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
0.2% of EUR stablecoin supply · 10th of 16 EUR stablecoins with supply
Peg today
below 1 EUR
Chains
5th of 15 EUR stablecoins read on chain · median 4
Holders on Ethereum
7th of 10 EUR stablecoins scanned on Ethereum
dEURO is a EUR stablecoin minted by the dEURO protocol's smart contracts, with no central issuer, launched on 20 Mar 2025.
dEURO is a euro stablecoin with no central issuer. It is minted by users who lock supported crypto collateral, such as BTC or ETH, into the protocol's smart contracts, or who deposit other euro stablecoins into its bridge contracts. The project states that no person, organization or the dEURO Association itself has control over the protocol.
The token is an ERC-20 on Ethereum mainnet, with bridged deployments on Polygon, Optimism, Arbitrum and Base. The project site names two security audits, by ChainSecurity and by Audit Boutique.
The project site presents three core functions: lending, where collateral is locked to mint dEURO; savings, which pays yield funded by borrower fees; and protocol shares, a governance token called nDEPS that earns fee income and liquidation gains.
Sources: dEURO, dEURO documentation, Stablecoin Bridges, ChainSecurity, dEURO Smart Contracts audit, Audit Boutique, dEURO audit report, dEURO documentation, Overview
1.2M dEURO in circulation across 5 chains; Ethereum carries 99.1%. That is 0.2% of the EUR stablecoin supply on the map, 10th largest of 16.
All EUR stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 16 EUR 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 dEURO’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 16 active EUR 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.
1.2M dEURO (US$1.3M)
0.2% of all EUR stablecoin supply, #10 of 16
Ethereum 99.1% · other chains 0.9%
Ethereum1.2M dEURO · 99.1%
Polygon5.7K dEURO · 0.5%
Arbitrum3.8K dEURO · 0.3%
Base1.5K dEURO · 0.1%
Optimism107 dEURO · <0.1%Supply growth
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.
729holders on Ethereum
7th of 10 EUR stablecoins on Ethereum
| dEURO | Median, 6 EUR stablecoins on Ethereum | |
|---|---|---|
| Top holder | 71.5% | 47.0% |
| Top 10 | 77.1% | 91.1% |
| Top 50 | 78.9% | 95.6% |
| Top 100 | 79.3% | 96.9% |
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.
How far dEURO trades from its EUR peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much dEURO's price swings around 1 EUR from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 EUR scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 EUR, signed.
The ranking counts every active EUR 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 US$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.
For a EUR stablecoin, the largest deviation leaves out days when most other EUR stablecoins closed the same distance from par on the same side: that move is the exchange rate, not dEURO. A move dEURO makes alone, or a discount it holds while the others stay at par, is kept.
Leaves out 19 days when most other EUR stablecoins moved the same way. The EUR exchange rate is taken at a different time from the close, so a move shared by the whole currency is timing, not a depeg. The chart still shows those days.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −51 bps (−0.51%) | +547 bps (+5.47%) |
The project states that 1 dEURO equals 1 euro, and that no centralized entity is responsible for the peg, which is enforced through smart contracts and collateral requirements. The protocol documentation is more specific: there is no hard peg, but a set of economic constraints that pushes the price towards parity from both sides, and liquidations take place over the course of days because the system uses no price oracles.
The site's safeguards section states that overcollateralization and automated liquidation are what prevent depegging events, and that because the system does not rely on a single custodian or on price oracles, there is no central point of failure. The documentation adds that the stablecoin bridges, which swap other euro stablecoins into dEURO and back while they hold a balance, peg dEURO 1:1 to those stablecoins and help stabilise its value.
Sources: dEURO, dEURO documentation, Overview, dEURO documentation, Stablecoin Bridges
Where dEURO is supplied in DeFi lending markets and what it earns there.
The dEURO site presents three ways to use the token: borrow it by locking collateral in the lending module, hold it in the savings module for yield, or hold protocol shares for governance and fee income. The site advertises a 10% annual rate on savings, which the project says is funded by stability fees paid by borrowers who mint dEURO. On 2 October 2026 the original savings module paid 10% and the newer savings module paid 7%.
The project lists an ecosystem of on and off-ramps, apps and merchants, including Uniswap, DFX, Matcha, Cake Wallet and Ammer Pay, and links to a dEURO Wallet app on the App Store and Google Play. Users can swap other euro stablecoins for dEURO in the protocol app or buy it through bank on-ramps such as DFX.
Sources: dEURO, dEURO API, savings rates
dEURO is designed to be backed by crypto held as overcollateral.
dEURO enters circulation in two ways: minted against crypto collateral locked in protocol positions, or swapped in through stablecoin bridge contracts that accept other euro stablecoins. The protocol documentation states that for each dEURO in circulation, other tokens worth at least one dEURO must back it. The project states that automated liquidation mechanisms keep the system solvent if collateral values fall.
On 2 October 2026 the total supply on Ethereum was about 1.26 million dEURO. The bridge contracts held about 358,000 EURC and 25,000 EURe. Open positions had minted about 878,000 dEURO, of which about 862,000 was against Wrapped Frankencoin Pool Shares (WFPS) and about 16,000 against WBTC.
There is no custodian bank and no attestation by an accounting firm: the collateral and the bridged stablecoins sit in protocol smart contracts onchain. The project states that all collateral, debt positions and liquidations are visible onchain, so anyone can verify the protocol's health in real time, and that the system does not rely on a single custodian or on price oracles.
The project states that borrowing capacity depends on the collateral's value and the required collateralization ratios. The protocol app's dashboard shows the collateralisation of each open position live.
Sources: dEURO, dEURO documentation, Overview, dEURO documentation, Reserve, dEURO documentation, Stablecoin Bridges, Etherscan, dEURO token contract, Etherscan, dEURO EURC bridge, Etherscan, dEURO EURC bridge (January 2026), Etherscan, dEURO EURe bridge, dEURO API, open positions, dEURO app, dashboard
Ethereum0x5e85faf5…cc57d537eip1967-beacon0x1b5f7fa4…7d65a264mint(address,uint256)0xba3f535b…aae0a3eamint(address,uint256)0x1b5f7fa4…7d65a264mint(address,uint256)0xc2ff25dd…20f14e47No 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 · upgrade (proxy)
Its collateral sits in onchain positions that anyone can read, so there is no fiat reserve to attest.
The project site sets out a MiCA classification for dEURO, prepared by LEXR Germany Rechtsanwalts GmbH: dEURO qualifies as a crypto-asset under MiCA, but because there is no central issuer and minting is user-driven, the key MiCA provisions that govern issuers do not apply, and no licence or white paper is required.
Crypto-asset service providers that handle dEURO must still comply with their own obligations under MiCA, per the same classification. The classification also states that dEURO does not represent ownership or equity rights in an entity and does not involve debt or repayment obligations.
Sources: dEURO, LEXR Germany Rechtsanwalts GmbH, dEuro token classification, public summary
Reserve attestation cadence
Collateral is held in onchain positions and can be read directly; there is no fiat reserve to attest.
Not applicable (no central issuer)recorded for the protocol; no central issuer
The collateral behind dEURO positions is volatile crypto. On 2 October 2026 it was almost entirely Wrapped Frankencoin Pool Shares, with a small amount of WBTC. The protocol's answer is overcollateralization and liquidation, and its documentation notes that liquidations take days where oracle-based systems might react within minutes, so collateral that falls faster than liquidations can react is a risk.
There is no attestation by an accounting firm; the collateral and the bridged stablecoins are onchain, where any reader can verify them. About 30% of the supply was minted through bridges against EURC and EURe, so dEURO also depends on those two stablecoins holding their value. The project names two security audits, by ChainSecurity and Audit Boutique, which are point-in-time reviews rather than a standing guarantee.
Governance sits with holders of the nDEPS protocol share token, so protocol parameters can change through governance decisions.
Sources: dEURO documentation, Overview, dEURO API, open positions, Etherscan, dEURO token contract, Etherscan, dEURO EURC bridge, Etherscan, dEURO EURC bridge (January 2026), Etherscan, dEURO EURe bridge, ChainSecurity, dEURO Smart Contracts audit, Audit Boutique, dEURO audit report, dEURO documentation, Governance
No central party does. dEURO is minted by users who lock supported crypto collateral, such as BTC or ETH, into the protocol's smart contracts, or who deposit other euro stablecoins into its bridge contracts. The project states that no person, organization or the dEURO Association itself has control over the protocol.
Mostly crypto collateral locked in protocol positions, plus other euro stablecoins held in bridge contracts. On 2 October 2026, about 878,000 of the 1.26 million dEURO supply was minted against collateral, mainly Wrapped Frankencoin Pool Shares, and about 383,000 through EURC and EURe bridges. Everything is onchain and publicly verifiable, and there is no attestation by an accounting firm.
Under a legal classification prepared by LEXR Germany Rechtsanwalts GmbH, dEURO qualifies as a crypto-asset under MiCA, but the key issuer provisions of MiCA do not apply because there is no central issuer, so no licence or white paper is required. Crypto-asset service providers handling dEURO must still meet their own MiCA obligations.
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 EUR peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -200 bps to +200 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 3 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