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
#34 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #76 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded
Lista DAO is one of the largest DeFi protocols on BNB Chain, spanning liquid staking, lending and real-world assets, with deployments on both BNB Chain and Ethereum. Its liquid staking token, slisBNB, is the largest BNB LST, and Lista Lending holds over $1B in TVL across collateral ranging from crypto majors to tokenized stocks and gold.
lisUSD is the protocol's over-collateralized, USD-pegged stablecoin. Users mint and borrow lisUSD against collateral within Lista Lending, where the protocol's borrowing products, including the original CDP system, have been unified into a single lending experience.
A Price Stability Module (PSM) supports the peg by letting users swap USDT or USDC for lisUSD at 1:1, so part of the supply traces to other major stablecoins.
lisUSD was previously known as HAY, and was renamed following the merger of Helio Protocol and Synclub that formed Lista DAO. The project received a $10M investment from Binance Labs, and LISTA token holders govern the protocol through Snapshot.
Sources: Lista DAO website (TVL, products, chains; text supplied by Lista DAO, 2026-10-20), Lista DAO documentation, Lista DAO docs: LISTA token, Lista DAO docs: Price Stability Module, Lista DAO docs: Collateral Debt Position (Helio-era CDP, being wound down), Lista DAO blog: A new chapter, introducing Lista DAO (30 November 2023, archived)
lisUSD is Lista DAO's only stablecoin.
lisUSD's supply, counted once across its chains.
Supply of every coin Lista DAO 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.
$76.6M
Read on 1 chain, in the total
BSC100%$76.6MIn DIA's latest read, lisUSD sits 34 bps below its USD peg. lisUSD's typical daily move over the last 90 days was 9.5 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.
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 |
|---|---|---|---|
 lisUSDUSD | −34 bps (−0.34%) | 9.5 bps | −66 bps (−0.66%) |
$58.5M supplied to 6 lending markets on 2 protocols. That is 76.3% 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 Lista DAO 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 Lista DAO 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: 99% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$58.5M
supplied to 6 lending markets on 2 protocols
69%
Borrowed
share of supplied stablecoins now on loan
2.52%
Average supply APY
weighted by the balance in each market
99%$58.1MBSClisUSD / slisBNB$26.3M2.34%73%BSClisUSD / slisBNB$23.3M3.42%86%BSClisUSD / WBNB$7.2M<0.01%<1%BSClisUSD / BTCB$1.3M3.84%91%BSClisUSD / wBETH$4K4.15%91%1%$356KBSClisUSD$356K24%BSCin 6 lending markets100%$58.5MEach 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.
76.3%
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.
The backing is on-chain collateral, and the documentation says lisUSD is generated, backed and kept stable through assets deposited into CeVault, the Lista collateral vault.
What is published
The docs name the eight classic collateral assets. They name the PSM, which holds USDT and USDC against minted lisUSD. The 2022 audits covered the original CDP contracts. Later audits cover other Lista components such as lending, vaults and oracle adaptors.
The docs also describe a Lista Lending Risk Fund, held in multi-signature wallets. It is funded by half of the 10% management fee on Lista's self-operated vaults. It covers losses in Lista-created vaults only.
Sources: Lista DAO docs: lisUSD, Lista DAO docs: audit reports, Lista DAO docs: Lista Lending Risk Fund, Lista DAO docs: classic collateral options
Lista DAO issues one stablecoin on the map, lisUSD. It is pegged to the US dollar and exists on BNB Chain.
The documentation describes lisUSD as a collateral-backed stablecoin that is soft-pegged to the dollar. Users mint and borrow lisUSD against collateral within Lista Lending. Lista DAO says its borrowing products, including the original CDP system, have been unified into Lista Lending. The CDP docs list eight classic collateral options: BNB, ETH, slisBNB, wBETH, BTCB, FDUSD, wstETH and USDT.
A second route exists through the Price Stability Module. It mints lisUSD against USDT or USDC at 1:1 with a 0% mint fee. The page states a launch cap of 5 million lisUSD on minting. It also states a 2% redemption fee and a 500,000 lisUSD daily redemption limit.
Sources: Lista DAO (Lending and the unified CDP; statement supplied by Lista DAO, 2026-10-20), Lista DAO docs: lisUSD, Lista DAO docs: classic collateral options, Lista DAO docs: Price Stability Module, Lista DAO docs: Collateral Debt Position (being wound down)
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
