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
#67 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #61 of 98 issuers
Founded / domicile
StandX is a decentralized perpetual futures exchange whose core asset is DUSD, a yield-bearing synthetic dollar that maintains its peg through delta-neutral hedging of spot collateral such as ETH, BNB and SOL and distributes yield from staking rewards and funding fees.
The StandX site describes the product as "Universal Markets. Universal Yield."
Its documentation says the protocol keeps the price stable by opening short perpetual futures positions against the spot collateral it holds, so the collateral's price moves cancel out.
DUSD runs on Solana and BNB Chain. Supply is about $55M.
The terms and conditions name the DUSD issuer: StandX Issuer Ltd, a company limited by shares incorporated in the British Virgin Islands, company number 2163662, with its registered office at 1st Floor, Irvine's Place, 159 Main Street, Road Town, Tortola, British Virgin Islands. StandX launched on mainnet on 24 November 2025. The About page says the core team is made up of members from the Binance Futures founding team and Goldman Sachs.
Sources: StandX website, StandX docs: DUSD solutions, StandX docs: User Terms and Conditions, StandX docs: About StandX, StandX docs: Historical Events, Solana mainnet RPC: DUSD token supply, BSC public RPC: DUSD total supply
DUSD is StandX's only stablecoin.
DUSD's supply, counted once across its chains.
Supply of every coin StandX 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.
$8.3M
Read on 2 chains, all in the total
BSC89%$7.5M
Solana11%$879.3KIn DIA's latest read, DUSD sits 37 bps below its USD peg. DUSD's typical daily move over the last 90 days was 24 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 |
|---|---|---|---|
| −37 bps (−0.37%) | 24 bps | −225 bps (−2.25%) |
Lending-market supply of StandX's stablecoin. Yield pools live on the stablecoin's own page.
No lending market read yet.
What StandX publishes
The documentation describes the backing mechanism in prose. Collateral such as ETH, BNB and SOL is stored at a set of StandX custodian addresses. A multisig Reserve Fund moves assets between on-chain contracts and centralized exchanges, where the short positions sit. A stability reserve activates when funding rates turn negative and staking rewards do not cover costs, so yield payouts continue.
The documentation also says audits of the smart contracts are conducted regularly across supported chains. The docs say hedging uses only the natural leverage exchanges provide through their standard collateral valuation.
StandX issues one stablecoin on the map: DUSD. It is pegged to the US dollar and deployed on Solana and BNB Chain.
Users mint DUSD by depositing USDT or USDC; the protocol converts the deposit into spot assets such as ETH, BNB or SOL and opens matching short perpetual futures positions to offset price moves. The map classes the backing as delta-neutral crypto collateral.
DUSD is also yield-bearing. The documentation says yield comes from staking rewards on the collateral and from funding fees on the short positions. Rewards are allocated by each user's DUSD holdings and distributed in 7-day cycles. Redemption into USDT or USDC follows a 7-day lock period.
Sources: StandX docs: DUSD solutions, StandX docs: Minting DUSD, StandX docs: Redeeming DUSD
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
