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
Share of total stablecoin supply
#29 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #8 of 98 issuers
Founded
Avalon Labs operates a Bitcoin-backed lending marketplace and issues USDa, a collateralized debt position stablecoin minted against BTC and BTC-based collateral.
Avalon Labs runs a Bitcoin lending platform. Its homepage calls it the "#1 Bitcoin On-Chain Lender" and lists four products: on-chain lending, CeDeFi lending, a yield product called Super Earn, and the USDa stablecoin.
Its documentation describes the platform as an on-chain financial center for Bitcoin. The homepage lists YZi Labs first among its backers.
What sets Avalon apart is the hybrid design. The CeDeFi side connects on-chain borrowers to centralized liquidity providers. The documentation names Cobo, Fireblocks and Coinbase Prime as custody providers for protocol assets.
The MiCA white paper for Avalon's AVL token names TBT Global Ltd., a company limited by shares registered in Tortola, British Virgin Islands, on 16 January 2023. The white paper describes that company's business activity as the Avalon Labs lending platform, including USDa. The Terms and Conditions refer only to "Avalon Finance" and are governed by the laws of the British Virgin Islands.
Sources: Avalon Labs homepage, Avalon documentation: Introduction to Avalon Labs, Avalon documentation: USDa risk management and custody, Avalon documentation: MiCA white paper for AVL (TBT Global Ltd.), GLEIF LEI record 636700MOFSN3S2CJ5G05, TBT Global Ltd, Avalon documentation: Terms and Conditions
USDa is Avalon Labs's only stablecoin.
USDa's supply, counted once across its chains.
Supply of every coin Avalon Labs 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.
$145.6M
Read on 9 chains, all in the total
Ethereum60%$86.7M
Movement25%$36.7M
BSC8%$11.1M
Kaia5%$7.5M
Berachain2%$2.7M
Taiko<1%$533.5K
Sonic<1%$309.8K
Sei<1%$40.4K
Base<1%$49USDa's typical daily move over the last 90 days was 108 bps.
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.
| Stablecoin | 90d | Largest | Attestation |
|---|---|---|---|
| 108 bps | −3870 bps (−38.70%) | None identified |
Lending-market supply of Avalon Labs's stablecoin. Yield pools live on the stablecoin's own page.
No lending market read yet.
What Avalon publishes
Avalon publishes risk parameters for the collateral behind USDa. FBTC allows a maximum loan-to-value of 60%, a liquidation threshold of 90% and a recovery level of 80%. USDC and USDT allow 100% and are not subject to liquidation. Positions that breach the threshold are liquidated on centralized exchanges.
The documentation says all custody addresses are publicly available. Cobo, Fireblocks and Coinbase Prime are the named custodians. Redstone supplies the BTC-USD price feed for USDa.
Avalon links smart contract audits of USDa from Slowmist, BlockSec and Salus.
Sources: Avalon documentation: USDa risk management, Avalon documentation: USDa audits, Avalon documentation: Why USDa Stands Out
Avalon Labs issues one stablecoin on the map: USDa, pegged to the US dollar. DIA tracks it across six chains: Ethereum, BNB Chain, Berachain, Sonic, Sei and Base.
USDa is a collateralized debt position stablecoin. Users mint it against Bitcoin-based collateral and borrow at a fixed rate, according to Avalon's documentation. The documentation says USDa has no supply cap and is omnichain through LayerZero.
Avalon says holders can convert USDa to USDT at 1:1, with USDT claimed from centralized liquidity providers. The documentation lists FBTC, USDC and USDT as supported collateral.
Sources: Avalon documentation: CeDeFi CDP USDa, Avalon documentation: Why USDa Stands Out, Avalon documentation: USDa risk management
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
