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
#33 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #61 of 98 issuers
Share of supply in lending
lower bound; below the median issuer (3.3%)
Founded
f(x) Protocol is an Ethereum DeFi protocol built by Aladdin DAO that issues fxUSD, an overcollateralized USD-pegged stablecoin backed by staked-ETH and WBTC collateral, alongside leveraged ETH and BTC position products.
Who issues it
f(x) Protocol is an Ethereum DeFi protocol built by Aladdin DAO. Aladdin DAO describes itself as a decentralized builder and incubator of DeFi protocols. Its other products are Concentrator and Clever. The docs place the release of f(x) Protocol V1 in August 2023.
No legal entity issues fxUSD. FXN holders lock FXN into veFXN to vote on how FXN emissions are split across gauges, and the docs say 75% of the fees the treasury captures go to veFXN holders. Locks run for up to four years. A Gnosis Safe multisig with a threshold of 6 signatures processes the protocol's technical and treasury operations, behind a 3-day timelock.
What sets it apart
f(x) pairs fxUSD with leveraged positions. Per the f(x) docs, fxUSD is minted and redeemed in response to demand for xPOSITION, a leveraged position product with up to 7x leverage. The stablecoin and the leverage product draw on the same collateral.
Sources: Aladdin DAO documentation home, f(x) Protocol docs, Abstract, f(x) Protocol docs, Protocol Revenue & Distribution, f(x) Protocol docs, veFXN, f(x) Protocol docs, Core Products of f(x) Protocol, f(x) Protocol docs, The f(x) Invariant, AladdinDAO VotingEscrow contract (lock duration), f(x) Protocol Terms of Use, f(x) Protocol docs, Multisig, f(x) Protocol docs, FXN Farming and veFXN Boost
fxUSD is f(x) Protocol's only stablecoin.
fxUSD's supply, counted once across its chains.
Supply of every coin f(x) Protocol 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.
$78.4M
Read on 2 chains, all in the total
Ethereum99.9%$78.3M
Base<1%$39.7KIn DIA's latest read, fxUSD sits 3 bps below its USD peg. fxUSD's typical daily move over the last 90 days was 4.2 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 |
|---|---|---|---|---|
 fxUSDUSD | −3 bps (−0.03%) | 4.2 bps | +702 bps (+7.02%) | None identified |
$8.1K supplied to 1 lending market on 1 protocol. That is <0.1% of its onchain supply; the median across 43 issuers in lending markets is 3.3%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every f(x) Protocol 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 f(x) Protocol 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.
$8K
supplied to 1 lending market on 1 protocol
100%$8KEthereumfxUSD$8KEthereumin 1 lending market100%$8KEach 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 43 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 43.
<0.1%
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.
Below the median issuer (3.3%)
A protocol or DAO with no issuing legal entity, where the absence of a licence is the design rather than a gap in our records.
What is published
fxUSD is backed onchain, so the issuer publishes documentation and contract state, not attestations. The current docs say the protocol "only uses wstETH and WBTC as collateral" and describe fxUSD as fully collateralized. The f(x) app shows the stETH and WBTC held by the protocol.
If fxUSD trades below its peg, anyone can redeem it for $1 worth of wstETH or WBTC at a 0.5% fee. The risk parameters, including that fee, are adjustable by governance.
The f(x) reports in Aladdin DAO's audit repository on GitHub come from SECBIT and Trail of Bits. Trail of Bits entries cover the f(x) protocol and its oracle in 2024. The docs also list an OpenZeppelin review of f(x) Protocol V2.
Sources: f(x) Protocol docs, fxMINT, f(x) Protocol docs, Core Products of f(x) Protocol, f(x) Protocol docs, Advanced Peg Protection Mechanisms, f(x) Protocol docs, Risk parameters, f(x) Protocol app, AladdinDAO audit reports repository, f(x) Protocol docs, Audit Reports
f(x) Protocol issues one stablecoin on the map: fxUSD. It is pegged to the US dollar and deployed on Ethereum and Base.
fxUSD is a crypto-backed stablecoin. Holders have no claim on a company. Redemption runs through the protocol contracts. The current docs say fxUSD is backed by wstETH and WBTC collateral.
The docs list older version 1.0 stablecoins, among them rUSD, btcUSD and cvxUSD. Those are not on the map. Version 1.0 accepted ETH, BTC, CVX and their derivatives as base collateral.
Sources: f(x) Protocol docs, Contracts, f(x) Protocol docs, fxMINT, f(x) 1.0 vs 2.0 comparison, f(x) Protocol Terms of Use, f(x) Protocol docs, Token Breakdown
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
