its site names VanEck as reserve manager and State Street as custodian.
Sources: Agora Bermuda Limited and Agora Blue Limited Terms of Use (as of 1 September 2026), OCC Corporate Decision #1393, Agora National Trust Bank (18 September 2026), Agora, AUSD product page, Agora homepage
AUSD is Agora's only stablecoin.
AUSD's supply, counted once across its chains.
Supply of every coin Agora issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$176.0M
Read on 11 chains, all in the total
Monad45%$79.4M
Ethereum40%$69.9M
Immutable5%$8.9M
Mantle3%$5.1M
Avalanche2%$3.8M
Solana2%$3.3M
Polygon2%$3.3M
Sui1%$1.9M
Katana<1%$446.4K
Arbitrum<1%$100.6K
Base<1%$3.4KIn DIA's latest read, AUSD sits 3 bps below its USD peg. AUSD's typical daily move over the last 90 days was 3.9 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
$52.6M supplied to 38 lending markets on 5 protocols. That is 29.9% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Agora coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Agora issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$52.6M
supplied to 38 lending markets on 5 protocols
89%
Borrowed
share of supplied stablecoins now on loan
4.88%
Average supply APY
weighted by the balance in each market
73%$38.4MMonadAUSD / strUSD$7.8M7.16%90%EthereumAUSD / PST$7.5M5.88%90%MonadAUSD / mROX$6.5M5.81%90%EthereumAUSD / sUSDai$4.4M4.99%90%EthereumAUSD / PRIME$3.9M3.94%90%MonadAUSD / siUSD$3.5M6.42%91%MonadAUSD / naccUSDC$1.8M11.67%91%MonadAUSD / YZM$1.0M4.52%80%MonadAUSD / PT-siUSD-7JAN2027-(ETH)$700K5.21%89%EthereumAUSD / syrupUSDC$616K2.22%83%EthereumAUSD / sUSDat$210K18.26%92%MonadAUSD / vUSD$147K7.87%92%MonadAUSD / WBTC$104K7.46%93%EthereumAUSD / sUSDe$38K2.65%90%EthereumAUSD / reUSD$37K3.78%90%MonadAUSD / WMON$32K7.44%93%EthereumAUSD / PT-USDat-27AUG2026$23K12.15%86%MonadAUSD / WETH$21K7.44%93%EthereumAUSD / wstETH$16K0.86%87%MonadAUSD / wstETH$15K7.44%93%EthereumAUSD / cbBTC$10K1.73%92%EthereumAUSD / wSPYx$8K8.76%79%MonadAUSD / vUSD$6K<0.01%<1%KatanaAUSD$5KMonadAUSD / XAUt0$5K6.04%92%MonadAUSD / savUSD$4K9.47%91%KatanaAUSD / vbWBTC$4K33.16%90%EthereumAUSD / WBTC$4K2.27%90%EthereumAUSD$3KKatanaAUSD / vbETH$2K38.23%92%EthereumAUSD / WETH$2K0.76%80%
15%$8.0MAvalancheAUSDNo withdrawable balance$8.0M0.18%100%EthereumAUSDNo withdrawable balance$70K15.19%100%EthereumAUSD$14K7.10%88%10%$5.3MMonadAUSD$5.2M3.33%76%AvalancheAUSD$129K3.28%90%
1%$706KPolygonAUSD$706K0.45%31%<1%$129KAvalancheAUSD$129K4.32%78%Monadin 15 lending markets51%$26.8MEthereumin 16 lending markets32%$16.8MAvalanchein 3 lending markets16%$8.2MPolygonin 1 lending market1%$706KKatanain 3 lending markets<1%$11KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
29.9%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.2%)
Licensed by the Bermuda Monetary Authority under the Digital Asset Business Act.
Regulator: Bermuda Monetary Authority
Licences: BMA Class F digital asset business licence
What Agora publishes
AUSD reserves get a monthly attestation from Grant Thornton LLP, conducted under AICPA attestation standards. Agora's transparency page lists reports for January to August 2026. Before that, Agora published its own monthly management reports, from July 2024 to December 2025.
What the attestation covers
The May 2026 report is an examination of management's assertion for Agora Bermuda Limited. Grant Thornton's opinion was that the assertion is fairly stated: the fair value of assets in the AUSD reserve was equal to or greater than AUSD in circulation on 17 May and 31 May 2026, at 11:59 PM UTC. Agora's terms describe the monthly reports as audits. The report itself is an examination engagement.
Reserve assets
The terms list cash, short-term US Treasury securities, overnight reverse repurchase agreements and other dollar assets. These may include regulated stablecoins such as USDC and tokenized fixed income products. Composition is at Agora's sole discretion.
The transparency page posts reserve and management reports only, with no financial statements.
Sources: Agora docs, Transparency (attestation and management report list), Grant Thornton LLP, Agora Dollar Reserve Report, May 2026, Agora Bermuda Limited Terms of Use, About AUSD
Bermuda
Agora Bermuda Limited is licensed by the Bermuda Monetary Authority under the Digital Asset Business Act 2018, according to its terms of use and product page. It holds a Class F licence to issue, sell or redeem digital assets. AUSD is issued from this entity.
United States
On 18 September 2026 the OCC granted preliminary conditional approval to charter Agora National Trust Bank, New York (Corporate Decision #1393). The proposed bank would be a wholly owned subsidiary of Agora Atlas Corp. It would focus on dollar-backed stablecoin issuance, reserve maintenance and digital asset custody, for institutional and business customers only. The OCC states that final approval will not be granted until all preopening requirements are met.
Sources: Agora Bermuda Limited Terms of Use (BMA, DABA 2018, Class F), Agora, AUSD product page (BMA licence statement), OCC Corporate Decision #1393
Agora issues one stablecoin on the map, AUSD, pegged 1:1 to the US dollar. Only verified Agora customers can mint or redeem directly with Agora. The terms set a target of redemption within 48 business hours, or 96 business hours under stress, and allow in-kind redemption in reserve assets.
Agora also offers white-label stablecoins. Its docs describe an ERC-4626 vault with AUSD as the underlying asset. A customer-issued white-label stablecoin is not redeemable for dollars from Agora. An Agora-issued one is AUSD under the client's branding.
Agora's docs list AUSD on ten mainnet networks, including Ethereum, Solana and Base. The map covers four chains: Ethereum, Avalanche, Sui and Monad. Agora stopped new AUSD issuance on Sui on 3 June 2026 and supports redemption of AUSD on Sui until 30 November 2026.
Sources: Agora Bermuda Limited Terms of Use, AUSD and white-label sections, Agora docs, Contract Deployments, Agora docs, Whitelabel Stablecoin Integration, Grant Thornton LLP, Agora Dollar Reserve Report, August 2026
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
