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 · 40th of 70 USD stablecoins with supply
Chains
51st of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
25th of 43 USD stablecoins scanned on Ethereum
Best yield
ranked by lower of 30d and spot APY × deposits · Cap savings
cUSD is a USD stablecoin issued by Cap.
cUSD is a dollar token minted by a vault contract on Ethereum against whitelisted reserve assets. Cap's documentation sets the test for what qualifies: "Only regulated dollar-denominated crypto assets are accepted as a backing assets." Deposits mint cUSD at roughly 1:1, under a dynamic fee that rises as an asset moves above its target share of the basket. The floor fee is typically 10 basis points and is capped at 5%.
The reserves do not sit still. Whitelisted borrowers draw them out as loans secured by collateral that restakers delegate through EigenLayer and Symbiotic. If a borrower defaults, underwriter collateral is liquidated before lenders take a loss.
The map records Cap as issuer and classifies cUSD as a stablecoin pegged to the US dollar.
Sources: Cap protocol documentation, full text export, Cap documentation: vault
64.7M cUSD in circulation, all on Ethereum. That is <0.1% of the USD stablecoin supply on the map, 40th 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 cUSD’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.
64.7M cUSD
<0.1% of all USD stablecoin supply, #40 of 70
All supply on Ethereum
Ethereum64.7M cUSD · 100.0%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 97.9% 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.
1,691holders on Ethereum
25th of 43 USD stablecoins on Ethereum
| cUSD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 0.9% | 16.5% |
| Top 10 | 2.1% | 53.3% |
| Top 50 | 2.3% | 57.0% |
| Top 100 | 2.3% | 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.
cUSD's typical daily move over the last 90 days was 0.6 bps, steadier than 65 of 66 other USD stablecoins.
By default cUSD 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 cUSD'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.
0.6 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, cUSD's daily swings around $1 were smaller than those of 65 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 cUSD | No price today | 0.7 bps | 0.6 bps | −346 bps (−3.46%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where to price cUSD
Cap's documentation tells integrators not to price cUSD from pools. Its price sources page says DEX liquidity is often shallow, because mint and redeem already offer a direct on-ramp and off-ramp, and that spot or TWAP prices there can be "noisy, easy to move, or unrepresentative" of the price implied by reserves and the protocol oracle. The same page recommends external feeds, starting with the RedStone reserve oracle.
What redemption pays
Redemption is proportional across the whole basket. Cap's docs call a depeg of any underlying asset a "last man standing problem" and say the protocol incentivizes proportional withdrawal, "effectively socializing the losses."
Sources: Cap documentation: price sources, Cap documentation: vault
Where cUSD is supplied in DeFi lending markets and what it earns there.
Top 2 cUSD 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 |
|---|---|---|---|---|---|---|---|---|
5.33% | — | 5.80% | Stable | Ethereum | — | $63.1M | Savings | |
0.49% | 0.41% | OrganicStable |  Celo | +0.00% | $371.7K | Lending |
cUSD is designed to be backed by other stablecoins.
How the basket is read
Cap documents the read: call assets() on the cUSD contract for the ordered list of backing assets, then totalSupply for each. Cap also publishes the reserve asset by asset through its official API, linked from its documentation, with an Etherscan link for each holding.
What is not published
The word attestation appears nowhere in Cap's documentation. No accounting firm is named and no reserve opinion is published.
Sources: Cap protocol documentation, full text export, Cap documentation: APIs and SDKs, Cap official API: cUSD vault reserves
Ethereum0xcccc6296…b2a3ccccpaused()eip1967-uupsRead 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 · upgrade (proxy)
Its collateral sits in onchain positions that anyone can read, so there is no fiat reserve to attest.
No regulatory licence is claimed anywhere in Cap's documentation. The protocol, in its own words, "operates without reliance on third-party custodians, regulatory frameworks, or manual oversight." Cap's platform terms of use name Covered Agents S.A., a corporation incorporated under the laws of the Republic of Panama, as the company that publishes and operates cap.app. The terms are governed by Panamanian law.
Sources: Cap documentation: risks, Cap platform terms of use (operating entity, governing law)
Reserve attestation cadence
Collateral is held in onchain positions and can be read directly; there is no fiat reserve to attest.
Where the credit risk sits
Reserve assets are lent to whitelisted borrowers. Repayment depends on those borrowers and, on default, on liquidating underwriter collateral at auction. Cap restricts that collateral to "blue-chip cryptocurrencies: ETH, wBTC, Liquid Staking Tokens (LSTs), and stablecoins." Its own risk page says redemptions "may be delayed if the reserve assets are fully utilized."
Delays built into the guarantee
EigenLayer imposes a 17.5 day allocation configuration delay before delegated collateral counts as effective. Symbiotic vault epochs run 7 days and withdrawals take 8 to 14 days. Cap lists platform risk from shared security marketplaces among its own risks.
Code and third parties
Cap's public audit repository holds reports by Zellic, Trail of Bits, Electisec, Spearbit, Recon, Sherlock, Certora and Octane. Holder protections are "enforced exclusively by code-based adherence to Cap's protocol rules." Idle backing assets are deposited into Aave and Morpho, two lending markets the map tracks, and Cap names those protocols' risk as its own.
Sources: Cap protocol documentation, full text export, Cap documentation: risks, Cap Labs public audit report repository
Whitelisted dollar-denominated crypto assets deposited in the cUSD vault contract on Ethereum, which lends them to whitelisted borrowers. Cap publishes the reserve asset by asset through its official API, and the contract can be read directly: call assets() for the ordered list of backing assets, then totalSupply for each.
No. The word attestation appears nowhere in Cap's documentation, and no accounting firm or reserve opinion is named. Cap publishes the reserve asset by asset through its official API, and the vault contract can be read directly.
Cap's documentation says DEX liquidity for cUSD is shallow and that pool prices can be noisy or unrepresentative, because mint and redeem already offer a direct on-ramp and off-ramp. Its price sources page recommends external feeds, starting with the RedStone reserve oracle.
cUSD is minted by Cap's vault contract on Ethereum. Cap's platform terms of use name Covered Agents S.A., a corporation incorporated under the laws of the Republic of Panama, as the company that publishes and operates cap.app.
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.
cUSDSource: DeFiLlama and CoinGecko prices Updated