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 · 63rd of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on BSC
3rd of 7 USD stablecoins scanned on BSC
Best yield
ranked by lower of 30d and spot APY × deposits · Makina · 9.80% base, 0% rewards · 30-day avg 8.90%
DUSD is a USD stablecoin issued by StandX.
DUSD is a synthetic dollar issued by StandX Issuer Ltd, a company limited by shares incorporated in the British Virgin Islands. StandX describes DUSD as a decentralized, yield-bearing stablecoin. Users mint it with USDT or USDC, which the protocol converts into spot crypto assets hedged with short perpetual futures positions. The StandX perpetual futures exchange denominates and margins its contracts in DUSD.
DUSD runs on Solana, under the Token-2022 program, and on BNB Smart Chain as a BEP-20 token, at the addresses StandX publishes in its documentation. StandX also lists DUSD liquidity pools against USDT and USDC on PancakeSwap and Raydium.
Sources: StandX docs, User Terms and Conditions, StandX docs, DUSD Solutions, StandX docs, Minting DUSD, StandX docs, Perps Overview, StandX docs, DUSD key addresses
8.4M DUSD in circulation across 2 chains; BSC carries 89.4%. That is <0.1% of the USD stablecoin supply on the map, 63rd 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 DUSD’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.
8.4M DUSD
<0.1% of all USD stablecoin supply, #63 of 70
BSC 89.4% · other chains 10.6%
BSC7.5M DUSD · 89.4%
Solana882.5K DUSD · 10.6%Supply growth
Counted on BSC. Excludes issuer treasuries, includes contracts. Shares are of the supply on BSC less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
Source: NodeReal.
17,315holders on BSC
3rd of 7 USD stablecoins on BSC
| DUSD | Median, 7 USD stablecoins on BSC | |
|---|---|---|
| Top holder | 51.1% | 66.0% |
| Top 10 | 88.0% | 99.8% |
| Top 50 | 93.1% | 100.0% |
| Top 100 | 94.3% | 100.0% |
Excludes issuer treasuries, includes contracts. Shares are of the supply on BSC less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
DUSD's typical daily move over the last 90 days was 24 bps, steadier than 13 of 66 other USD stablecoins.
By default DUSD 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 DUSD'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.
24 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, DUSD's daily swings around $1 were smaller than those of 13 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −37 bps (−0.37%) | 39 bps | 24 bps | −225 bps (−2.25%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where DUSD is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 2 DUSD 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 |
|---|---|---|---|---|---|---|---|---|
9.80% | 8.90% | OrganicStable |  Ethereum | +0.00% | $1.9M | Lending | ||
1.51% | 1.15% | LP fees · IL riskStable | Solana | +0.00% | $133.2K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
DUSD in pool is DUSD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$533.9K of DUSD sits in 3 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼DUSD in pool | 24h volume |
|---|---|---|---|---|---|
| DUSD / USDT | BSC | $565.3K | $447.1K | $48.6K | |
| DUSD / USDT | Solana | $135.0K | $76.3K | $356 | |
| DUSD / USDC | BSC | $20.9K | $10.4K | $81 |
DUSD is designed to be backed by crypto hedged with derivative shorts.
DUSD is synthetic. StandX states that it is fully backed by spot assets, such as ETH and SOL, and short perpetual futures positions, with hedges equal to the collateral value so that a change in the collateral's price is offset by the hedge. Collateral is stored at a set of StandX custodian addresses. A reserve fund multisig moves assets between the onchain contracts and the centralised exchanges where the hedging system operates.
Holder yield comes from staking the collateral on its own network and from funding fees and basis spreads on the short positions. Rewards are allocated by DUSD holdings and settled every 7 days, after which holders claim them. When weekly revenue is positive, part of it goes to a reserve fund that covers funding fee payments in weeks when total revenue is negative.
Minting has no fee and a $5 minimum. Redemption carries a 0.1% fee, and the USDT or USDC is paid 7 days after the request. Under StandX's terms, a holder can request redemption on demand at the value representing the token's share in the asset reserve.
Sources: StandX docs, Minting DUSD, StandX docs, DUSD Solutions, StandX docs, DUSD Product FAQ, StandX docs, User Terms and Conditions
BSC0xaf44a1e7…74888122No control settled on this deployment.
DUSDt4AeLZ…dnSzAttMfreezeAuthoritymintAuthorityRead 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 freeze · mint
Who licenses DUSD's issuer and how its reserves are reported.
StandX's risk documentation names funding rate fluctuations, market volatility and price gaps during extreme market conditions as the market risks of its hedging design. It also lists liquidity, collateral, smart contract and oracle risk. The hedging system operates across several centralised exchanges, and the collateral sits at StandX custodian addresses.
The terms state that StandX Issuer Ltd and the other members of its group are not regulated, supervised or licensed by any financial services regulator, including the BVI Financial Services Commission. They add that holders have no recourse to any financial services statutory compensation scheme if the issuer becomes insolvent.
Sources: StandX docs, Risks and Hedging System, StandX docs, DUSD Solutions, StandX docs, User Terms and Conditions
Source: DIA onchain reads Updated
Source: NodeReal, BSC 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 -60 bps to +40 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