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
#10 of 99 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #32 of 99 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded / domicile
United Stables Limited issues $U, a USD-pegged stablecoin deployed on BNB Chain, Ethereum and TRON that is collateralized by cash, other stablecoins and US Treasury fund holdings.
What sets it apart
United Stables mints U, which it styles $U, against other dollar stablecoins as well as against dollars. BNB Chain's launch announcement lists USDT, USDC and USD1 as accepted minting collateral. It calls the approach a stablecoin-inclusive reserve model.
The issuer
United Stables Limited is incorporated in the British Virgin Islands under registration number 2193253. Its terms are governed by British Virgin Islands law. The white paper says cash reserves are administered primarily by United Stables Holdings Limited, a Cayman Islands company. Neither the white paper nor the terms name founders or shareholders.
The business
BNB Chain announced the native launch of $U on 18 December 2025. Institutions mint after KYB checks by depositing fiat or eligible stablecoins. Individuals buy $U on exchanges and DeFi protocols. Only mint users can redeem with the issuer. The issuer says it geofences minting and direct offering away from restricted jurisdictions, and the white paper names the United States among them.
Sources: United Stables, Terms and Conditions, United Stables, $U white paper, BNB Chain blog, United Stables launches $U as a native stablecoin on BNB Chain, United Stables official site
U is United Stables's only stablecoin.
U's supply, counted once across its chains.
Supply of every coin United Stables 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.
$1.6B
Read on 4 chains, all in the total
BSC65%$1.0B
Ethereum30%$475.3M
Tron3%$54.9M
Robinhood Chain2%$29.9MIn DIA's latest read, U sits 17 bps below its USD peg. U's typical daily move over the last 90 days was 2.3 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.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
| −17 bps (−0.17%) | 2.3 bps | −21 bps (−0.21%) | Continuous proof of reserves |
$79.4M supplied to 10 lending markets on 4 protocols. That is 4.9% 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 United Stables 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 United Stables 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: 75% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$79.4M
supplied to 10 lending markets on 4 protocols
76%
Borrowed
share of supplied stablecoins now on loan
2.06%
Average supply APY
weighted by the balance in each market
52%$41.5MBSCU / BTCB$13.8M99%BSCU / BTCB$11.6M2.37%88%BSCU / slisBNB$9.7M2.46%90%BSCU / asUSDFNo withdrawable balance$3.0M100%BSCU / slisBNBNo withdrawable balance$2.8M100%BSCU / XAUt$550K1.27%78%BSCU / USDT$78K0.79%89%41%$32.9MBSCU$32.9M2.05%60%
6%$5.0MTronU$5.0M0.77%28%<1%$49KBSCU$49K1.86%65%BSCin 9 lending markets94%$74.4MTronin 1 lending market6%$5.0MEach 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 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
4.9%
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%)
We checked the registers and the issuer's own pages and found no licence, registration or authorisation. Distinct from an issuer we have not checked, which carries no value at all.
What the issuer says it holds
The white paper lists cash in bank accounts, time deposits under 90 days and US Treasury securities maturing within six months, plus USDC and USDT. It says stablecoin reserves are held by Ceffu, a custody provider, and cash sits in segregated bank accounts. Section 3.2 of the terms allows cash, Treasury bills and/or fiat-referenced stablecoins, in proportions and with custodians United Stables picks at its sole discretion. Section 3.3 says United Stables need not segregate reserves unless law requires it. It also gives holders no claim on the reserves.
What it publishes
The transparency page lists monthly Assurance & Reserves Reports for May, June and July 2026. Each carries a limited assurance report from Moore CPA Limited, Hong Kong. The July report, as of 31 July 2026, shows 1,103,009,107.80 $U in circulation against reserve assets of USD 1,109,077,959.78. The white paper describes quarterly attestations by audit firms it does not name.
The proof of reserves page draws on a Chainlink Proof of Reserve feed on BNB Chain and calls the data near real-time.
Sources: United Stables, $U white paper, United Stables Terms and Conditions, United Stables attestation reports page, United Stables Assurance & Reserves Report, July 2026 (Moore CPA Limited), United Stables Proof of Reserves page
United Stables Limited issues one stablecoin, U, pegged to the US dollar. The map covers it on BNB Chain, Ethereum and Tron. The Ethereum and BNB Chain contracts share one address. U pays holders no yield.
The homepage describes the backing as fiat and "high-quality stablecoins" at 1:1. BNB Chain's announcement says $U plans gasless, signature-based transfers under EIP-3009, aimed at payments by AI agents.
Sources: United Stables official site, BNB Chain blog, United Stables launches $U as a native stablecoin on BNB Chain
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
