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
#35 of 99 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #77 of 99 issuers
cgUSD is a yield-bearing rebasing stablecoin issued by Cygnus Finance on the Base network, backed by short-term US Treasury bills that distribute interest income to holders.
Cygnus Finance is a protocol. Its website lists "Cygnus Information Limited" as copyright holder for 2026. The site and documentation do not say which legal entity issues cgUSD, where it is incorporated, or who owns it. The documentation says that the core team includes former Meta members.
What sets it apart is where cgUSD sits in the product. Cygnus describes itself as a Web3 layer built on Instagram log-in, which generates an account-abstraction wallet for the user. It also describes a Liquidity Validation System, an omni-chain verification network and liquidity proof system, with Cygnus Chain as its settlement layer. The site shows more than 8.6 million total users. cgUSD is a dollar asset inside that stack, and a Telegram mini app lets users mint it on Base.
Sources: Cygnus Finance website, Cygnus documentation, full text
cgUSD is Cygnus Finance's only stablecoin.
cgUSD's supply, counted once across its chains.
Supply of every coin Cygnus Finance 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.
$75.6M
Read on 1 chain, in the total
Base100%$75.6MIn DIA's latest read, cgUSD sits 81 bps below its USD peg. cgUSD's typical daily move over the last 90 days was 15 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.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
| −81 bps (−0.81%) | 15 bps | −112 bps (−1.12%) | None identified |
We checked the registers and the issuer's own pages and found no licence, registration or authorisation. Distinct from an issuer we have not checked, which carries no value at all.
What Cygnus states
The cgUSD documentation says the portfolio holds "short-term U.S. Treasury Bills as collateral" and "on-chain stablecoins". It gives no split between the two. The same page does not name a custodian, a fund or a broker holding the bills.
What is not published
The cgUSD documentation does not mention an attestation, an audit of reserves, or a proof of reserve for cgUSD. No attestation firm, reporting cadence or reserve perimeter is stated. The documentation does not name the legal entity that holds the collateral.
The Cygnus website links a PeckShield audit report. The page gives no detail on its scope, and it is not a reserve attestation.
The documentation points to a dataroom with a spreadsheet. That reference sits in the sections on cgETH and clBTC, separate Cygnus products, and does not describe cgUSD reserves.
Sources: Cygnus docs, What is cgUSD v1, Cygnus Finance website, Cygnus documentation, full text
Cygnus Finance issues one stablecoin on the map, cgUSD, pegged to the US dollar.
cgUSD is a rebasing token. The documentation says it "shares pure interest income from U.S. Treasuries with users through the rebase mechanism". Holder balances grow instead of the price moving. The documentation says supply is synchronised with net portfolio value on each New York banking day. The last rebase recorded on chain was on 5 August 2026. The protocol states redemption of USDC for cgUSD at 1:1.
A wrapped version, wcgUSD, exists with multi-chain support. The documentation describes it, and the map does not track it as a separate stablecoin.
Sources: Cygnus docs, What is cgUSD v1, RWA.xyz, Cygnus Finance platform page, Blockscout event log, cgUSD TokenRebased
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
