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
#5 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #3 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Issuer of the delta-hedged synthetic dollar USDe and staked sUSDe, and brand sponsor of the reserve-backed USDtb, which Anchorage Digital Bank issues.
What sets it apart
Ethena's documentation describes it as "a synthetic dollar protocol built on crypto rails". USDe is backed by spot crypto hedged with short derivatives positions, liquid stablecoins and tokenised real-world assets held directly, and overcollateralised DeFi and institutional lending. The docs set USDe apart from fiat-backed stablecoins.
Who issues USDe
The USDe terms name Ethena (BVI) Limited as the issuer. It is registered in the British Virgin Islands under number 2127704, with its office in Road Town, Tortola. Only whitelisted Mint Users who have cleared KYC and AML checks can create or redeem USDe directly with it. Users in the United States cannot become Mint Users. A holder who is not a Mint User has no right to redeem with Ethena BVI.
Ownership
The Ethena Foundation supports the protocol, and a Foundation subsidiary maintains sUSDe. The terms state that the Foundation has no members or ultimate beneficial owners, and that no party affiliated with Ethena BVI owns or controls it.
Sources: Ethena documentation, full text (overview, USDe Terms and Conditions, Terms of Service), Ethena documentation: Ethena overview, Ethena docs: Backing Assets overview
USDe is Ethena's only stablecoin. Wrapped stablecoins (sUSDe) are listed but not counted twice in any total.
USDe's supply, counted once across its chains.
Supply of every coin Ethena 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.
$4.5B
Read on 20 chains, all in the total
Ethereum55%$2.5B
Plasma12%$561.4M
Base8%$363.6M
Robinhood Chain8%$357.3M
Solana7%$313.9M
TON2%$104.3M
Monad2%$103.2M
BSC2%$78.3M
Mantle2%$74.0M
Avalanche1%$36.4M
X Layer<1%$17.2M
Berachain<1%$11.5M
Hyperliquid L1<1%$7.2M
Arbitrum<1%$1.9M
Optimism<1%$24.9K
Blast<1%$17.1K
Linea<1%$6.5K
zkSync<1%$2.6K
Scroll<1%$2.0K
Metis<1%$372In DIA's latest read, USDe sits 13 bps below its USD peg. USDe's typical daily move over the last 90 days was 3.0 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.
$1.4B supplied to 25 lending markets on 12 protocols. That is 30.2% 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 Ethena 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 Ethena 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: 75% of the balance for the APY, 98% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$1.37B
supplied to 25 lending markets on 12 protocols
4%
Borrowed
share of supplied stablecoins now on loan
0.24%
Average supply APY
weighted by the balance in each market
Monad, Plasma73%$999.1MPlasmaUSDe$577.7M0.26%5%EthereumUSDe$272.4M0.22%4%MonadUSDe$116.1M0.26%5%MantleUSDe$32.8M<0.01%<1%AvalancheUSDe$9K0.85%17%
19%$259.3MSolanaUSDe$259.3M<1%4%$61.3MAvalancheUSDe$31.2MEthereumUSDe$30.1M<0.01%<1%3%$47.0MSolanaUSDe$47.0M<1%
<1%$988KEthereumUSDe$942K<1%ArbitrumUSDe$46K
<1%$448KHyperliquid L1USDe / UBTC$266K13.42%92%Hyperliquid L1USDe / WHYPE$85K13.34%92%EthereumUSDe / eUSDe$59K10.82%86%Hyperliquid L1USDe / WHYPE$14K8.56%62%Hyperliquid L1USDe / UBTC$12K20.79%94%EthereumUSDe$8KHyperliquid L1USDe / hbUSDT$2K0.67%79%Hyperliquid L1USDe / UETH$2K<0.01%8%
Hyperliquid L1, TON<1%$394KHyperliquid L1USDe$293K6.30%81%Hyperliquid L1USDe$43K1.68%37%BSCUSDe$37K1.77%56%EthereumUSDe$11K0.59%32%TONUSDe$9K80%ArbitrumUSDe$1K9.21%81%Plasmain 1 lending market42%$577.7MSolanain 2 lending markets22%$306.3MEthereumin 6 lending markets22%$303.5MMonadin 1 lending market8%$116.1MMantlein 1 lending market2%$32.8MAvalanchein 2 lending markets2%$31.2MHyperliquid L1in 8 lending markets<1%$718KArbitrumin 2 lending markets<1%$47K
Other (2 chains)<1%$46KEach 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.
30.2%
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%)
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 Ethena publishes
The docs name four custodians for the backing assets: Copper, Ceffu, Kraken and Anchorage Digital. Ethena calls the arrangement Off-Exchange Settlement. Each custodian delegates collateral value to an exchange for margin, while the assets stay in custody. The custodians attest each month to the existence, control and value of the backing held with them. The August 2026 report was published on 3 September 2026.
A weekly Proof of Reserves runs alongside it. It launched in April 2025 with Harris & Trotter, Chaos Labs, LlamaRisk and Chainlink as its inaugural attestors. The protocol also keeps a Reserve Fund for periods of negative revenue. The share of revenue directed to it is currently 0%.
What it does not show
The monthly attestations come from the custodians and cover the backing held within their own solutions.
Sources: Ethena documentation: Custodian Attestations, Ethena documentation, full text (Off-Exchange Settlement, Reserve Fund), Ethena blog: Custodian Attestations of Assets Backing USDe, August (page metadata), Ethena blog: USDe Proof of Reserves launch (page metadata)
Germany: BaFin and Ethena GmbH
Ethena GmbH, based in Frankfurt am Main, issued USDe in Germany under a MiCAR transitional provision. BaFin's notice calls USDe "an asset-referenced token". The company applied for authorisation in July 2024 and withdrew the application on 3 April 2025. BaFin imposed a coercive fine of EUR 600,000 on 4 April 2025. On 14 April it ordered the business wound up. BaFin required Ethena GmbH to redeem its USDe under a plan agreed with BaFin, and the redemption window closed on 6 August 2025. BaFin stated in April 2025 that trading in USDe on the secondary market was no longer permissible in the European Union. The company lodged an objection on 22 April 2025, and BaFin described its measures as immediately enforceable but not yet final.
British Virgin Islands: Ethena (BVI) Limited
The USDe terms are governed by British Virgin Islands law.
Sources: BaFin: Ethena GmbH, BaFin orders winding-up of business in USDe tokens that required authorisation (15 April 2025, modified 24 May 2025), Ethena documentation, full text (USDe Terms and Conditions, Terms of Service), BaFin: Ethena GmbH, BaFin initiates redemption process for USDe tokens (25 June 2025)
Ethena issues two stablecoins on the map and puts its brand on a third.
Sources: Ethena documentation, full text (sUSDe, USDtb, USDe Terms and Conditions), Ethena documentation: Ethena overview
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
