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
All 2 stablecoins combined
Share of total stablecoin supply
#38 of 98 issuers by supply
Stablecoins minted
median issuer: 1
Chains
read onchain, #21 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded
Decentralized borrowing protocol issuing the ETH-backed LUSD (v1) and BOLD (v2) stablecoins.
Who built it
Liquity is a borrowing protocol built by Liquity AG, a company based in Zurich, Switzerland. Users lock ETH or staked ETH in the protocol and mint a stablecoin against it. Liquity AG built both versions: V1 launched on 5 April 2021, and the current V2 deployment went live on 19 May 2025. At the V1 launch, 6.1% of the LQTY token supply went to a Liquity AG endowment.
What sets it apart
The contracts are immutable and have no admin keys. Liquity states that no governance or admins can modify BOLD. V1 has no governance at all. V2 has a minimal form: it only distributes protocol incentives and directs 25% of protocol revenue to external initiatives.
Borrowers in V2 set their own interest rate. Third parties run the web frontends. Liquity AG says on its site that it did not conduct due diligence on those operators.
The protocol has two stablecoins, LUSD and BOLD. Combined supply is about $64M.
Sources: Liquity website terms and footer (Liquity AG, Dufourstrasse 43, 8008 Zurich, Switzerland), Liquity homepage, Liquity V2 is live (Liquity blog), Liquity launch details (Liquity blog), Liquity V2 general FAQ, Liquity V1 general FAQ, Etherscan, LUSD token contract, Etherscan, BOLD token contract, Liquity Protocol Disclaimer, Liquity blog, Stability Pool issue
Both stablecoins Liquity mints, largest first.
Summed across both stablecoins of the Liquity protocol, each dollar counted once. BOLD is 60.4% of the total. Over 30 days, DeFiLlama's circulating supply of these stablecoins changed -5.0%, against -3.2% for all stablecoins on the map.
Supply of every coin of the Liquity protocol, 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.
$61.1M
Read on 6 chains, all in the total
Ethereum99.7%$60.9M
Arbitrum<1%$76.3K
Optimism<1%$72.6K
Base<1%$19.2K
Avalanche<1%$2.0K
Hyperliquid L1<1%$1.0KIn DIA's latest read, both stablecoins of the Liquity protocol sit within 242 bps of their peg. BOLD's typical daily move over the last 90 days was 25 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.
Reserve ratio is collateral read on chain, over the liability it backs. A fully reserved stablecoin sits at 1.00x; overcollateralised protocols sit well above it. A stablecoin with no ratio shown is one DIA does not measure yet.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
$2.0M supplied to 3 lending markets on 2 protocols, summed across both stablecoins of the Liquity protocol. That is 3.3% of their onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on each stablecoin's own page.
Lower bound: the balance of every Liquity 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 of the Liquity protocol, 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: 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$2.0M
supplied to 3 lending markets on 2 protocols, from 1 of Liquity's 2 coins
28%
Borrowed
share of supplied stablecoins now on loan
99.7%$2.0MEthereumLUSD$1.9M25%ArbitrumLUSDNo withdrawable balance$68K100%<1%$6KEthereumLUSD$6K<0.01%8%Ethereumin 2 lending markets97%$1.9MArbitrumin 1 lending market3%$68KEach 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.
3.3%
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%)
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
Backing is on-chain collateral held in the protocol's contracts. Anyone can check it on a block explorer.
V1 requires a 110% minimum collateral ratio against ETH. In V2, the maximum loan-to-value is 90.91% for ETH and 83.33% for wstETH and rETH. A V2 collateral branch enters Safety Mode below a 150% total collateral ratio for ETH and 160% for staked-ETH branches. It shuts down below 110% for ETH and 120% for staked-ETH branches.
BOLD can be redeemed for collateral at face value. Liquity names collateral price oracles as the protocol's sole external dependency. Its homepage lists ChainSecurity, Dedaub, Chaos Labs, Hats Finance, Certora, Coinspect and Recon under "Audited and secured by".
What the audits cover
Liquity's technical docs list smart contract audits and a formal verification for V2, plus a Chaos Labs mechanism design review.
Sources: Liquity homepage, Liquity V2 borrowing and liquidations (Liquity docs), Liquity V2 redemptions and delegation (Liquity docs), Liquity V1 general FAQ (Liquity docs), Liquity Docs V2, Technical Docs and Audits
The Liquity protocol has two versions, and each mints its own USD-pegged stablecoin. Both are minted against on-chain collateral.
Liquity says V1 stays in operation next to V2, and positions Liquity V1 as the option for users who want pure ETH backing.
Sources: Liquity homepage, Liquity V1 general FAQ (Liquity docs), Liquity V2 is live (Liquity blog), Liquity launch details (Liquity blog), Liquity blog, Stability Pool issue
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
