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 · 54th of 70 USD stablecoins with supply
Peg today
above $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 Ethereum
16th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
LUSD is a USD stablecoin minted by the Liquity protocol's smart contracts, with no central issuer, launched on 5 Apr 2021.
What LUSD is
LUSD is the stablecoin of Liquity V1, a borrowing protocol that lets users draw interest-free loans against Ether. Liquity Protocol describes it as a "USD pegged stablecoin" that "can be redeemed against the underlying collateral at face value". Every LUSD was minted as debt against ETH locked in a Trove, at a minimum collateral ratio of 110%. A Trove needs at least 2,000 LUSD of debt, and a further 200 LUSD is set aside as a liquidation reserve for whoever sends the liquidation transaction. Borrowers pay no interest, only a one-off borrowing fee set algorithmically between 0.5% and 5%.
Who controls it
Nobody. The system has no admin key and no human governance, and parameters were fixed at contract deployment. Liquity's core team runs no front end, so the protocol is reached through third-party interfaces. Liquity V2 mints a separate dollar-pegged token, BOLD, backed by WETH, wstETH and rETH.
Sources: Liquity Docs V1, General FAQ, Liquity Docs V1, Borrowing FAQ, Liquity homepage, V1 and V2 overview, Liquity V1 product page, Liquity homepage
23.6M LUSD in circulation across 2 chains; Ethereum carries 99.7%. That is <0.1% of the USD stablecoin supply on the map, 54th 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 LUSD’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.
23.6M LUSD
<0.1% of all USD stablecoin supply, #54 of 70
Ethereum 99.7% · other chains 0.3%
Ethereum23.5M LUSD · 99.7%
Arbitrum73.8K LUSD · 0.3%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 80.9% 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.
8,933holders on Ethereum
16th of 43 USD stablecoins on Ethereum
| LUSD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 7.9% | 16.5% |
| Top 10 | 25.2% | 53.3% |
| Top 50 | 41.2% | 57.0% |
| Top 100 | 49.4% | 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.
LUSD's typical daily move over the last 90 days was 60 bps, steadier than 5 of 66 other USD stablecoins.
By default LUSD 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 LUSD'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.
60 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, LUSD's daily swings around $1 were smaller than those of 5 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 LUSD | +242 bps (+2.42%) | 91 bps | 60 bps | +373 bps (+3.73%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
The two bands
Redemption sets the floor. Anyone can exchange LUSD for ETH at face value, "as if 1 LUSD is exactly worth $1", so LUSD trading below a dollar is profitable to redeem. The 110% minimum collateral ratio sets the ceiling: a borrower can mint LUSD against ETH and sell it once LUSD trades above the implied cost.
What redemption costs
The fee is baseRate plus 0.5%, applied to the ETH drawn. baseRate rises with every redemption and decays to zero with a 12 hour half life. Redemptions hit the lowest-collateralised Troves first. Liquity states that a redeemed borrower does not incur a net loss, but loses some ETH exposure.
Sources: Liquity Docs V1, Redemptions and LUSD Price Stability
$2.0M of LUSD is supplied to 3 lending markets on 2 protocols, 8.3% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much LUSD 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 LUSD 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 LUSD, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for LUSD.
Borrowed is weighted by how much LUSD each market holds. A $1B market counts a thousand times more than a $1M one.
Ranks and the median compare LUSD 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.
$2.0M8.3% of supply
supplied to 3 lending markets on 2 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
28%
Borrowed
share of supplied LUSD now on loan
By protocol
99.7%$2.0MEthereumLUSD$1.9M25%ArbitrumLUSDNo withdrawable balance$68K100%<1%$6KEthereumLUSD$6K<0.01%8%LUSD in lending markets, by chain, largest first. The bar is each chain's share of LUSD's lending balance.
Ethereumin 2 lending markets97%$1.9MArbitrumin 1 lending market3%$68KAmong 41 USD stablecoins in lending markets
Top 5 LUSD 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 |
|---|---|---|---|---|---|---|---|---|
0.11% | 0.15% | LP fees · IL riskStable | Ethereum | +0.00% | $13.0M | LP | ||
0.24% | 0.41% | LP fees · IL riskStable | Ethereum | +0.00% | $636.8K | LP | ||
6.30% | — | 6.71% | LP fees · IL riskStable | Ethereum | — | $403.5K | LP | |
0.33% | 0.14% | OrganicVolatile | Ethereum | +0.00% | $318.3K | Vault | ||
0.11% | 0.15% | LP fees · IL riskStable | Ethereum | +0.00% | $35.7K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
LUSD in pool is LUSD's own side of the pool, at its USD price. Pool liquidity counts both sides. Pool liquidity is left out where it is more than 10 times the LUSD side, because a lookalike token priced wrongly can inflate it.
$1.2M of LUSD sits in 3 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼LUSD in pool | 24h volume |
|---|---|---|---|---|---|
| 3Crv / LUSD | Ethereum | – | $1.1M | $101 | |
| LUSD / BOLD | Ethereum | $637.9K | $116.1K | $1.8K | |
| LUSD / WETH | Ethereum | $23.7K | $11.8K | $61 |
The Stability Pool is the main sink for LUSD inside the protocol. Depositors put LUSD in. When a Trove falls below the minimum collateral ratio, the pool burns LUSD equal to that Trove's debt and absorbs its collateral. Liquity calls the pool "the first line of defense in maintaining system solvency". Depositors keep the liquidated collateral and earn LQTY early adopter rewards.
Liquidation compensation is 200 LUSD plus 0.5% of the Trove's collateral, paid to the transaction sender. The liquidated borrower keeps the LUSD they borrowed and loses roughly 10% of value overall. If the Stability Pool empties, the protocol redistributes under-collateralised Troves to other borrowers.
Sources: Liquity Docs V1, Stability Pool and Liquidations, Liquity V1 developer README, liquidation and redistribution
LUSD is designed to be backed by crypto held as overcollateral.
What backs it
Collateral is Ether, held on chain. The Liquity developer README puts active Trove collateral in the ActivePool contract, and the collateral of liquidated Troves awaiting redistribution in the DefaultPool. No custodian holds it. No bank account sits behind it.
No off-chain reserve
There is no off-chain reserve to attest to. Backing is readable from contract balances.
What was audited
Liquity's resources page lists four security audits, all from 2021. Trail of Bits reviewed all core system contracts except the PriceFeed in January 2021, then returned twice in March 2021 for the lockup, Unipool LP staking, DSProxy and bundled-actions contracts. Coinspect reviewed the core contracts and the LQTY lockup contracts in March 2021. The page lists nothing later.
Sources: Liquity V1 developer README, flow of Ether and contract architecture, Liquity Docs V1, Technical Resources and audit list, Liquity homepage, LUSD is 100% on-chain with no off-chain collateral backing
Ethereum0x93b346b6…2541425beip1967-beacon0x5f98805a…c6568ba0mint(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)
LUSD has no central issuer. What regulators have recorded about it and how its collateral is reported.
Reserve ratio
6.81xLiquity TroveManager 0xA39739EF8b0231DbFA0DcdA07d7e29faAbCf4bb2 (ETH collateral vs LUSD debt)
Collateral over the liability it backs, read on chain or from the third-party proof of reserves named above. Overcollateralised protocols sit well above 1.00x by design; a fully reserved stablecoin sits at it. Not comparable between the two.
Not applicable (no central issuer)recorded for the protocol; no central issuer
Oracle dependency
The PriceFeed contract reads ETH prices from Chainlink as primary and Tellor as fallback. MAX_PRICE_DIFFERENCE_BETWEEN_ORACLES is set to 5e16, a 5% gap, and TIMEOUT is 14400 seconds. If both oracles become untrusted the contract falls back to lastGoodPrice and keeps returning it until both oracles are live again and report similar prices.
The Tellor incident
Liquity received a bug report on 17 September 2022. The deployment had no dispute period, so it would consume Tellor's most recent submission instantly. On the ETHW fork after the merge, someone staked TRB, reported a fake ETHW price and minted trillions of LUSD. Liquity states no user funds were at risk beforehand because it was using Chainlink. The fix came from Tellor. Tellor now returns the latest price submitted at least 15 minutes earlier. The change shipped in Tellor360, and Coinspect audited it. Immutable code with no admin key leaves Liquity no patch path of its own. The January 2021 Trail of Bits audit excluded the PriceFeed.
Recovery Mode
If the system's Total Collateral Ratio falls below 150%, Troves under 150% become liquidatable and the borrowing fee drops to 0%. New LUSD can then only be issued by improving an existing collateral ratio or opening a Trove at 150% or above.
Sources: Liquity V1 PriceFeed.sol contract source, Liquity blog, Tellor Issue and Fix, Liquity Docs V1, Recovery Mode, Liquity Docs V1, Technical Resources and audit list
Ether, held on chain. Every LUSD was minted as debt against ETH locked in a Liquity V1 Trove at a minimum collateral ratio of 110%. Active Trove collateral sits in the ActivePool contract and collateral awaiting redistribution sits in the DefaultPool. There is no off-chain reserve.
No. LUSD is the stablecoin of Liquity V1, backed only by ETH. BOLD is the stablecoin of Liquity V2, which Liquity says is over-collateralised and backed only by WETH, wstETH and rETH, with user-set borrowing rates.
Through two arbitrage bands. Redeeming LUSD for ETH at face value, as if 1 LUSD is worth exactly $1, sets the floor. The 110% minimum collateral ratio sets the ceiling, because a borrower can mint LUSD against ETH and sell it above the implied cost.
No. Liquity states the system has no admin key and no human governance. Parameters were set at contract deployment and the code is immutable, which is why the 2022 Tellor fallback fix had to be made by Tellor rather than by Liquity.
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 +300 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.
LUSDSource: DeFiLlama and CoinGecko prices Updated