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
All 3 stablecoins combined
Share of total stablecoin supply
#8 of 99 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #32 of 99 issuers
Share of supply in lending
lower bound; below the median issuer (3.2%)
Founded / domicile
National trust bank that issues stablecoins for brand partners: USAT for Tether, USDtb for Ethena and USDGO for OSL Group.
Anchorage Digital Bank, N.A. issues stablecoins that other companies brand. Tether, Ethena and OSL Group each put their name on a dollar stablecoin, and the bank is the legal issuer of all three. Its August 2026 reserve reports describe it as a federally chartered national trust bank and qualified custodian with fiduciary powers, regulated by the Office of the Comptroller of the Currency.
Ownership and business
Diogo Mónica and Nathan McCauley founded Anchorage Digital in San Francisco in 2017. The company describes itself as a crypto platform for institutions, covering custody, staking, trading, governance and settlement. It lists offices in New York, Porto, Singapore and Sioux Falls, South Dakota. It reports a $4.2 billion valuation and names Andreessen Horowitz, GIC, Goldman Sachs, KKR and Visa as backers.
The charter
The bank began as Anchorage Trust Company, a South Dakota trust company. The OCC conditionally approved its conversion to a national bank on 13 January 2021, under the name Anchorage Digital Bank, National Association. Nathan McCauley signs the stablecoin reserve reports as chief executive of the bank.
Sources: Anchorage Digital, About, OCC news release 2021-6, conditional approval of Anchorage Trust Company conversion, USAT Reserve Report as of 31 August 2026 (Anchorage Digital Bank)
All 3 stablecoins Anchorage Digital issues, largest first.
Summed across all 3 stablecoins Anchorage Digital issues, each dollar counted once. Over 30 days, DeFiLlama's circulating supply of these stablecoins changed +0.7%, against -3.3% for all stablecoins on the map.
Supply of every coin Anchorage Digital 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.
$1.9B
Read on 4 chains, all in the total
Solana65%$1.3B
Ethereum34%$664.8M
Morph<1%$6.6M
Celo<1%$327.6KIn DIA's latest read, the 2 stablecoins Anchorage Digital issues with a peg reading sit within 7 bps of their peg. USDGO's typical daily move over the last 90 days was 1.5 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.
Lending-market supply summed across all 3 stablecoins Anchorage Digital issues. Yield pools live on each stablecoin's own page.
Lower bound: the balance of every Anchorage Digital 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 Anchorage Digital 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.
At least one Anchorage Digital coin has no DIA price on file, so part of this figure is converted using an aggregated market data price instead of DIA's own read.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 78% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$17.8M
supplied to 5 lending markets on 5 protocols, from 2 of Anchorage Digital's 3 coins
64%
Borrowed
share of supplied stablecoins now on loan
3.17%
Average supply APY
weighted by the balance in each market
64%$11.3MEthereumUSDtb$11.3M2.58%80%
22%$4.0MSolanaUSDGO$4.0M<1%9%$1.6MEthereumUSDtb$1.6M5.05%93%5%$902KEthereumUSDtb / sUSDe$902K7.05%89%<1%$24KEthereumUSDtb$24K12.19%93%Ethereumin 4 lending markets78%$13.8MSolanain 1 lending market22%$4.0MEach 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.
0.9%
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.
Below the median issuer (3.2%)
Federally chartered national trust bank supervised by the OCC.
Licences: OCC national trust bank charter
What it publishes
Anchorage publishes a monthly reserve report for each of the three stablecoins. Each report pairs a management assertion with an independent accountant's examination under AICPA attestation standards, measured against the AICPA 2025 Criteria for Stablecoin Reporting. An examination gives reasonable assurance on management's assertion. Deloitte & Touche LLP is the independent accountant for the reports.
31 August 2026 reports
What it leaves out
The examination did not test compliance with laws or customer contracts, or the design of controls. The reports name neither the commercial banks holding cash nor the repo counterparty, which appears only as a US broker-dealer.
Sources: USAT Reserve Report as of 31 August 2026, USDtb Reserve Report as of 31 August 2026, USDGO Reserve Report as of 31 August 2026, Anchorage Digital, USAT reserve attestations page, Anchorage Digital, USDtb reserve attestations page, Anchorage Digital, stablecoin reserves transparency
Anchorage Digital Bank, N.A. is supervised by the Office of the Comptroller of the Currency. The OCC approved its national charter in January 2021. As a condition, the bank signed an operating agreement setting capital and liquidity requirements.
The OCC placed the bank under a consent order in 2022 over Bank Secrecy Act and anti-money laundering compliance. The OCC terminated the order on 18 August 2025, stating that the bank's safety and soundness and its compliance with laws and regulations "does not require the continued existence of the Order."
The company says two affiliates hold other licences. Anchorage Digital Singapore is a Major Payment Institution licensed by the Monetary Authority of Singapore. Anchorage Digital New York holds a BitLicense from the New York Department of Financial Services. Neither affiliate issues the stablecoins on this page.
Sources: OCC news release 2021-6, conditional approval of Anchorage Trust Company conversion, OCC news release 2022-41, consent order against Anchorage Digital Bank, OCC news release 2025-80, enforcement actions for August 2025 (termination of the Anchorage order), Anchorage Digital, About, OCC order terminating the consent order, AA-ENF-2025-44, MAS Financial Institutions Directory, Anchorage Digital Singapore Pte. Ltd.
Anchorage Digital Bank issues three US dollar stablecoins tracked on the map. Each has a different brand sponsor and a different reserve mix.
The bank's transparency page also lists USDPT, built with Western Union, and ZLUSD, for institutions on the Zelle network. The map does not track either.
Sources: Anchorage Digital, stablecoin reserves transparency page, Anchorage Digital, Anchorage Digital and Tether introduce USAT, OSL Group press release, USDGO launch, USDtb official site
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
