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
#37 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #76 of 98 issuers
Founded / domicile
Cap operates a stablecoin protocol that issues cUSD, a stablecoin collateralized by regulated stablecoins and tokenized money market funds, with yield generation outsourced to institutional operators borrowing from its credit engine.
What Cap is
Cap runs a credit platform on Ethereum. Its stablecoin, cUSD, is backed by dollar stablecoins and tokenized money market funds. Cap's documentation calls the platform "a credit platform backed by financial guarantees". Borrowers draw from the reserves to run yield strategies, and underwriters post escrowed collateral to cover those loans. Aave Labs describes the borrowers as banks, high-frequency trading firms and market makers.
Who is behind it
The platform terms name Covered Agents S.A., a Panama corporation, as the operating entity. They are governed by Panamanian law. Cap's website says the platform was "Created by Cap Labs." Aave Labs reports that the protocol launched in August 2025 and held $500 million in total value locked by January 2026.
What sets it apart
Cap outsources yield to outside operators and requires each one to buy coverage from underwriters.
Sources: Cap documentation: protocol overview, Cap protocol documentation, full text export, Cap platform terms of use (operating entity, governing law), Cap website, Aave Labs: Cap
cUSD is Cap's only stablecoin.
cUSD's supply, counted once across its chains.
Supply of every coin Cap 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.
$64.7M
Read on 1 chain, in the total
Ethereum100%$64.7McUSD's typical daily move over the last 90 days was 0.6 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 |
|---|---|---|---|
 cUSDUSD | 0.6 bps | −346 bps (−3.46%) | Onchain collateral |
Lending-market supply of Cap's stablecoin. Yield pools live on the stablecoin's own page.
No lending market read yet.
What Cap publishes
Cap does not publish an accountant's attestation of cUSD reserves. The documentation says idle capital in the vault is deployed into yield strategies, named as US T-bill yield and crypto lending markets. The risk page names Aave and Morpho as places where idle assets sit.
The contracts are public, and the documentation lists their addresses on each chain.
Audits and what is missing
Cap lists smart contract audits by Zellic, Trail of Bits, Spearbit, Electisec, Sherlock, Certora and Octane. These review code. They are not reserve attestations. The documentation says redemptions are guaranteed at all times, and that delays can occur if reserve assets reach full utilization.
Sources: Cap documentation: vault and fractional reserves, Cap documentation: risks, Cap documentation: audits, Cap documentation: dashboard
Cap issues one stablecoin on the map, cUSD. It is pegged to the dollar, so it sits among the USD stablecoins. Users mint it about 1:1 against supported regulated dollar-denominated crypto assets. Redemption returns a proportional share of the whole basket of backing assets for a fixed fee.
Cap also has a yield-bearing version, stcUSD. Users stake cUSD to receive it, and its yield comes from the credit marketplace. stcUSD is not a separate stablecoin on the map. According to Cap's documentation, cUSD and stcUSD are deployed on Ethereum, MegaETH, Tempo and Katana. The map covers cUSD on Ethereum.
Sources: Cap documentation: vault, minting and redemption, Cap documentation: contract addresses, Cap documentation: stcUSD mechanics
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
