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 · 33rd of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
14th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
23rd of 43 USD stablecoins scanned on Ethereum
Best yield
ranked by lower of 30d and spot APY × deposits · Inverse Finance Firm savings · 5.67% base, 0% rewards
DOLA is a USD stablecoin issued by Inverse Finance, launched in Feb 2021.
DOLA is a dollar stablecoin issued by Inverse Finance, a DAO that also operates the lending market DOLA is minted from. The documentation says DOLA is created exclusively through overcollateralized borrowing on FiRM and direct reserve swaps through the Peg Stability Module, against a 1:1 target with the US dollar. Among stablecoin designs it sits with the crypto-collateralised ones. No bank deposits stand behind it.
Supply moves through Feds, contracts that governance authorises to mint or burn DOLA. The supply panel on this page shows how much DOLA DIA reads and on which chains.
113.1M DOLA in circulation across 5 chains, 4 of them holding supply bridged from Ethereum. Ethereum carries 96.2%. That is <0.1% of the USD stablecoin supply on the map, 33rd largest of 70.
The contracts on the chains listed report 117.3M DOLA in total, before bridged supply is counted once.
Arbitrum, BSC, Base, Optimism 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: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across DOLA’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.
113.1M DOLA
<0.1% of all USD stablecoin supply, #33 of 70
Ethereum 96.2% · other chains 3.8%
Ethereum108.8M DOLA · 96.2%
Arbitrumbridged from Ethereum1.9M DOLA · 1.7%
BSCbridged from Ethereum1.8M DOLA · 1.6%
Basebridged from Ethereum415.4K DOLA · 0.4%
Optimismbridged from Ethereum110.0K DOLA · <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.
2,049holders on Ethereum
23rd of 43 USD stablecoins on Ethereum
| DOLA | Median, 40 USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 18.2% | 16.5% |
| Top 10 | 27.4% | 53.3% |
| Top 50 | 28.7% | 57.0% |
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.
DOLA's typical daily move over the last 90 days was 5.3 bps, steadier than 31 of 66 other USD stablecoins.
By default DOLA 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 DOLA'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.
5.3 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, DOLA's daily swings around $1 were smaller than those of 31 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 DOLA | −27 bps (−0.27%) | 4.5 bps | 5.3 bps | −101 bps (−1.01%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
The PSM prices the two directions differently. USDS to DOLA swaps at 1:1 with no fee when DOLA trades above $1. DOLA to USDS swaps at 1:0.998 when DOLA trades below $1, a 20 basis point fee that routes to the DAO treasury or other strategic priorities. Governance can adjust that fee and can migrate the reserves to a different yield vault.
Where DOLA is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 5 DOLA 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 |
|---|---|---|---|---|---|---|---|---|
3.77% | 4.08% | MixedStable | Ethereum | +2.29% | $57.9M | LP | ||
5.53% | 6.16% | MixedStable | Ethereum | +4.05% | $44.2M | LP | ||
5.67% | 5.88% | OrganicStable | Ethereum | +0.00% | $20.5M | Savings | ||
4.86% | 5.48% | LP fees · IL riskStable | Ethereum | +0.00% | $13.5M | LP | ||
3.34% | 3.99% | MixedStable | Ethereum | +2.40% | $6.5M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
DOLA in pool is DOLA's own side of the pool, at its USD price. Pool liquidity counts both sides.
$5.7M of DOLA sits in 7 DEX pools across 4 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼DOLA in pool | 24h volume |
|---|---|---|---|---|---|
| DOLA / sUSDS | Ethereum | $6.5M | $5.0M | $527.6K | |
| DOLA / INV | Ethereum | $572.2K | $284.0K | $2.1K | |
| DOLA / USDC | Base | $309.4K | $179.2K | $3 | |
| DOLA / USDC | Ethereum | $356.4K | $152.8K | $1.2M | |
| DOLA / USDbC | Base | $85.9K | $49.7K | $4 | |
| DOLA / WETH | Ethereum | $58.1K | $29.0K | $742 | |
| DOLA / USDC | Optimism | $25.2K | $14.7K | $8 |
DOLA is designed to be backed by crypto held as overcollateral.
What backs it
The docs state that every DOLA in circulation is backed by collateral, either locked by a borrower in a FiRM market or offset by reserve assets held in the PSM. The transparency documentation puts the split at over 97% of DOLA backed by collateral deposited on FiRM. The rest comes from the PSM, which accepts USDS at 1:1 and mints DOLA against it, and from the legacy Frontier Fed. PSM reserves are held in sUSDS, Sky's yield-bearing version of USDS, and that yield goes to the DAO treasury. The docs also state that a small portion of DOLA's backing is unsecured because of bad debt from the April 2022 Frontier exploit.
What is published
Backing is shown as a live on-chain dashboard, not a periodic report. Inverse runs a transparency portal covering treasury holdings, DOLA supply by Fed, liquidity pools and bad debt. The documentation itself states that 81.02% of DOLA bad debt has been repaid, without giving the date of that reading.
What is not published
There is no reserve attestation and no accountant's opinion on backing. The audits Inverse lists are contract reviews, among them a Code4rena FiRM contest in October 2022, Nomoi on FiRM in April 2023, yAudit on sDOLA in January 2024, and Sherlock, ChainSecurity and Electisec engagements on the Monolith and junior-tranche code in 2025. They review code.
Sources: Inverse Finance docs, DOLA token overview, Inverse Finance docs, Transparency portal, Inverse Finance docs, Peg Stability Module, Inverse Finance docs, Audits, Inverse Finance docs, DOLA peg mechanism
Ethereum0x6a766179…a7ee23b6eip1967-beacon0x4621b7a9…165c3191mint(address,uint256)0x2f29bc0f…f12e5840mint(address,uint256)0x86537736…4edc9ce4mint(address,uint256)0x8ae125e8…a9ce7384mint(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 · upgrade (proxy)
Reserves are published as a continuous proof-of-reserves feed.
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
None foundlicence tier of Inverse Finance
Concentration in one lending market
About 97% of DOLA's supply comes from FiRM, and the docs call that concentration intentional. The backing is whatever FiRM's markets hold and can liquidate. FiRM's defences are documented: a Pessimistic Price Oracle that values collateral at the lower of the current Chainlink price and the 48-hour low, adjusted by the collateral factor, a borrow controller that whitelists which contracts may borrow DOLA, personal collateral escrows that isolate deposits per user and per token, and a rolling 24-hour borrow limit. Comparable lending markets and vaults are tracked separately.
The 2022 oracle attacks
FiRM launched in late 2022, after the earlier market, Frontier, lost twice to oracle manipulation. In April 2022 an attacker inflated the INV price and took 1,588 ETH, 94 WBTC, 39 YFI and 3,999,669 DOLA, which the docs record as $15.6M in losses. In June 2022 the yvcrv3crypto market priced collateral off Chainlink data rather than Curve's internal exchange rate, and a flash-loan manipulation of the tricrypto pool produced a net loss of $5.83 million in DOLA against roughly $1.2 million of attacker profit. Borrowing is paused on Frontier. The DOLA bad debt those attacks created is still being repaid.
The reserve leg
PSM reserves sit in sUSDS, so the PSM portion of DOLA's backing carries Sky's USDS exposure.
Sources: Inverse Finance docs, Frontier/Anchor legacy product and 2022 incidents, Inverse Finance Risk Working Group, FiRM security features, Inverse Finance docs, Transparency portal, Inverse Finance docs, DOLA token overview, Inverse Finance transparency API, Fed overview, Inverse Finance docs, DOLA peg mechanism
Inverse Finance's documentation states that every DOLA in circulation is backed by collateral, either locked by a borrower in a FiRM market or offset by reserve assets held in the Peg Stability Module. The transparency documentation puts over 97% of DOLA on FiRM collateral. The docs also state that a small portion of DOLA's backing is unsecured because of bad debt from the April 2022 Frontier exploit.
No. Backing is disclosed through an on-chain transparency portal rather than a periodic attestation, and the audits Inverse lists are smart-contract reviews such as the October 2022 Code4rena FiRM contest.
Yes. Inverse Finance's own documentation records two 2022 oracle manipulations on its legacy Frontier market: $15.6M in April 2022 and a $5.83 million net DOLA loss in June 2022. Borrowing is paused on Frontier and the resulting DOLA bad debt is still being repaid.
The registry lists five chains for DOLA: Ethereum, Arbitrum, BNB Chain, Base and Optimism. The supply panel on this page shows which of them DIA reads and marks any it has not.
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 axis spans -200 bps to +50 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 7 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
1 single-day provider glitch hidden: a close more than 20% off both neighbouring days that reverted by the next, or one the coin's onchain trades that day did not support.
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.
DOLASource: DeFiLlama and CoinGecko prices Updated