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 3 stablecoins combined
Share of total stablecoin supply
#4 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #6 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded / domicile
US · New York
Regulated issuer of record for USDP, PayPal's PYUSD, the Global Dollar USDG (Singapore) and the redemption-only euro coin EUROe (Finland); it wound down its yield-bearing USDL (MENA) in 2025.
What sets Paxos apart
Paxos issues stablecoins under other companies' brands as well as its own. PayPal's PYUSD and the Global Dollar Network's USDG both come out of Paxos entities.
The issuing entities
Paxos Trust Company, N.A. issues PYUSD and USDP. Paxos says it completed the conversion of its New York (NYDFS) limited purpose trust charter to a national trust charter overseen by the OCC on 12 December 2025, the day the OCC announced conditional approval. Paxos Digital Singapore Pte. Ltd. issues USDG. Paxos describes that entity as a Major Payments Institution supervised by the Monetary Authority of Singapore.
Business and ownership
Paxos was established in 2012. Charles Cascarilla is CEO and co-founder. The company lists funding of more than $500M and an independent board of directors. Paxos names Oak HC/FT, Declaration Partners, Founders Fund and PayPal Ventures among its investors. Besides stablecoin issuance, Paxos runs crypto brokerage, custody and wallets, and the itBit trading platform. It also issues the gold token PAXG.
Sources: Paxos blog, OCC charter and stablecoins (4 August 2026), Paxos, About us (company page), Paxos newsroom, OCC approves conversion to national trust charter (12 Dec 2025), Paxos docs, USDG overview
All 3 stablecoins Paxos issues, largest first.
Summed across all 3 stablecoins Paxos issues, each dollar counted once. USDG is 50.8% of the total. Over 30 days, DeFiLlama's circulating supply of these stablecoins changed -5.5%, against -3.1% for all stablecoins on the map.
Supply of every coin Paxos 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.
$5.8B
Read on 10 chains, all in the total
Ethereum39%$2.2B
Solana23%$1.3B
X Layer21%$1.2B
Robinhood Chain11%$653.8M
Arbitrum5%$276.4M
Ink1%$64.8M
Flow1%$33.8M
Stellar<1%$18.0M
Polygon<1%$10.4M
Mantle<1%$501.0KIn DIA's latest read, all 3 stablecoins Paxos issues sit within 24 bps of their peg. USDG's typical daily move over the last 90 days was 1.3 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.
$2.3B supplied to 88 lending markets on 12 protocols, summed across all 3 stablecoins Paxos issues. That is 40.0% 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 Paxos 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. Maple's institutional credit pools are counted. Their supply rates and loans outstanding come from Maple's own API. 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 Paxos 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: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$2.30B
supplied to 88 lending markets on 12 protocols, from 3 of Paxos's 3 coins
87%
Borrowed
share of supplied stablecoins now on loan
4.05%
Average supply APY
weighted by the balance in each market
54%$1.24BRobinhood ChainUSDG / USDe$345.1M4.07%90%EthereumPYUSD / PRIME$206.3M4.12%84%ArbitrumUSDG / syrupUSDG$140.0M3.11%90%EthereumPYUSD / sUSDe$114.9M3.66%88%EthereumPYUSD / kBTC$110.8M3.46%87%Robinhood ChainUSDG / syrupUSDG$103.0M4.09%90%EthereumPYUSD / PST$71.4M6.74%90%EthereumPYUSD / syrupUSDC$67.8M3.90%88%Robinhood ChainUSDG / mGLO$26.6M4.98%91%Robinhood ChainUSDG / mGLO$21.8M4.95%90%EthereumPYUSD / weETH$14.5M5.42%90%Robinhood ChainUSDG / spUSDG$11.0M3.19%90%EthereumPYUSD / mWINNo withdrawable balance$3.2M14.03%100%EthereumPYUSD / cbBTC$1.7M3.77%90%Robinhood ChainUSDG / wsNET$1.4M26.67%76%EthereumPYUSD / WBTC$1.2M3.96%90%Robinhood ChainUSDG / NVDA$688K26.57%91%Robinhood ChainUSDG / SPCX$580K25.58%91%Robinhood ChainUSDG / GOOGL$300K19.06%88%Robinhood ChainUSDG / AAPL$239K17.78%84%EthereumPYUSD / PAXG$164K5.84%90%EthereumPYUSD / wstETH$151K5.95%90%EthereumPYUSD / wstETH$99K35.85%93%Robinhood ChainUSDG / NVDA$64K1.22%90%EthereumPYUSD$56KEthereumPYUSD / WBTC$42K5.62%89%Robinhood ChainUSDG / GOOGL$25K0.91%90%Robinhood ChainUSDG / GOOGLNo withdrawable balance$19K12.55%100%Robinhood ChainUSDG / WETHNo withdrawable balance$18K0.45%100%Robinhood ChainUSDG / METANo withdrawable balance$17K3.61%100%Robinhood ChainUSDG / PONSNo withdrawable balance$16K5.50%100%Robinhood ChainUSDG / AI$13K13.65%91%Robinhood ChainUSDG / pSPY-DEC27$10KRobinhood ChainUSDG / SPYNo withdrawable balance$8K0.45%100%Robinhood ChainUSDG / PONS$8K13.83%92%Robinhood ChainUSDG / NVDA$7K<0.01%11%Robinhood ChainUSDG / bNVDA$7K<0.01%12%Robinhood ChainUSDG / TSLA$7K<0.01%<1%Robinhood ChainUSDG / bSPCX$6KRobinhood ChainUSDG / STEERUV417$5K1000.00%97%Robinhood ChainUSDG / PONS$4KRobinhood ChainUSDG / VMAG$2KRobinhood ChainUSDG / AI$2K<0.01%5%Robinhood ChainUSDG / wsNET$2K<0.01%12%Robinhood ChainUSDG / bTSLA$1KRobinhood ChainUSDG / TSLA$1K1.04%90%EthereumPYUSD / LBTC$1K6.20%90%Robinhood ChainUSDG / CASHCAT$1K13.69%91%Robinhood ChainUSDG / SPCX$1K1.03%51%Robinhood ChainUSDG / Index$1K0.01%4%14%$321.3MEthereumUSDG$321.3M4.81%93%
11%$256.0MSolanaPYUSD$251.3M3.85%96%SolanaUSDG$2.5M5.96%93%SolanaUSDGNo withdrawable balance$2.2M4.32%100%10%$234.2MSolanaUSDG$45.7M4.19%89%SolanaPYUSD$42.8M2.82%87%SolanaPYUSD$30.5M5.17%88%SolanaPYUSD$26.0M3.65%84%SolanaPYUSD$20.5M4.02%89%SolanaUSDG$20.3M8.20%96%SolanaUSDGNo withdrawable balance$15.0M6.28%100%SolanaPYUSD$12.0M0.19%23%SolanaUSDG$7.8M4.19%93%SolanaPYUSD$4.7M4.66%87%SolanaPYUSD$3.9M5.67%94%SolanaUSDG$2.2M3.39%87%SolanaPYUSD$1.2M6.58%97%SolanaUSDG$543K4.18%92%SolanaUSDG$497K4.09%92%SolanaUSDG$410K4.19%88%SolanaUSDGNo withdrawable balance$78K9.01%100%SolanaUSDG$62K1.49%62%SolanaUSDG$56K4.18%82%SolanaUSDG$53K9.63%81%SolanaPYUSD$16K0.03%4%SolanaUSDG$10K6.20%85%6%$129.1MEthereumUSDG$75.0M3.74%90%EthereumUSDG$54.1M3.14%83%4%$99.9MEthereumPYUSD$99.9M0.80%22%
Solana1%$14.5MEthereumPYUSD$7.1M7.26%91%EthereumUSDG$3.0M2.56%71%ArbitrumUSDG$2.5MInkUSDG$1.2M1.67%28%EthereumPYUSD$284K2.43%78%EthereumUSDP$204K<0.01%26%SolanaPYUSD$94K7.02%94%EthereumUSDP$35K<1%SolanaUSDG$32K13.76%97%Ethereumin 24 lending markets50%$1.15BRobinhood Chainin 34 lending markets22%$510.9MSolanain 27 lending markets21%$490.4MArbitrumin 2 lending markets6%$142.5MInkin 1 lending market<1%$1.2MEach 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.
40.0%
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%)
EEA electronic money or credit institution authorised to issue an e-money token under MiCA.
Licences: FIN-FSA e-money institution (Paxos Issuance Europe Oy)
Federally chartered national trust bank supervised by the OCC.
Licences: OCC national trust bank charter
Licensed by the Monetary Authority of Singapore as a Major Payment Institution.
Regulator: Monetary Authority of Singapore
Licences: MAS
Authorised by the Abu Dhabi Global Market Financial Services Regulatory Authority.
Licences: ADGM FSRA
Attestations
Paxos publishes monthly attestation reports for all three stablecoins. KPMG LLP issues them. For PYUSD and USDP, KPMG replaced WithumSmith+Brown for reports posted on or after 28 February 2025, under AICPA attestation standards. For USDG, KPMG replaced Enrome LLP for reports posted on or after 27 February 2026, under standards of the Institute of Singapore Chartered Accountants. Each transparency page lists attestations through August 2026.
Self-reported composition
Paxos has also published self-reported portfolio composition, which it states has not been subjected to independent review. The PYUSD self-report list ends with February 2025. For USDP, Paxos says it no longer proactively provides monthly reserve reports, and the USDP self-report list ends in 2024.
What the pages show and leave out
Paxos says USDP reserves are held 100% in cash and cash equivalents, and its docs say USDG reserve assets sit in segregated accounts. The transparency pages list the monthly reports but show no reserve totals or composition on the page itself.
Sources: Paxos, PYUSD transparency page, Paxos, USDP transparency page, Paxos, USDG transparency page, Paxos docs, USDG overview, Paxos docs, USDP overview, Paxos, USDP product page
Sources: OCC news release 2025-125 (12 Dec 2025), Paxos newsroom, OCC conversion update (12 Dec 2025), Paxos docs, USDG overview, Paxos blog, OCC charter and stablecoins (4 August 2026), Paxos, About us (company page), Paxos: USDG attestation report, August 2026 (PDS MPI licence date)
All three are pegged to the US dollar.
Paxos says USDG and USDP are redeemable from Paxos one-to-one for US dollars.
Sources: Paxos, PYUSD transparency page, Paxos newsroom, Introducing Global Dollar Network (Nov 2024), Paxos docs, USDP overview, Paxos, USDP transparency page
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
