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
Peg today
below 1 JPY
Chains
Holders on Avalanche
Share of supply in lending
at least
JPYC is a JPY stablecoin issued by JPYC, launched on 27 Oct 2025.
3.0B JPYC in circulation across 4 chains; Polygon carries 53.0%.
The total is circulating supply: 13.0B JPYC read from the contracts, less 10.0B JPYC that JPYC Inc. holds unissued in its own treasury wallets on Ethereum, Polygon, Avalanche, Kaia, read onchain in the same snapshot. Each chain row takes those wallets off the chain that holds them. The supply chart draws contract supply, which still includes the treasury.
Source: DIA first-party onchain reads of contract supply, the chart’s line, which includes the issuer treasury. Each figure is the change in contract supply across JPYC’s chains between two daily snapshots. Circulating supply is not used for these windows. Not mints minus redeems: DIA does not publish issuance flow.
3.0B JPYC (US$19.0M)
Circulating. Excludes 10.0B JPYC held unissued in JPYC Inc.’s treasury.
Polygon 53.0% · other chains 47.0%
Polygon1.6B JPYC · 53.0%
Ethereum650.4M JPYC · 21.7%
Kaia630.9M JPYC · 21.1%
Avalanche126.7M JPYC · 4.2%Supply growth
Counted on Avalanche. Includes contracts and issuer treasuries. Shares are of the whole supply on Avalanche. This source serves no addresses, so nothing is left out.
Source: Routescan.
23,673holders on Avalanche
Holders on Avalanche (25% of supply). Kaia, the largest chain, is not yet counted.
| JPYC | |
|---|---|
| Top holder | 89.0% |
| Top 10 | 98.2% |
| Top 50 | 98.9% |
| Top 100 | 99.1% |
Includes contracts and issuer treasuries. Shares are of the whole supply on Avalanche. This source serves no addresses, so nothing is left out.
How far JPYC trades from its JPY peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much JPYC's price swings around 1 JPY from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 JPY scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 JPY, signed.
The ranking counts every active JPY 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 JPY stablecoin, the largest deviation leaves out days when most other JPY stablecoins closed the same distance from par on the same side: that move is the exchange rate, not JPYC. A move JPYC makes alone, or a discount it holds while the others stay at par, is kept.
66 bps
Peg volatility, 90 days
typical day-to-day swing around 1 JPY
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −20 bps (−0.20%) | 32 bps | 66 bps | +495 bps (+4.95%) |
US$54.1K of JPYC is supplied to 3 lending markets on 1 protocol, <0.1% of its onchain supply.
At least this much JPYC 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 JPYC 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 US$1,000 of JPYC, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for JPYC.
Both figures are averages across markets, weighted by how much JPYC each market holds. A US$1B market counts a thousand times more than a US$1M one. Markets holding 100% of the balance report an APY.
US$54K<0.1% of supply
supplied to 3 lending markets on 1 protocol
77%
Borrowed
share of supplied JPYC now on loan
16.10%
Average supply APY
weighted by JPYC balance in each market
By protocol
100%US$54KPolygonJPYC / WETHUS$38K15.53%74%PolygonJPYC / WBTCUS$14K17.41%81%PolygonJPYC / USDCUS$3K17.31%90%JPYC in lending markets, by chain, largest first. The bar is each chain's share of JPYC's lending balance.
Polygonin 3 lending markets100%US$54KTop 4 JPYC 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 |
|---|---|---|---|---|---|---|---|---|
0.20% | 16.00% | LP fees · IL riskVolatile | Polygon | +0.00% | US$586.0K | LP | ||
7.44% | 24.84% | LP fees · IL riskVolatile | Ethereum | +0.00% | US$290.9K | LP | ||
16.00% | 25.04% | LP fees · IL riskStable | Polygon | +0.00% | US$74.1K | LP | ||
3.89% | 5.94% | LP fees · IL riskStable | Polygon | +0.00% | US$55.9K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
JPYC in pool is JPYC's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$135.1K of JPYC sits in 1 DEX pool across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼JPYC in pool | 24h volume |
|---|---|---|---|---|---|
| JPYC / USDC | Ethereum | US$290.5K | US$135.1K | US$122.8K |
JPYC is designed to be backed by cash and money-market assets.
Avalanche0xe7c3d8c9…e71c3c29paused()mint(address,uint256), configureMinter(address,uint256) +1eip1967-uups0xe7c3d8c9…e71c3c29paused()mint(address,uint256), configureMinter(address,uint256) +1eip1967-uups0xe7c3d8c9…e71c3c29paused()mint(address,uint256), configureMinter(address,uint256) +1eip1967-uups0xe7c3d8c9…e71c3c29paused()mint(address,uint256), configureMinter(address,uint256) +1eip1967-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 · mint · upgrade (proxy)
Who licenses JPYC's issuer and how its reserves are reported.
Recognised regimelicence tier of JPYC
Contract supply, includes issuer treasury
50 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Daily close against the JPY 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