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 · 47th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 14.5 bps from $1
Chains
11th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
27th of 43 USD stablecoins scanned on Ethereum
Best yield
ranked by lower of 30d and spot APY × deposits · Liquity V2
BOLD is a USD stablecoin minted by the Liquity protocol's smart contracts, with no central issuer, launched on 19 May 2025.
BOLD is the US dollar stablecoin minted by Liquity V2. Borrowers lock ETH or a liquid staking token in a Trove and mint BOLD against it. Liquity describes BOLD as "over-collateralized and backed only by WETH, wstETH, and rETH", with "no real-world assets or custody by centralized players". Each borrower sets their own interest rate on the loan, and that rate decides the order in which loans get redeemed. It is a crypto-backed stablecoin with no fiat leg.
Not the same token as LUSD
LUSD is Liquity V1's stablecoin. Liquity wrote that V1's "fixed one-time origination fee / no interest rates" design "has shown to work reliably in low interest environments", and that in high-rate periods LUSD saw "excessive selling pressure and thus redemptions". V2 replaced the fixed fee with borrower-set rates. The V2 launch post is dated 19 May 2025, and says the release followed "a five-week audit contest with 800+ researchers, multiple re-audits, and weeks of testing".
Sources: Liquity official site, BOLD and Liquity V2 overview, Liquity blog, Liquity V2 is LIVE, Liquity blog, why user-set interest rates (V1 vs V2 and LUSD)
37.0M BOLD in circulation across 6 chains; Ethereum carries 99.7%. That is <0.1% of the USD stablecoin supply on the map, 47th largest of 70.
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 BOLD’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.
37.0M BOLD
<0.1% of all USD stablecoin supply, #47 of 70
Ethereum 99.7% · other chains 0.3%
Ethereum36.9M BOLD · 99.7%
Optimism72.7K BOLD · 0.2%
Base19.3K BOLD · <0.1%
Avalanche2.0K BOLD · <0.1%
Hyperliquid L11.0K BOLD · <0.1%
Arbitrum701 BOLD · <0.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 73.3% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
1,258holders on Ethereum
27th of 43 USD stablecoins on Ethereum
| BOLD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 12.8% | 16.5% |
| Top 10 | 27.5% | 53.3% |
| Top 50 | 30.0% | 56.9% |
| Top 100 | 30.3% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
BOLD's typical daily move over the last 90 days was 25 bps, steadier than 12 of 66 other USD stablecoins.
By default BOLD 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 BOLD'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.
25 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, BOLD's daily swings around $1 were smaller than those of 12 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 BOLD | −30 bps (−0.30%) | 10 bps | 25 bps | −66 bps (−0.66%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
The redemption floor
Anyone holding BOLD can redeem it with the protocol for WETH, wstETH and rETH at face value, minus the fee. Liquity's docs say redemptions keep BOLD pegged to the US dollar, "creating a price floor around $1". Redemption only pays when BOLD trades under a dollar after fees, so it stops once the price recovers.
The fee
The redemption fee is min(0.5% + baseRate, 100%). baseRate rises with each redemption in proportion to the amount redeemed against total BOLD supply, then decays exponentially with a six-hour half life.
The queue
Inside a branch, Troves are redeemed in ascending order of interest rate. Ties are settled last-in-first-redeemed.
Sources: Liquity Docs, Redemptions and Delegation (fee formula, ordering, price floor)
Where BOLD is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 5 BOLD 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 |
|---|---|---|---|---|---|---|---|---|
0.93% | 1.35% | MixedStable | Ethereum | +0.63% | $8.8M | LP | ||
3.80% | — | 4.08% | Stable | Ethereum | — | $8.8M | Lending | |
4.27% | — | 4.31% | Stable | Ethereum | — | $8.6M | Lending | |
4.63% | 4.98% | OrganicStable | Ethereum | +0.00% | $7.4M | Vault | ||
4.88% | — | 5.46% | Stable | Ethereum | — | $4.7M | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
BOLD in pool is BOLD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$8.5M of BOLD sits in 7 DEX pools across 4 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼BOLD in pool | 24h volume |
|---|---|---|---|---|---|
| BOLD / USDC | Ethereum | $8.8M | $5.6M | $134.5K | |
| BOLD / USDC | Ethereum | $4.3M | $1.4M | $172.9K | |
| BOLD / USDC | Ethereum | $1.4M | $780.5K | $6.1K | |
| LUSD / BOLD | Ethereum | $637.9K | $521.8K | $1.8K | |
| BOLD / USDC | Ethereum | $261.9K | $124.5K | $60.4K | |
| BOLD / ETH | Ethereum | $83.0K | $42.8K | $1.6K | |
| BOLD / USDC | Optimism | $47.6K | $27.3K | $5.6K |
BOLD is designed to be backed by crypto held as overcollateral.
What stands behind each BOLD
Three collateral branches back the supply: WETH, wstETH and rETH. Liquity's docs put maximum LTV at 90.91% on ETH and 83.33% on wstETH and rETH. Opening a Trove needs a minimum debt of 2,000 BOLD. Liquidations through the Stability Pool carry a 5% penalty.
No off-chain reserves
There are no off-chain reserves to attest. Liquity states BOLD has no off-chain collateral backing. The collateral is the ETH and the staking tokens held in the branch contracts, and those balances are readable on chain.
The audits cover code
Liquity's technical docs index security reviews from ChainSecurity, Dedaub, Certora, Coinspect and Recon, plus a Cantina competition. Those engagements reviewed smart contracts.
Sources: Liquity Docs, Borrowing and Liquidations (LTV, minimum debt, penalties), Liquity Docs, Technical Docs and Audits (audit index), Liquity Docs, BOLD and Earn (backing and Stability Pools), Liquity homepage, BOLD is 100% on-chain with no off-chain collateral backing
Ethereum0x03569cc0…4781b01dmint(address,uint256)0x03569cc0…4781b01dmint(address,uint256)0x03569cc0…4781b01dmint(address,uint256)0x6440f144…54beb01dmint(address,uint256)0x84533b15…ffdbb11amint(address,uint256)0x03569cc0…4781b01dmint(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
BOLD has no central issuer. What regulators have recorded about it and how its collateral is reported.
Not applicable (no central issuer)recorded for the protocol; no central issuer
Oracle failure shuts a branch
Liquity's risk disclosure states that if "Chainlink oracles fail, collateral markets might get priced inaccurately, leading to unfavorable redemptions or excessive or delayed liquidations". An answer that goes stale past its threshold shuts the affected branch. A shut branch keeps using the last recorded price, which the disclosure says can cause "improper liquidations or redemptions".
A shutdown can leave supply unbacked
Liquity discloses that shutting a borrow market can leave part of BOLD unbacked. Its wording: "If this unbacked portion is small, the system can still function with BOLD retaining its peg, assuming no major loss of confidence. However, if confidence erodes, BOLD may depeg." Liquity's docs describe shutdown redemptions with no fee and a 2% collateral bonus, so redeeming 100 BOLD returns $102 worth of collateral. All three collateral types are ETH or ETH staking tokens.
No manual controls
The disclosure says the protocol can shut markets down algorithmically but has no manual controls. It also lists Stability Pool losses "when the oracle lags behind or an LST flash-crashes within a few blocks".
Sources: Liquity Docs, Risk Disclosure, Liquity V2 monorepo README (shutdown and urgent redemptions), Liquity homepage, BOLD collateral types, Liquity V2 docs, Borrowing and liquidations FAQ
Liquity describes BOLD as over-collateralized and backed only by WETH, wstETH and rETH, with no real-world assets and no custody by centralized players. Collateral sits in the protocol's branch contracts and is readable on chain.
No. Liquity states BOLD has no off-chain collateral backing, so there are no off-chain reserves to attest. Its technical docs index smart contract audits from ChainSecurity, Dedaub, Certora, Coinspect and Recon, plus a Cantina competition.
Holders can redeem BOLD with the protocol for WETH, wstETH and rETH at face value, minus a fee of min(0.5% + baseRate, 100%). Liquity's docs say this creates a price floor around $1, since redemption only pays when BOLD trades below a dollar after fees.
No. LUSD is Liquity V1's stablecoin and uses a fixed one-time origination fee with no interest rate. BOLD is Liquity V2 and lets each borrower set their own interest rate, which determines redemption order.
Liquity's risk disclosure states that a branch shutdown can leave part of the BOLD supply unbacked, and that if confidence erodes BOLD may depeg, leading to mass redemptions across healthier markets. Liquity's docs describe shutdown redemptions with no fee and a 2% collateral bonus, so 100 BOLD returns $102 worth of collateral.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
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.
BOLDSource: DeFiLlama and CoinGecko prices Updated