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. At least this much: 35 of 36 chains read
Share of total stablecoin supply
#1 of 98 issuers by supply
Share of non-USD stablecoin supply
of 74 non-USD stablecoins on the map
Stablecoins issued
median issuer: 1
Chains
read onchain, #2 of 98 issuers; 36 with material supply
Share of supply in lending
lower bound; below the median issuer (3.3%)
Founded / domicile
SV · San Salvador
Issuer of USDT, the largest stablecoin, and the Mexican peso token MXNT; ended euro (EURT) redemptions on 27 November 2025 and stopped issuing offshore-yuan CNHT on 20 February 2026; brand sponsor of the US-regulated USAT, which Anchorage Digital Bank issues.
Tether's issuing company, Tether International, S.A. de C.V., redomiciled from the British Virgin Islands to El Salvador and was entered on the CNAD register of stablecoin issuers as EME-0003 on 19 May 2025. Tether's US-market stablecoin, USAT, sits outside that registration: Anchorage Digital Bank, N.A. issues it from a federally chartered US bank.
Tether states that it typically publishes information about tokens in circulation daily.
Sources: Tether transparency page, Tether, Tether legal terms (issuing entity, redomiciliation from the BVI, El Salvador authorisation), CNAD El Salvador, register of stablecoin issuers (Tether International S.A. de C.V., EME-0003, 19/5/2025), Anchorage Digital: Anchorage Digital and Tether introduce USA₮, Tether transparency data feed (tokens in circulation, total liabilities)
Both stablecoins Tether issues, largest first.
| Coin | Peg | Backing | Onchain supply | Chains | Share |
|---|---|---|---|---|---|
 USDTTether USD | USD | Cash & money-market | 179.3B USDT |      TON, Aptos, Omni, Arbitrum, Polygon, Plasma, Near, Celo, Mantle, Kaia, Optimism, Kava, Tezos, X Layer, Polkadot, Hyperliquid L1, Ink, Monad, Berachain, Flare, Conflux, Stable, Tempo, Unichain, Morph, MegaETH, Rootstock, Manta, Sei, Etherlink | 100.0% |
| MXN | Cash & money-market | 20.0M MXNT |  | <1% |
Summed across both stablecoins Tether issues, each dollar counted once. Over 30 days, DeFiLlama's circulating supply of these stablecoins changed -2.6%, against -3.1% for all stablecoins on the map.
Supply of every coin Tether 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.
US$179.1B
Read on 35 chains, all in the total
Tron52%US$92.3B
Ethereum39%US$70.3B
BSC5%US$9.2B
Solana1%US$2.4B
Arbitrum<1%US$819.4M
Polygon<1%US$720.2M
Plasma<1%US$717.0M
TON<1%US$500.1M
Mantle<1%US$427.9M
Avalanche<1%US$318.9M
Aptos<1%US$316.3M
Optimism<1%US$200.6M
Kaia<1%US$168.8M
X Layer<1%US$139.2M
Omni<1%US$112.2M
Celo<1%US$83.8M
Hyperliquid L1<1%US$61.7M
Ink<1%US$45.8M
Monad<1%US$39.0M
Polkadot<1%US$36.9M
Near<1%US$36.9M
Kava<1%US$28.0M
Tezos<1%US$27.2M
Berachain<1%US$23.5M
Flare<1%US$21.9M
Conflux<1%US$20.1M
Stable<1%US$18.8M
Tempo<1%US$10.9M
Unichain<1%US$8.6M
Morph<1%US$6.2M
MegaETH<1%US$2.7M
Rootstock<1%US$2.5M
Manta<1%US$2.0M
Sei<1%US$1.4M
Etherlink<1%US$563.1KIn DIA's latest read, USDT sits 13 bps below its USD peg. USDT's typical daily move over the last 90 days was 3.6 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.
MXNT is priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That widens the 90-day and largest figures, so they are not comparable with the USD stablecoins' figures.
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.
US$5.7B supplied to 153 lending markets on 28 protocols, summed across both stablecoins Tether issues. That is 3.0% of their onchain supply; the median across 43 issuers in lending markets is 3.3%. Yield pools live on each stablecoin's own page.
Lower bound: the balance of every Tether 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 Tether 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 US$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.
US$5.72B
supplied to 153 lending markets on 28 protocols, from 1 of Tether's 2 coins
90%
Borrowed
share of supplied stablecoins now on loan
13.61%
Average supply APY
weighted by the balance in each market
Ethereum, Ink, Mantle, Monad, Optimism, Plasma, Polygon65%US$3.72BEthereumUSDTUS$2.60B3.80%93%PlasmaUSDT0US$726.7M4.06%94%MantleUSDT0US$150.3M3.80%91%MonadUSDT0US$64.2M4.05%90%BSCUSDTUS$62.6M3.23%84%ArbitrumUSD₮0US$44.1M3.53%88%PolygonUSDT0US$31.1M3.77%70%AvalancheUSDtUS$24.4M5.93%92%InkUSD₮0US$11.4M6.15%93%OptimismUSDTUS$3.8M4.36%91%
Monad, Polygon, Stable, Unichain7%US$414.5MEthereumUSDT / wstETHUS$129.9M3.00%82%EthereumUSDT / WBTCUS$105.8M3.00%82%EthereumUSDT / sUSDSUS$59.3M2.84%90%EthereumUSDT / PT-reUSD-10DEC2026US$18.0M6.72%86%StableUSDT0 / sthUSDUS$16.4M7.75%90%EthereumUSDT / PT-USDat-14JAN2027US$13.2M3.48%69%EthereumUSDT / cbBTCUS$10.6M3.00%82%EthereumUSDT / PT-USD3-17DEC2026US$10.5M6.29%96%EthereumUSDT / sUSDaiUS$8.1M5.52%90%EthereumUSDT / WBTCUS$6.2M3.00%82%EthereumUSDT / sUSDSUS$5.7M3.00%82%Hyperliquid L1USD₮0 / kHYPEUS$5.3M7.88%90%Hyperliquid L1USD₮0 / WHYPEUS$4.4M7.87%90%EthereumUSDT / v-wmtUSDTUS$3.5M7.08%90%EthereumUSDT / XAUtUS$3.2M3.59%80%EthereumUSDT / wstETHUS$3.0M3.00%82%EthereumUSDT / PT-sUSDS-26NOV2026US$1.7M4.15%84%EthereumUSDT / weETHUS$1.4M2.85%80%Hyperliquid L1USD₮0 / UBTCUS$1.2M7.81%90%EthereumUSDT / reUSDUS$1.1M4.15%82%ArbitrumUSDT0 / WBTCUS$1.0M2.82%90%EthereumUSDT / weETHUS$1.0M3.10%83%EthereumUSDT / cbBTCUS$796K3.01%85%EthereumUSDT / PSTUS$662K6.74%93%Hyperliquid L1USD₮0 / kHYPEUS$413K8.08%90%StableUSDT0 / sthUSDUS$372K<0.01%<1%EthereumUSDT / WETHUS$286K3.01%87%EthereumUSDT / stUSDSUS$265K1.65%87%ArbitrumUSDT0 / sUSDSUS$155K2.79%90%Hyperliquid L1USD₮0 / UBTCUS$133K8.09%90%EthereumUSDT / syrupUSDTUS$115K2.58%71%PolygonUSDT0US$108KArbitrumUSDT0 / WETHUS$108K1.71%68%EthereumUSDT / sUSDeUS$85K2.69%77%Hyperliquid L1USD₮0 / WHYPEUS$67K8.09%90%ArbitrumUSDT0 / wstETHUS$66K2.69%89%Hyperliquid L1USD₮0 / wstHYPEUS$50K2.60%82%PolygonUSDT0 / WPOLUS$39K2.15%88%Hyperliquid L1USD₮0 / UETHUS$39K8.09%90%ArbitrumUSDT0 / XAUt0US$34K2.72%90%PolygonUSDT0 / WBTCUS$32K14.56%92%EthereumUSDTUS$31KEthereumUSDT / PT-cUSD-23JUL2026US$21K12.65%88%ArbitrumUSDT0US$20KHyperliquid L1USD₮0 / hbUSDTUS$19K25.71%91%Hyperliquid L1USD₮0 / thBILLUS$18K14.23%86%ArbitrumUSDT0 / weETHUS$16K2.72%90%MonadUSDT0 / XAUt0US$16K24.30%91%UnichainUSDT0US$11KEthereumUSDT / WETHNo withdrawable balanceUS$10K6.64%100%Hyperliquid L1USD₮0US$8KHyperliquid L1USD₮0 / UETHUS$5K12.05%90%Hyperliquid L1USD₮0 / WHYPEUS$5K1.50%78%Hyperliquid L1USD₮0 / hbUSDTUS$3K10.97%75%Hyperliquid L1USD₮0 / hbUSDTUS$3K10.29%82%ArbitrumUSDT0 / syrupUSDCUS$3K0.02%34%Hyperliquid L1USD₮0 / hwHLPUS$3K22.85%66%Hyperliquid L1USD₮0 / wstHYPEUS$2K112.51%67%Hyperliquid L1USD₮0 / WHLPUS$2K20.38%85%Hyperliquid L1USD₮0 / PT-kHYPE-24SEP2026US$2KMonadUSDT0US$2KEthereumUSDT / wstETHUS$1K<1%EthereumUSDT / hsUSDfUS$1K5%US$307.3MEthereumUSDTUS$307.3M3.59%95%5%US$297.7MEthereumUSDTNo withdrawable balanceUS$297.7M4.96%100%4%US$248.0MTronUSDTUS$248.0M1.76%56%Polygon3%US$183.6MEthereumUSDTUS$141.3M6.20%91%ArbitrumUSD₮0US$41.2M4.36%83%BSCUSDTUS$676K1.48%65%PolygonUSDT0US$432K4.14%89%
BSC, Ethereum, Hyperliquid L1, Optimism, Plasma, Polygon, Sei, Solana, TON10%US$545.7MBSCUSDTUS$169.0M4.22%84%EthereumUSDTUS$158.5M4.38%90%AvalancheUSDtUS$55.5M1000.00%55%EthereumUSDTUS$24.1M6.23%93%EthereumUSDTUS$19.4M4.44%90%SolanaUSDTUS$16.3M5.28%91%EthereumUSDTUS$15.1M<1%ArbitrumUSD₮0US$14.7M2.39%66%SolanaUSDTUS$11.7M3.64%83%EthereumUSDTUS$8.9M0.21%15%BSCUSDT / sUSDXNo withdrawable balanceUS$8.2M2.74%100%BSCUSDTNo withdrawable balanceUS$5.5M0.18%100%Hyperliquid L1USD₮0US$4.5M6.25%78%EthereumUSDTUS$4.2M4.39%92%SolanaUSDTUS$4.0M4.84%88%AvalancheUSDtUS$3.5M4.55%85%EthereumUSDTUS$3.4M3.35%82%SolanaUSDTUS$3.1M7.45%95%TONUSDTUS$2.8M3.57%86%SolanaUSDTUS$1.8M4.98%95%BSCUSDT / BTCBUS$1.7M5.50%92%SeiUSD₮0US$1.5M28.00%PolygonUSDT0US$1.3M<0.01%38%OptimismUSDTUS$1.2M8.11%92%BSCUSDT / slisBNBNo withdrawable balanceUS$807K100%BSCUSDT / sUSDeNo withdrawable balanceUS$671K100%PolygonUSDT0US$568K45%PlasmaUSDT0US$471K6.08%74%BSCUSDT / PT-USDat-14JAN2027US$395K0.04%14%AptosUSDtUS$380K2.46%55%BSCUSDT / slisBNBUS$371K2.61%86%Hyperliquid L1USD₮0US$317K1.11%30%EthereumUSDTUS$309K12.07%93%BSCUSDT / wBETHUS$171K1.26%48%ArbitrumUSD₮0US$150K12.66%91%BSCUSDT / PT-sUSDai-15OCT2026-(ARB)US$123K<0.01%5%BSCUSDT / XAUtUS$122K1.44%72%BSCUSDTUS$122K7.60%72%BSCUSDTUS$108K0.90%44%EthereumUSDTUS$62K4.39%81%EthereumUSDTUS$59K6.58%91%PlasmaUSDT0US$56K12.77%95%BSCUSDT / sUSDeUS$51K1.46%36%PlasmaUSDT0US$33K0.82%26%SolanaUSDTUS$28K6.04%72%OptimismUSD₮0US$24K1.20%46%OptimismUSDTUS$23K2.08%68%SolanaUSDTUS$23K7.20%85%SolanaUSDTUS$22K3.54%35%PlasmaUSDT0No withdrawable balanceUS$22K99%BSCUSDT / ASTERUS$21K832.26%91%BSCUSDTUS$15K0.02%6%ArbitrumUSD₮0US$14K3.00%87%BSCUSDTUS$14K<0.01%<1%BSCUSDTUS$14K<0.01%<1%BSCUSDTUS$14K<0.01%<1%BSCUSDTUS$14K<0.01%<1%BSCUSDTUS$14KBSCUSDTUS$14KEthereumUSDTUS$8KPlasmaUSDT0US$7KSolanaUSDTUS$6K4.27%55%BSCUSDT / asUSDFUS$5K15.19%80%BSCUSDTUS$3K1.50%40%PlasmaUSDT0US$2KBSCUSDT / BTCBNo withdrawable balanceUS$2K100%EthereumUSDTUS$2K3.41%83%SolanaUSDTUS$2K1.26%21%AvalancheUSDtUS$2K6.27%84%PlasmaUSDT0No withdrawable balanceUS$1K100%BSCUSDTUS$1K0.03%6%PlasmaUSDT0No withdrawable balanceUS$1K25.86%100%AvalancheUSDtUS$1K7.01%89%Ethereumin 44 lending markets69%US$3.97BPlasmain 9 lending markets13%US$727.2MBSCin 28 lending markets4%US$250.8MTronin 1 lending market4%US$248.0MMantlein 1 lending market3%US$150.3MArbitrumin 13 lending markets2%US$101.7MAvalanchein 5 lending markets1%US$83.4MMonadin 3 lending markets1%US$64.2M
Ink, Optimism, TON, Sei, Aptos, UnichainOther (10 chains)2%US$125.0MEach 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 43 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 43.
3.0%
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.
Below the median issuer (3.3%)
Registered with El Salvador's Comisión Nacional de Activos Digitales, as a digital asset service provider or a stablecoin issuer. A registration, not a licence, and El Salvador is outside the recognised regimes.
Regulator: Comisión Nacional de Activos Digitales (CNAD)
Licences: El Salvador CNAD stablecoin issuer registration (EME-0003), El Salvador CNAD digital asset service provider registration (PSAD-0028)
Tether states that its tokens are backed one to one by its reserves and publishes circulation information frequently.
A reader looking for reserve reporting on a specific non dollar Tether token should confirm that the token appears on the issuer's transparency surface rather than assuming coverage extends from the flagship to everything sharing the brand.
Sources: Tether transparency page, Tether
Tether International, S.A. de C.V. is a stablecoin issuer authorised by El Salvador's National Commission of Digital Assets, the CNAD. It is also registered there as a digital assets service provider under number PSAD-0028. The document states that registration does not certify the quality of the tokens or the solvency of Tether.
The same document says Tether International issues two tokens: USDt, in US dollars, and MXNt, in Mexican pesos. It records that CNHT issuance stopped on 20 February 2026. Tether's homepage lists USDt, MXNt, Tether Gold and Alloy by Tether.
Tether says it publishes reports on its reserves quarterly. An independent accounting firm prepares an auditor's report on each one as of quarter end. The document adds that these reserve reports are not financial statements, and that they include assets and liabilities of entities that do not issue or redeem Tether tokens.
Sources: Tether International, Relevant Information Document, 20 February 2026 (PDF), tether.to/en/
Tether's quarterly reserve reports are attestations prepared by BDO. Tether announced on 13 August 2026 that KPMG U.S. issued an unqualified audit opinion on the financial statements of Tether International, S.A. de C.V. for the year ended 31 December 2025.
Yes. Tether International's Relevant Information Document lists two tokens: USDt, in US dollars, and MXNt, in Mexican pesos. It records that CNHT issuance stopped on 20 February 2026.
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