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
1.6% of USD stablecoin supply · 5th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
11th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
2nd of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · SparkLend · 3.09% base, 0% rewards
DAI is a USD stablecoin minted by the Sky protocol's smart contracts, with no central issuer, launched on 18 Nov 2019.
The Dai token contract has no freeze, blacklist or pause function, and no upgrade mechanism: its code covers transfers, approvals, minting by authorised addresses and burning. Sky calls DAI "the original decentralized stablecoin, launched in 2017", backed by overcollateralized crypto and real-world assets. The current multi-collateral version went live on 18 November 2019, when the first single-collateral Dai was renamed Sai. Sky now presents USDS as the upgraded version built to fit regulatory guidelines, convertible with DAI at 1:1.
DAI is a dollar-pegged stablecoin minted against collateral posted to the Sky Protocol, the system formerly governed as MakerDAO.
What stands behind it
DAI is issued against collateral held in vaults, so its backing is a portfolio of positions. Sky groups those positions into Sky Agent Vaults deploying capital into lending and yield strategies, PSM Vaults holding USDC reserves, Crypto Vaults holding ETH, WBTC and stETH posted by borrowers, and legacy RWA Vaults.
Sources: Sky Ecosystem Insights, Sky documentation overview, Sky Ecosystem, USDS and sUSDS products page, MakerDAO dss repository, Dai token contract source (dai.sol), Maker Blog (archived), Multi-Collateral Dai Is Live, 18 November 2019
At least 4.6B DAI in circulation, counting only the chains DIA could read.
DeFiLlama counts material supply on Fantom ($35.1M), PulseChain ($10.9M), Kaia ($8.0M), which DIA does not read yet. The figure above leaves those chains out, so it is a floor, and supply growth over 30 days or longer is not shown.
The contracts on the chains listed report 5.1B DAI in total, before bridged supply is counted once.
Polygon, BSC, Arbitrum, Optimism, Avalanche hold bridged supply: each token there is backed by Ethereum supply, or by a custodian holding it. The total counts each token once, so bridged supply shows on the chain that holds it, marked “bridged from” its source, and comes off the source chain's row.
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: DeFiLlama circulating supply, the series the chart draws, measured against that source’s own past. It is not a change in the onchain supply above. The 7d figure is from DIA first-party onchain reads: the change between two daily snapshots, not mints minus redeems.
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.
4.6B DAI
1.6% of all USD stablecoin supply, #5 of 70
Read on 6 chains. Not yet read on Fantom, PulseChain, Kaia, so this is a floor.
Ethereum 88.7% · other chains 11.3%
Ethereum4.0B DAI · 88.7%
Polygonbridged from Ethereum442.1M DAI · 9.7%
BSCbridged from Ethereum31.1M DAI · 0.7%
Arbitrumbridged from Ethereum17.5M DAI · 0.4%
Optimismbridged from Ethereum13.5M DAI · 0.3%
Avalanchebridged from Ethereum8.7M DAI · 0.2%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 79.5% 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: Ethplorer.
709,914holders on Ethereum
2nd of 43 USD stablecoins on Ethereum
| DAI | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 3.4% | 16.5% |
| Top 10 | 9.5% | 53.3% |
| Top 50 | 16.8% | 57.0% |
| Top 100 | 21.3% | 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.
DAI's typical daily move over the last 90 days was 1.7 bps, steadier than 60 of 66 other USD stablecoins.
By default DAI 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 DAI'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.
1.7 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, DAI's daily swings around $1 were smaller than those of 60 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 DAI | −4 bps (−0.04%) | 2.2 bps | 1.7 bps | −24 bps (−0.24%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
The peg is defended by the Peg Stability Module. Sky describes PSMs as smart contracts that let users convert supported stablecoins directly with the protocol into USDS or DAI at a predictable rate, quoting 1:1 swaps of USDC and USDT with zero fees and no slippage.
That mechanism ties DAI's short-term peg to the stablecoins sitting in the PSM. A DAI holder redeeming through the PSM receives USDC, so DAI inherits the custody and issuer risk of the reserve stablecoin for that portion of the book.
$448.4M of DAI is supplied to 22 lending markets on 11 protocols, 9.9% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much DAI is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed DAI again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of DAI, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for DAI.
Both figures are averages across markets, weighted by how much DAI each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 98% of the balance report an APY.
Ranks and the median compare DAI with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$448.4M9.9% of supply
supplied to 22 lending markets on 11 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
77%
Borrowed
share of supplied DAI now on loan
3.08%
Average supply APY
weighted by DAI balance in each market
By protocol
63%$281.1MEthereumDAI$281.1M3.14%74%
Optimism, Polygon30%$136.2MEthereumDAI$125.8M3.03%86%PolygonDAI$3.6M4.21%74%AvalancheDAI.e$3.1M2.19%72%ArbitrumDAI$3.1M1.36%70%OptimismDAI$553K2.18%88%
2%$10.9MEthereumDAI$8.2M0.31%21%PolygonDAI$1.8M<0.01%31%AvalancheDAI.e$961K2.32%78%2%$9.3MEthereumDAI$9.3M4.71%92%2%$6.7MEthereumDAI$6.7M93%1%$2.4MEthereumDAI / sUSDe$1.4M6.20%90%EthereumDAI / sUSDe$618K7.57%90%EthereumDAI$211KEthereumDAI / PT-USDe-31JUL2025$49K5.21%90%EthereumDAI / USDe$35K9.09%90%EthereumDAI / sUSDe$28K5.47%91%
Ethereum, Optimism<1%$1.8MBSCDAI$1.6M2.50%52%AvalancheDAI.e$156K3.14%49%ArbitrumDAI$23K9.49%82%OptimismDAI$18K3.00%70%EthereumDAI$5KDAI in lending markets, by chain, largest first. The bar is each chain's share of DAI's lending balance.
Ethereumin 12 lending markets97%$433.5MPolygonin 2 lending markets1%$5.4MAvalanchein 3 lending markets1%$4.2MArbitrumin 2 lending markets1%$3.1MBSCin 1 lending market<1%$1.6MOptimismin 2 lending markets<1%$570KAmong 41 USD stablecoins in lending markets
Top 5 DAI 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 |
|---|---|---|---|---|---|---|---|---|
3.09% | 2.85% | OrganicStable | Ethereum | +0.00% | $281.2M | Lending | ||
1.25% | 1.25% | OrganicStable | Ethereum | +0.00% | $188.0M | Savings | ||
2.98% | 3.32% | OrganicStable | Ethereum | +0.00% | $125.8M | Lending | ||
4.71% | 4.71% | OrganicStable | Ethereum | +0.00% | $9.3M | Lending | ||
2.99% | 19.80% | LP fees · IL riskVolatile | Ethereum | +0.00% | $8.8M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 2 Nov 2026. The 30 largest of 83 pools by DAI held.
DAI in pool is DAI's own side of the pool, at its USD price. Pool liquidity counts both sides.
$61.6M of DAI sits in 83 DEX pools across 13 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼DAI in pool | 24h volume |
|---|---|---|---|---|---|
| DAI / USDC | Ethereum | $49.3M | $25.1M | $23.6K | |
| LGNS / DAI | Polygon | $16.6M | $8.3M | $1.1M | |
| WETH / DAI | Ethereum | $8.8M | $5.2M | $122.3K | |
| WETH / DAI | Ethereum | $8.7M | $4.3M | $31.9K | |
| AS / DAI | Polygon | $6.3M | $3.1M | $55.1K | |
| PiX / DAI | Polygon | $4.8M | $2.4M | $138.3K | |
| FUN / DAI | Polygon | $4.1M | $2.0M | $22.8K | |
| WETH / DAI | Ethereum | $3.3M | $1.6M | $34.6K | |
| FLUT / DAI | Ethereum | $1.4M | $708.9K | $0 | |
| PEAS / DAI | Ethereum | $1.4M | $671.7K | $73.7K | |
| TENSOR / DAI | Ethereum | $1.2M | $623.7K | $192 | |
| AURA / DAI | Polygon | $1.2M | $592.8K | $18.8K | |
| HEZ / DAI | Ethereum | $1.1M | $555.4K | $465 | |
| FUN / DAI | Polygon | $1.1M | $531.9K | $5.4K | |
| WETH / DAI | Ethereum | $1.0M | $500.7K | $58.3K | |
| DAI / USDT | Ethereum | $916.1K | $467.0K | $274.7K | |
| DAI / USDC | Ethereum | $854.8K | $427.9K | $5 | |
| DAI / HOPR | Ethereum | $372.9K | $372.7K | $0 | |
| DAI / USDC | Ethereum | $499.1K | $353.6K | $63.4K | |
| DAI / USDC | Ethereum | $999.5K | $309.4K | $647.3K | |
| DAI / USDT0 | Polygon | $431.5K | $216.1K | $24.3K | |
| WDAO / DAI | BSC | $429.6K | $214.7K | $8.3K | |
| WETH / DAI | Optimism | $326.3K | $165.8K | $2.1K | |
| EFI / DAI | Polygon | $314.7K | $157.3K | $32.0K | |
| USDC / DAI | Polygon | $301.7K | $150.8K | $104 | |
| DAI / USDT | Ethereum | $676.8K | $139.2K | $48.8K | |
| X2026 / DAI | BSC | $232.0K | $115.9K | $881 | |
| BUSD / DAI | BSC | $214.8K | $107.3K | $2.3K | |
| ? / ? | BSC | – | $101.7K | – | |
| RAIL / DAI | Ethereum | $201.2K | $100.6K | $6.7K |
DAI is designed to be backed by other stablecoins.
What Sky publishes
Sky states that its stablecoins are strictly backed by a diversified portfolio of onchain and real-world assets, and points users to public dashboards to verify collateral in real time.
Sky presents collateral at the protocol level covering DAI and USDS together, so a reader cannot separate what backs DAI from what backs USDS using the public pages. The Sky Frontier Foundation publishes quarterly reports with a Protocol Collateral and Obligations table. Its Q2 2026 report put Protocol Collateral at $12.32B against $12.22B of obligations, including $4.63B of circulating DAI. The Foundation states that it has not independently verified the third-party information in its reports.
Real-world collateral reporting
Real-world positions are also reported on the governance forum. Steakhouse Financial posted the quarterly Real-World Asset Report for Q2 2026 on 30 July 2026. Individual vaults post their own reports: the RWA Foundation/HVB vault, tagged rwa-009, published a Monthly Summary Cash Report for the period ending 31 July 2026. The forum post carries the figures inside an attached image and links PDF and Excel copies by IPFS content identifier.
Crypto Vault collateral is visible on chain, and the financial dashboard at financial.skyeco.com shows Protocol Collateral and Obligations.
Sources: Sky Ecosystem Insights, Sky documentation overview, Sky Ecosystem, USDS and sUSDS products page, Sky Frontier Foundation, Sky Ecosystem Q2 2026 Quarterly Report (PDF), Sky Ecosystem Financials dashboard, Sky governance forum, Real-World Asset Report 2026-Q2 (Steakhouse Financial), Sky governance forum, RWA Foundation/HVB monthly reporting July 2026
Ethereum0xda10009c…c9000da1mint(address,uint256)0xd586e7f8…279d8d700x1af3f329…58b1dbc3mint(uint256)0x6b175474…95271d0fmint(address,uint256)0xda10009c…c9000da1mint(address,uint256)0x8f3cf7ad…39c6a063No control settled on this deployment.
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
Reserves are published as a continuous proof-of-reserves feed.
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
Not applicable (no central issuer)recorded for the protocol; no central issuer
Collateral concentration in another issuer's stablecoin
The PSM holds USDC reserves to make 1:1 swaps work. A failure or freeze at that issuer propagates into DAI's backing. The Sky Frontier Foundation's Q2 2026 report put USDC in the Lite-PSM at $4.72B of $12.32B in Protocol Collateral.
Opaque real-world collateral
Sky lists structured credit, fixed income, energy financing, AI infrastructure and fintech lending among the collateral types behind its stablecoins. Per-vault reporting for legacy RWA vaults arrives on the governance forum, and in the July 2026 RWA Foundation/HVB case the figures sit inside an image and IPFS attachments.
Governance risk
Collateral onboarding, debt ceilings and vault parameters are decided by SKY governance. None of it is fixed in the token contract. The DAI contract is immutable, the system around it is not.
Migration risk
Sky positions USDS as the upgrade of DAI, with 1:1 conversion between them. Liquidity, integrations and incentives can move to USDS over time.
Sources: Sky Ecosystem Insights, Sky documentation overview, Sky Ecosystem, USDS and sUSDS products page, Sky Frontier Foundation, Sky Ecosystem Q2 2026 Quarterly Report (PDF), Sky governance forum, RWA Foundation/HVB monthly reporting July 2026
No company issues DAI. It is minted by the Sky Protocol, the system formerly governed as MakerDAO. Sky's documentation describes DAI as the original decentralized stablecoin, launched in 2017, and now markets USDS as its upgrade, convertible with DAI at 1:1.
Collateral held in protocol vaults, not a bank reserve. Sky groups it into Sky Agent Vaults deploying capital into lending and yield strategies, PSM Vaults holding USDC, Crypto Vaults holding ETH, WBTC and stETH, and legacy real-world asset vaults.
The Sky Frontier Foundation publishes quarterly reports and a financial dashboard covering Protocol Collateral for DAI and USDS together. Real-world collateral is also reported on the Sky governance forum, such as Steakhouse Financial's quarterly Real-World Asset Report and the RWA Foundation/HVB monthly cash report for the period ending 31 July 2026.
DIA reads DAI's supply from contract state on the chains it indexes and shows the per-chain split in the supply panel on this page. On 2 October 2026, the Blockscout token API showed about 4.60B DAI outstanding on Ethereum.
Aggregator figure, not a contract read. DIA’s own read of the current supply is in the Supply by chain panel.
Source: DeFiLlama circulating supply
Source: DIA rebuild from onchain transfer history (to 30 Sep 2026), Ethplorer (from 1 Oct 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 axis spans -40 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 1 close sits 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.
DAISource: DeFiLlama and CoinGecko prices Updated