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 · 39th 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
cgUSD is a USD stablecoin issued by Cygnus Finance.
cgUSD pays the yield on short-term US Treasuries by growing the holder's balance. Cygnus Finance mints it on Base against a portfolio its documentation describes as off-chain US Treasuries, on-chain stablecoins and accrued interest.
The documentation says balances rebase once a day on every working day, with total supply reset to the net value of that portfolio on each New York banking day. That rebase is the route by which Treasury interest reaches holders instead of the issuer. On chain, rebases in 2026 came weeks apart, and the last one recorded was on 5 August 2026. Cygnus puts its case plainly: Tether and Circle earn on their reserves, and holders of USDT and USDC get none of it. The peg is the US dollar and minting costs 0%.
The site footer names Cygnus Information Limited. No jurisdiction of incorporation appears in the documentation.
Sources: Cygnus wiki, What is cgUSD v1, Cygnus wiki, Why Cygnus, Cygnus Finance website, Cygnus wiki, Mint (protocol mechanics), Blockscout event log, cgUSD TokenRebased
76.3M cgUSD in circulation, all on Base. That is <0.1% of the USD stablecoin supply on the map, 39th largest of 70.
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.
76.3M cgUSD
<0.1% of all USD stablecoin supply, #39 of 70
All supply on Base
Base76.3M cgUSD · 100.0%cgUSD's typical daily move over the last 90 days was 15 bps, steadier than 17 of 66 other USD stablecoins.
By default cgUSD 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 cgUSD'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.
15 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, cgUSD's daily swings around $1 were smaller than those of 17 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −79 bps (−0.79%) | 5.8 bps | 15 bps | −112 bps (−1.12%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Mint and redeem
Minting is at $1 with no fee. Redemption returns USDC at 1:1, through a queue in which each request is represented by an NFT, and the docs put the normal wait at 5 to 7 days. Cygnus sells off-chain Treasuries to fund it, a step it puts at 2 to 5 days. On fees the docs contradict each other: the withdrawals FAQ states a 35 basis point withdrawal fee, the redemption page says Cygnus will not impose any fees during the early stages of the promotion.
Where the 1:1 claim bends
The token page says the redemption price will always be $1 once fees are excluded. The withdrawals FAQ says the claimable amount may differ from the requested amount "due to significant fluctuations in the price of US Treasury bills", and that the total claimable amount could be reduced. Cygnus integrated RedStone Price Feeds on TON and BSquared.
Sources: Cygnus wiki, cgUSD token and contract, Cygnus wiki, Withdrawals FAQ, Cygnus wiki, Redemption (protocol mechanics), Cygnus wiki, On-Chain Price Oracle
cgUSD is designed to be backed by cash and money-market assets.
What the documentation sets out
The issuer publishes an eligibility policy, not a holdings report. The Treasury holdings are limited to Treasury bills or bonds close to maturity, money market funds and ETFs investing in short-term Treasuries, and repos collateralised by Treasuries, with a dollar-weighted average maturity of no more than 90 days and final maturities of 397 days or less. The same rules require at least 99% of total assets in cash, US Treasury obligations and repos secured by them. The same page describes assets in transit, held up by partner banks, partner brokers and other financial institutions it does not name.
What is not published
The words attestation, attested and proof of reserve appear nowhere in the pages listed in the documentation index. No reserve report, no reserve auditor and no custodian is named, and the withdrawals FAQ refers only to "the custodian account". The one audit Cygnus publishes covers smart contracts. Nothing on chain corroborates the Treasury holdings, and the documentation describes no proof of reserves feed.
What the contract records
The cgUSD contract splits its assets into a buffered figure and an invested figure, both readable through getTotalAssets. On 19 August 2026 the buffer held under 700 USDC and the invested figure read about 76.2 million. Their sum is the total supply. The invested figure is written to storage by handleOracleReport, so the operator reports it and the chain does not measure it.
Sources: Cygnus wiki, Why Cygnus (reserve composition rules), Cygnus wiki documentation index (llms.txt), Cygnus wiki, Withdrawals FAQ, Blockscout verified source, CgUSD contract on Base
0xca72827a…b72cab49paused()mint(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 pause · mint
Who licenses cgUSD's issuer and how its reserves are reported.
Reserve attestation cadence
None identified
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
None foundlicence tier of Cygnus Finance
Operator control
PeckShield's December 2023 audit, report 2023-282, raised one medium finding titled Trust Issue of Admin Keys. It names the CgUSD invest function, which sends reserve assets to an address the privileged caller chooses. PeckShield marked it mitigated after "the team confirmed that all the privileged accounts will be multi-sig wallets". On chain the owner of the cgUSD contract is a verified contract named CgTimelockController.
Reserve verification
Almost all of cgUSD's recorded backing is the invested figure, and that figure arrives through an authorised report. No attestation covers the Treasuries it stands for.
Redemption
The on-chain buffer is under 700 USDC against about 76.2 million cgUSD outstanding, so redemptions wait on off-chain T-Bill sales. The withdrawal queue also has a bunker mode, which PeckShield recorded as not specifying "the exact consequence or the impact on staking users and their funds". PeckShield marked that finding resolved.
Contract state
The deployed mint function carries a comment reading "TODO: check if oracle price deviated".
Sources: PeckShield Smart Contract Audit Report for Cygnus Finance, 11 December 2023 (report 2023-282), Blockscout address record, CgTimelockController (cgUSD owner), Blockscout verified source, CgUSD contract on Base, Cygnus wiki, Risk Warning
Cygnus Finance's documentation describes a portfolio of off-chain short-term US Treasuries, on-chain stablecoins and accrued interest. Its eligibility policy caps final maturities at 397 days and weighted average maturity at 90 days, and requires at least 99% of total assets in cash, US Treasury obligations and repos secured by them. No holdings report is published.
No. Across the pages listed in its documentation index, the words attestation and proof of reserve do not appear, and no custodian or reserve auditor is named. The only audit Cygnus publishes is PeckShield's December 2023 smart contract audit, which covers code rather than reserves.
Cygnus states redemption at $1 excluding fees, through a queue that normally takes 5 to 7 days while it sells off-chain Treasuries. Its withdrawals FAQ adds that the claimable amount may differ from the requested amount because of fluctuations in the price of US Treasury bills.
On 19 August 2026 about 1.98 million addresses held roughly 76.2 million cgUSD on Base, which works out at about 38 tokens per address. Cygnus publishes no explanation for that distribution.
Source: DIA onchain reads 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 -600 bps to +200 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 6 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