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 99 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #45 of 99 issuers
Founded / domicile
VG · New York
Tokenizes US Treasuries and public stocks onchain; its products include USDY, OUSG and the USDon dollar token used to settle tokenized stock trades.
Ondo is a tokenization company. Its site lists three product lines: tokenized public stocks (Ondo Stocks), the yield-bearing USDY and the institutional OUSG.
Ondo Global Markets (BVI) Limited offers the tokenized stocks and, since 15 December 2025, also issues USDY through the Ondo Stocks platform. Ondo's legal page says it is 90.01% owned by Flux Finance Inc., a wholly owned subsidiary of the Ondo Foundation, and 9.99% owned by Ondo Finance Inc. The same page calls the tokens structured notes issued by a bankruptcy-remote special purpose vehicle in the British Virgin Islands, sold under Regulation S.
Ondo I LP, a Delaware limited partnership, issues OUSG. Ondo Finance Inc., a Delaware corporation, provides tokenization services for it. USDY is offered to non-US persons under a continuous Regulation S offering.
Sources: Ondo Finance home page, Ondo legal and regulatory summary (Ondo Stocks), Ondo OUSG product page, Ondo USDY product page, Ondo Finance docs, USDY Important Notes (issued by Ondo Global Markets (BVI) Limited), Ondo Finance docs, USDY Basics (folded into the Ondo Stocks umbrella on 15 December 2025)
USDon is Ondo's only stablecoin.
USDon's supply, counted once across its chains.
Supply of every coin Ondo 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.
$78.9M
Read on 3 chains, all in the total
BSC48%$37.8M
Ethereum38%$30.3M
Solana14%$10.9MIn DIA's latest read, USDon sits at its USD peg. USDon's typical daily move over the last 90 days was 0.0 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.
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 |
|---|---|---|---|
| 0 bps (0.00%) | 0.0 bps | 0 bps (0.00%) |
Offered under a Regulation S exemption from SEC registration. Deliberately a separate code from us-sec-registered: an exemption from registration is not registration, and collapsing the two would state the opposite of the fact.
What Ondo publishes
For Ondo Stocks, Ondo says Ankura Trust Company verifies holdings daily and confirms that assets exist and match investor liabilities. Those attestations have been viewable online since 1 October 2025. Ondo also lists daily holdings and net asset value, a monthly reconciliation by the 20th of the following month, and annual audits by an independent audit firm. Holdings sit with US-registered custodial broker-dealers.
For USDY, Ondo's page shows $2.30B in assets against $2.06B of USDY outstanding, a 126.51% collateralization ratio, as of 30 September 2026. It names StoneX, Ankura Trust and First Citizens Bank alongside the holdings data and links daily and monthly attestation reports.
Sources: Ondo Stocks trust and transparency, Ondo USDY product page
The map tracks one Ondo token as a stablecoin: USDon, a dollar token on Ethereum, BNB Chain and Solana. The map lists its backing as cash at an Ondo Stocks brokerage account and its peg as the US dollar.
Ondo's other two tokens differ in kind. USDY is a yield-bearing note offered to non-US persons. OUSG is a fund interest limited to qualified purchasers. Neither is a payment stablecoin, and the map does not count either as one.
Sources: Ondo Finance home page, Ondo Stocks overview (documentation), Ondo OUSG product page, Ondo USDY product page, Ondo Finance docs, Available Assets (What is USDon?), Ondo Finance docs, Smart Contract Addresses, Ondo Finance docs: Trust and security
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
