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
#31 of 99 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #25 of 99 issuers
Founded
Inverse Finance is a DAO that issues DOLA, a debt-backed USD-pegged decentralized stablecoin created through overcollateralized borrowing on its FiRM fixed-rate lending market and a Peg Stability Module.
Inverse Finance is a decentralized autonomous organization. It has no central company that issues its stablecoin. The docs describe a DAO that develops and manages DOLA, a debt-backed stablecoin, and FiRM, a fixed-rate lending market. Nour Haridy established it in late 2020, according to the docs.
What sets it apart
Inverse Finance issues a stablecoin from a lending market. Borrowers who lock collateral in FiRM generate most of the supply of DOLA. A Peg Stability Module adds a second path. There is no fiat reserve held by a corporate issuer.
Who decides
The INV token governs the protocol. The docs say INV holders control all protocol decisions, including risk parameters and treasury allocation. Staking INV gives voting rights and other rewards.
Sources: Inverse Finance documentation, overview, Inverse Finance website
DOLA is Inverse Finance's only stablecoin.
DOLA's supply, counted once across its chains.
Supply of every coin Inverse 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.
$112.6M
Read on 5 chains, all in the total
Ethereum96%$108.4M
Arbitrum2%$1.9M
BSC2%$1.8M
Base<1%$413.9K
Optimism<1%$109.6KDOLA's typical daily move over the last 90 days was 5.3 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 |
|---|---|---|---|
 DOLAUSD | 5.3 bps | −101 bps (−1.01%) | Continuous proof of reserves |
Lending-market supply of Inverse Finance's stablecoin. Yield pools live on the stablecoin's own page.
No lending market read yet.
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 the issuer publishes
Inverse Finance publishes no attestation and no audit of reserves from an accounting firm. The docs say each DOLA is backed either by collateral that borrowers lock in FiRM markets or by reserve assets held in the Peg Stability Module. The module accepts USDS and deposits its reserves into sUSDS. The docs also state that a small portion of DOLA's backing is unsecured because of bad debt from the April 2022 Frontier exploit.
The issuer lists a transparency page. Its section labels include DOLA Backing Sources, DOLA and Feds, Feds Policy and Income, Borrows by Market, Collateral on FiRM and Treasury. The backing sources chart separates collateral on FiRM from a combined LP, PSM and other share.
Sources: Inverse Finance transparency page, Inverse Finance docs, DOLA, Inverse Finance website, Inverse Finance docs, DOLA peg mechanism
Inverse Finance issues one stablecoin on the map: DOLA, pegged to the US dollar. The map lists it on Ethereum, Arbitrum, BNB Chain, Base and Optimism.
The docs name two ways DOLA is created. In the first, the FiRM Fed pre-mints DOLA up to limits set by governance, and borrowers draw it against collateral in FiRM. In the second, the Peg Stability Module accepts USDS at 1:1 and mints an equal amount of DOLA. Minting through the module is free. Redemption carries a 20 basis point fee.
A "Fed" is a contract that governance authorizes to mint or burn DOLA. The docs list three: FiRM Fed, PSM Fed and Frontier Fed. The docs call Frontier Fed a legacy Fed that is winding down.
The docs also list sDOLA, a yield-bearing wrapper. It is a separate token from DOLA.
Sources: Inverse Finance docs, DOLA, Inverse Finance documentation, 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
