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
#6 of 99 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #4 of 99 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded / domicile
US · Sioux Falls
National trust bank that issues and holds in custody USD1 for World Liberty Financial.
What sets it apart
BitGo issues USD1 as a federally chartered trust bank, for a brand it does not own. The issuing entity is BitGo Bank & Trust, National Association, an uninsured national trust bank in Sioux Falls, South Dakota. The OCC granted conditional approval on 12 December 2025 for BitGo Trust Company, Inc., a South Dakota state trust company, to convert into it. The approval says the bank will not take deposits and will not be FDIC insured. Its proposed activities, which the OCC found permissible, include digital asset and fiat custody, staking, escrow and stablecoin issuance.
Ownership and business
The bank is a wholly owned subsidiary of BitGo Holdings, Inc., a Delaware corporation headquartered in Sioux Falls, South Dakota. BitGo was founded in 2013 and is listed on the NYSE as BTGO. It sells custody, wallet infrastructure and a stablecoin-as-a-service product to institutions. Other BitGo entities listed on its site include BitGo New York Trust Company, LLC and BitGo Singapore Pte. Ltd.
The USD1 brand is owned by World Liberty Financial, Inc. and SC Financial Technologies, LLC, according to BitGo's August 2026 reserve report. On 14 August 2026 the OCC gave preliminary conditional approval to World Liberty Trust Company, N.A., which plans to take over USD1 issuance from BitGo.
Sources: OCC conditional approval: BitGo Trust Company, Inc. conversion to BitGo Bank & Trust, N.A. (12 Dec 2025), BitGo homepage (founding year, NYSE listing, HQ, products), BitGo, Global Entities, BitGo Bank & Trust, N.A., USD1 Reserve Report for August 2026 with KPMG LLP examination report, OCC Corporate Decision #1385: World Liberty Trust Company, N.A. (14 Aug 2026)
USD1 is BitGo's only stablecoin.
USD1's supply, counted once across its chains.
Supply of every coin BitGo 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.
On the chains tagged “unpriced”, “withheld” or “under$1” the balance has no dollar value to add: the stablecoin there has no dollar price (shown with its token count), its read is withheld, or it holds under a dollar.
$3.9B
Read on 11 chains. 10 carry the total; 1 is under $1
Solana36%$1.4B
Ethereum33%$1.3B
BSC30%$1.2B
Aptos1%$19.4M
AB Core<1%$18.5M
Tron<1%$10.0M
Mantle<1%$2.3M
Monad<1%$31.1K
Plume<1%$1.2K
Morph<1%$3
X Layerunder $1<$1In DIA's latest read, USD1 sits 23 bps below its USD peg. USD1's typical daily move over the last 90 days was 3.6 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.
$439.6M supplied to 23 lending markets on 8 protocols. That is 11.3% 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 BitGo 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 BitGo 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: 92% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$439.6M
supplied to 23 lending markets on 8 protocols
82%
Borrowed
share of supplied stablecoins now on loan
4.08%
Average supply APY
weighted by the balance in each market
69%$303.2MEthereumUSD1$303.2M4.95%86%
28%$123.8MBSCUSD1 / BTCB$85.7M1.49%86%BSCUSD1 / BTCB$30.2M26%BSCUSD1 / slisBNB$4.0M87%BSCUSD1 / USDXNo withdrawable balance$1.8M2.74%100%BSCUSD1 / XAUt$1.3M0.04%13%BSCUSD1 / asUSDF$326K0.55%92%BSCUSD1 / ETH$199K0.04%13%BSCUSD1 / sUSDe$67K52.70%92%BSCUSD1 / USDTNo withdrawable balance$40K4.23%100%BSCUSD1 / SolvBTC$28K5.31%77%BSCUSD1 / ASTER$21K1.76%89%BSCUSD1 / sUSD1+$17K1.10%47%BSCUSD1 / WBNB$11K1.69%82%BSCUSD1 / wBETH$10K1.67%91%BSCUSD1 / PT-USDe-9APR2026-(PLASMA)$1K1%$6.5MBSCUSD1No withdrawable balance$6.5M0.18%100%
1%$4.4MAptosUSD1$4.4M3.02%80%<1%$956KBSCUSD1$956K1.28%41%
<1%$658KTronUSD1$658K1.53%45%
<1%$42KSolanaUSD1$29K3.03%55%SolanaUSD1$11K9.31%96%SolanaUSD1No withdrawable balance$2K23.56%100%Ethereumin 1 lending market69%$303.2MBSCin 17 lending markets30%$131.2MAptosin 1 lending market1%$4.4MTronin 1 lending market<1%$658KSolanain 3 lending markets<1%$42KEach 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.
11.3%
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%)
Federally chartered national trust bank supervised by the OCC.
Licences: OCC national trust bank charter
What the reports cover
BitGo publishes a monthly USD1 Reserve Report with an accountant's examination opinion, measured at two dates each month. KPMG LLP signed the August 2026 report on 24 September 2026, covering 13 and 31 August. It was an examination under AICPA attestation standards, against the 2025 AICPA criteria for asset-backed fiat-pegged tokens. Crowe LLP signed the January 2026 report. KPMG signed the July 2026 report.
At 31 August the report showed 4,195,303,689 USD1 redeemable and $4,195,716,067 in redemption assets. Of those assets, $3,066,358,657 sat in a government money market fund and $1,129,357,410 in demand deposit accounts at US commercial banks. Both are held in segregated accounts titled to BitGo for the benefit of USD1 holders.
What they leave out
The report's summary table is marked as not subject to the examination. The opinion does not extend to website information the report references. The report does not name the commercial banks or the fund; it gives the fund's CUSIP, 31607A703. Holders' redemption rights are contractual and carry no property interest in any specific reserve asset.
Sources: BitGo USD1 attestations index, USD1 Reserve Report for August 2026, KPMG LLP examination report, USD1 Reserve Report for July 2026, KPMG LLP examination report, USD1 Reserve Report for January 2026, Crowe LLP examination report
The Office of the Comptroller of the Currency charters and supervises BitGo Bank & Trust, N.A., under Charter Number 25366. A condition of its approval requires the bank to conform its stablecoin activities to the GENIUS Act and its implementing regulations.
The OCC's 14 August 2026 decision on World Liberty Trust Company, N.A. names BitGo Bank & Trust the "current exclusive issuer and custodian for USD1". The same decision approved the new bank's planned purchase of USD1 reserve assets from BitGo as exempt from Regulation W's quantitative limits.
World Liberty Financial's USD1 risk disclosures name BitGo Trust Company, Inc., the pre-conversion South Dakota entity, and BitGo Technologies LLC, a federally registered money services business and state-licensed money transmitter.
Sources: OCC conditional approval: BitGo Bank & Trust, N.A. conversion (12 Dec 2025), OCC Corporate Decision #1385: World Liberty Trust Company, N.A. (14 Aug 2026), World Liberty Financial, USD1 risk disclosures, OCC news release: conditional approvals for five national trust bank charters (12 Dec 2025)
BitGo issues one stablecoin on the map: USD1, pegged to the US dollar. BitGo mints and redeems it. World Liberty Financial owns the brand.
BitGo's August 2026 reserve report lists six networks where USD1 is minted and redeemed: Ethereum, BNB Smart Chain, Solana, Tron, Aptos and Tempo. It also gives a contract address on Canton. Direct minting and redemption are open only to registered BitGo customers in good standing. Holders without a BitGo account can transfer USD1 but have no direct redemption right with BitGo.
Sources: BitGo Bank & Trust, N.A., USD1 Reserve Report for August 2026 with KPMG LLP examination report, BitGo USD1 product page
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
