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
<0.1% of USD stablecoin supply · 32nd of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
51st of 70 USD stablecoins read on chain · median 2
Holders on Avalanche
Best yield
ranked by lower of 30d and spot APY × deposits · Avant Avusd savings · 1-day cooldown · 7.73% base, 0% rewards
avUSD is a USD stablecoin issued by Avant Protocol.
avUSD is a dollar token on Avalanche issued by Avant Protocol. Holders mint it by depositing USDC on Avalanche. The documentation states that avUSD is fully backed on a 1:1 basis by USDC and that avUSD itself receives no yield.
Where the yield sits
Yield reaches depositors through two other tokens. Staking avUSD returns savUSD, which the docs describe as the senior, lower-risk position for stablecoin depositors. avUSDx is the junior position and takes an additional 10% share of the total yield. The return comes from strategies the docs call market-neutral: basis trades pairing a spot holding with an equivalent short futures position, lending rate arbitrage, yield trading on Pendle, supply to Aave, and liquidity provision on Curve and Uniswap. External trading partners execute them.
How the map classifies it
The Global Stablecoin Map records avUSD as a synthetic dollar pegged to the US dollar. Avant's docs state that the capital backing unstaked avUSD is also deployed in the strategies. They place avUSD in the same Senior Tranche position as savUSD in a loss.
Sources: Avant Protocol docs: Core Tokens, Avant Protocol docs: Yield Generation, Avant Protocol docs: Reserve Fund, Avant Protocol docs: Risk Management
At least 115.3M avUSD in circulation, counting only the chains DIA could read.
DeFiLlama counts material supply on Monad ($1.4M), which DIA does not read yet. The figure above leaves that chain out, so it is a floor, and supply growth over 30 days or longer is not shown.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across avUSD’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
115.3M avUSD
<0.1% of all USD stablecoin supply, #32 of 70
Read on 1 chain. Not yet read on Monad, so this is a floor.
All supply on Avalanche
Avalanche115.3M avUSD · 100.0%Supply growth
Counted on Avalanche. Includes contracts and issuer treasuries. Shares are of the whole supply on Avalanche. This source serves no addresses, so nothing is left out.
Source: Routescan.
1,088holders on Avalanche
| avUSD | |
|---|---|
| Top holder | 77.1% |
| Top 10 | 99.7% |
| Top 50 | 100.0% |
| Top 100 | 100.0% |
Includes contracts and issuer treasuries. Shares are of the whole supply on Avalanche. This source serves no addresses, so nothing is left out.
avUSD's typical daily move over the last 90 days was 11 bps, steadier than 21 of 66 other USD stablecoins.
By default avUSD sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much avUSD's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
11 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, avUSD's daily swings around $1 were smaller than those of 21 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −45 bps (−0.45%) | 13 bps | 11 bps | −82 bps (−0.82%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where avUSD is supplied in DeFi lending markets and what it earns there.
Top 1 avUSD pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
7.73% | 7.63% | OrganicStable | Avalanche | +0.00% | $88.6M | Savings |
Chains beyond Avalanche
Avalanche holds the original avUSD contract. Avant's published address list also carries bridged avUSD on Base, Berachain, Ethereum, Linea and Monad, each paired with a burn-and-mint pool. The core tokens page says bridging is handled in-app across supported networks via Chainlink CCIP and LayerZero.
Getting out
Redemptions can take up to seven days depending on market liquidity and other conditions. A redemption fee may apply, and Avant says it is displayed in the interface before the request is confirmed.
Sources: Avant Protocol docs: Contract Addresses, Avant Protocol docs: Core Tokens, Avant Protocol docs: Redeeming avAssets
avUSD is designed to be backed by crypto hedged with derivative shorts.
What the documentation states
Avant's core tokens page says avUSD is fully backed on a 1:1 basis by USDC, minted by depositing USDC on Avalanche and redeemable back for USDC. Avant's transparency dashboard publishes an asset breakdown for the avUSD product suite. On 2 October 2026 its largest line was USDe at 74.40%, followed by syrupUSDT at 10.05%, syrupUSDC at 5.12% and USDC at 4.09%.
The Reserve Fund
Avant runs a separate Reserve Fund for each asset suite and publishes the USD one at 0xd98e1faf532b9c481c56741ab3ac47ec18d8f43a. The docs say it is fed by a portion of the fees generated by the yield strategies and by a portion of the yield earned on unstaked capital, and that it is held in the relevant base token. The transparency dashboard showed a Reserve Fund balance of $1,084,465 on 2 October 2026. In a loss the docs place the Reserve Fund first, a planned governance backstop second, the avUSDx junior tranche third, and savUSD holders last. avUSD holders share that senior position.
What is verifiable and what is not
Avant publishes strategy wallet addresses for avUSD, so those positions can be read from the chains rather than from a report. Avant's website states that portfolio NAV is calculated weekly by Pennyworks, an independent third-party valuation provider. The dashboard showed a third-party NAV of $126,041,396 as of 29 September 2026. Custody is described only as leading Multi-Party Computation custody solutions, with no provider named.
Sources: Avant Protocol docs: Core Tokens, Avant Protocol transparency dashboard, Avant Protocol docs: Reserve Fund, Avant Protocol docs: Fund Protection Layers, Avant Protocol docs: Risk Management, Avant Protocol docs: Strategy Addresses, Avant Protocol docs: Secure Asset Management, Avant Protocol website
Avalanche0x24de8771…f3a0e346mint(address,uint256)Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint
Independent reserve attestations are published weekly.
What Avant discloses
The risks page lists smart contract risk, strategy and market risk, custody and operational risk, liquidity and redemption risk, counterparty risk, and unforeseen risks. Redemption carries a stated ceiling of seven days. The loss waterfall reaches savUSD holders, and avUSD holders in the same senior position, only after the Reserve Fund, the planned governance backstop and the avUSDx junior tranche are exhausted.
What is not named
The trading partners that execute the strategies are not named. Custody is described as leading MPC custody solutions with no provider identified. The audits page states that Avant's contracts have been audited by multiple top-tier firms with no critical or high-severity issues found, and embeds reports from Dedaub, Omniscia, Riley and Cyfrin. The security partners page names Omniscia, Dedaub and Cyfrin as contract auditors and Trail of Bits for operational security. The docs add that detailed OPSEC findings are typically not made public.
Sources: Avant Protocol docs: Risks, Avant Protocol docs: Redeeming avAssets, Avant Protocol docs: Fund Protection Layers, Avant Protocol docs: Risk Management, Avant Protocol docs: Yield Generation, Avant Protocol docs: Secure Asset Management, Avant Protocol docs: Contract and OPSEC Audits, Avant Protocol docs: Security Partners
Avant Protocol's documentation states that avUSD is fully backed on a 1:1 basis by USDC, minted by depositing USDC on Avalanche and redeemable back for USDC. No accounting-firm attestation is published. Avant's transparency dashboard shows the asset breakdown, the Reserve Fund balance and a weekly net asset value calculated by Pennyworks, an independent valuation provider.
No. The documentation states that avUSD receives no yield. Yield reaches depositors through savUSD, the staked senior position, and avUSDx, the junior position that takes an additional 10% share of the total yield.
Avalanche only, at contract 0x24de8771bc5ddb3362db529fc3358f2df3a0e346. Avant's own address list also carries bridged avUSD on Base, Berachain, Ethereum, Linea and Monad, and those balances sit outside the Avalanche supply figure.
Avant says redemptions can take up to seven days depending on market liquidity and other conditions. A redemption fee may apply.
Source: DIA onchain reads Updated
Source: Routescan, Avalanche Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -60 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 8 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
Source: DeFiLlama and CoinGecko prices Updated