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Market cap
DIA price
Total supply
Holders
905.6K MUSD
7,877holders
What the top-10 is
Shares of the same supply as Top-10, from public address labels covering 94.9% of the top-10 balance. Exchange custody is one address holding for many end holders. Unattributed means unlabelled, not self-custodied.
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
-$69.3Ksince Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in MUSD's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
DIA price
$0.9905
Peg deviation
-95 bps
Peg currency
USD
Primary use
—
Last snapshot
Fri, Sep 4 UTC
Bitcoin holders who want dollars usually sell the BTC or hand it to a custodial lender. MUSD is Mezo's third route. A borrower locks Bitcoin in a smart contract, opens a trove, and mints MUSD against it while keeping the Bitcoin exposure. The peg is to the US dollar and the mechanics are a collateralised debt position: a 110% minimum collateral ratio, a stability pool that absorbs liquidations, and redemption of MUSD for BTC at par.
Who runs it
Mezo's own disclosure names the core contributors as the Supernormal Foundation, its subsidiary Supernormal OpCo (BVI) Ltd., and River Delta Inc., a subsidiary of Thesis, Inc. The map separately carries mUSD by MetaMask, an unrelated token with the same ticker.
Sources: Mezo Disclosure (entities, contributors, audits, risks), Mezo blog: How MUSD Works and Why It's Stable, Mezo product page: MUSD
What Mezo publishes
Every MUSD exists because a borrower posted Bitcoin above the 110% minimum. Mezo's half-year review reports system collateralization of 370% and 28.0M MUSD in circulation, 27.0M of it on Mezo, with all figures pulled on chain. The same table gives outstanding loans of "$13.1M against 826 BTC of collateral". The review does not say how the circulation figure and the loan figure relate.
What is not published
No reserve attestation exists and no accounting firm has issued an opinion on MUSD's backing. Verification means reading Mezo's contracts directly. The 370% ratio is a single point in a half-year review, and Mezo publishes no dated series showing where the ratio sat between reviews.
Sources: Mezo blog: Mezo's H1 2026 in Review (H1 in numbers table), Mezo blog: How MUSD Works and Why It's Stable
Below par, anyone can burn MUSD for $1 of BTC minus a 0.75% redemption fee. The protocol sources that BTC from the riskiest healthy trove, the one with the lowest collateral ratio still at or above 110%. Troves under 110% cannot be redeemed against and are liquidated instead. The liquidation price is 1.10 times the entire debt divided by BTC collateral. The stability pool burns the MUSD and takes 99.5% of the trove's Bitcoin, and the liquidator keeps the other 0.5% plus 200 MUSD from the gas pool. DIA's own registry read, first-party data carried by this map, puts the price slightly above par at $1.0090.
Sources: Mezo Documentation: MUSD Redemptions, Mezo blog: Mezo 101, Liquidations & Redemptions
MUSD started on Mezo's own chain and moved outward through Wormhole's native token transfer rails, which now carry it between Mezo, Ethereum and Base. One address, 0xdD468A1DDc392dcdbEf6db6e34E89AA338F9F186, holds the token on all three networks. Bullish Exchange listed MEZO and MUSD on 21 April 2026, with both assets available via Ethereum L1 at launch. Other crypto-backed dollar tokens sit alongside it in the stablecoin explorer.
Sources: Mezo Documentation: Contracts and Token Addresses, Mezo blog: Mezo's H1 2026 in Review, Mezo blog: MEZO and MUSD Are Live on Bullish Exchange
Oracle dependence
Liquidations, borrowing capacity and redemptions all price BTC from an oracle. Mezo runs Skip Connect for BTC/USD through a Chainlink-compatible aggregator at 0x7b7c000000000000000000000000000000000015, updated every block, and Pyth for its other feeds.
One collateral asset
Mezo's disclosure states that rapid BTC price declines "could trigger mass liquidations, destabilize the MUSD peg, and reduce confidence in the broader Mezo system". The same document states that the classification of BTC-backed stablecoins is subject to regulatory uncertainty.
Contract surface
Cantina published a mUSD security review dated 15 April 2025, listed in Mezo's own audit index.
Sources: Cantina, mUSD Security Review, 15 April 2025, Mezo Disclosure (risks and disclosures section), Mezo Documentation: Reading Market Data with Oracles, mezo-org/audits repository index
What the map reads
The Global Stablecoin Map reads MUSD on Ethereum only, at contract 0xdD468A1DDc392dcdbEf6db6e34E89AA338F9F186. That read returns about 1.12 million MUSD across roughly 7,900 holders. Mezo's own chain, where the token is minted and where most of it stays, is not read here. Neither is Base. The map classes MUSD as crypto-backed and global.
Why two numbers differ
The registry carries a circulating value of about $30.7 million against the 1.12 million MUSD visible on Ethereum. Both are first-party readings held by this map, with no external citation behind them. Mezo's half-year review gives the same shape from its own side: 28.0M MUSD in circulation, 27.0M of it on Mezo, and roughly 1.1 million circulating outside Mezo at the close of the half. The Ethereum figure on this page is that bridged float.
Sources: Mezo blog: Mezo's H1 2026 in Review (MUSD beyond Mezo), Mezo Documentation: Contracts and Token Addresses
Bitcoin posted by borrowers. Each MUSD is minted against BTC locked in a trove above a 110% minimum collateral ratio. Mezo's H1 2026 review reports system collateralization of 370% and 28.0M MUSD in circulation, 27.0M of it on Mezo.
No. Mezo's MUSD and MetaMask's mUSD are separate tokens from separate issuers that share a ticker. The Global Stablecoin Map carries them as separate entries.
No. There is no reserve attestation and no accounting firm opinion on MUSD's backing. Collateral verification means reading Mezo's contracts directly. Mezo's audit index lists a Cantina mUSD security review dated 15 April 2025.
Any holder can burn MUSD for $1 of BTC minus a 0.75% redemption fee. The protocol sources the BTC from the trove with the lowest collateral ratio still at or above 110%.
Mezo, Ethereum and Base, bridged by Wormhole's native token transfer rails, all at the same contract address. Roughly 1.1 million MUSD circulated outside Mezo at the close of H1 2026.
0xdd468a1d…38f9f186Explorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0xdd468a1d…38f9f186mint(address,uint256)Read from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.