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 · 52nd of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 14.5 bps from $1
Chains
25th of 70 USD stablecoins read on chain · median 2
Holders on Mezo
Best yield
ranked by lower of 30d and spot APY × deposits · Mezo Vaults savings · 0.03% base, 0% rewards
MUSD is a USD stablecoin issued by Mezo.
MUSD is Mezo's Bitcoin-backed stablecoin. 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
29.5M MUSD in circulation across 3 chains. That is <0.1% of the USD stablecoin supply on the map, 52nd largest of 70.
The contracts on the chains listed report 31.5M MUSD in total, before bridged supply is counted once and the Not circulating row is taken off.
Not circulating is supply the chain rows carry that the total leaves out, such as tokens the issuer holds unissued where no per-chain treasury read places them, or tokens held in a bridge escrow. With it taken off, the rows add up to the total.
Shares are of the chain rows before the Not circulating row is taken off.
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: DeFiLlama circulating supply, the series the chart draws, measured against that source’s own past. It is not a change in the onchain supply above. The 7d figure is from DIA first-party onchain reads: the change between two daily snapshots, not mints minus redeems.
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.
29.5M MUSD
<0.1% of all USD stablecoin supply, #52 of 70
Mezo 93.7% · other chains 6.3%
Mezo29.5M MUSD · 93.7%
Ethereum1.2M MUSD · 3.8%
Base780.9K MUSD · 2.5%Supply growth
Counted on Mezo. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Mezo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
29,236holders on Mezo
| MUSD | |
|---|---|
| Top holder | 48.1% |
| Top 10 | 98.9% |
| Top 50 | 99.8% |
| Top 100 | 99.9% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Mezo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
MUSD's typical daily move over the last 90 days was 8.6 bps, steadier than 24 of 66 other USD stablecoins.
By default MUSD 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 MUSD'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.
8.6 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, MUSD's daily swings around $1 were smaller than those of 24 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 MUSD | −103 bps (−1.03%) | 7.3 bps | 8.6 bps | +312 bps (+3.12%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
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.
Sources: Mezo Documentation: MUSD Redemptions, Mezo blog: Mezo 101, Liquidations & Redemptions
Where MUSD is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 5 MUSD 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 |
|---|---|---|---|---|---|---|---|---|
1.66%Rewards only | 1.05% | IncentiveVolatile | Mezo | +1.66% | $5.3M | Savings | ||
0.03% | 2.83% | OrganicVolatile | Mezo | +0.00% | $1.9M | Savings | ||
34.83% | 14.41% | IncentiveIL riskVolatile | Ethereum | +34.77% | $1.4M | LP | ||
43.04% | 15.64% | IncentiveIL riskVolatile | Ethereum | +42.36% | $1.1M | LP | ||
29.86% | 9.82% | IncentiveIL riskVolatile | Ethereum | +29.80% | $273.9K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
MUSD in pool is MUSD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$1.9M of MUSD sits in 3 DEX pools across 3 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼MUSD in pool | 24h volume |
|---|---|---|---|---|---|
| MUSD / CRV2POOL | Ethereum | $1.4M | $1.1M | $1.0M | |
| MUSD / USDC | Base | $1.1M | $751.5K | $120.8K | |
| MUSD / USDC | Ethereum | $76.1K | $18.0K | $10.3K |
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. The MUSD token contract uses one address, 0xdD468A1DDc392dcdbEf6db6e34E89AA338F9F186, 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
MUSD is designed to be backed by crypto held as overcollateral.
What Mezo publishes
Borrowers mint MUSD by posting Bitcoin above the 110% minimum. The protocol also minted MUSD as a bootstrap loan to seed the stability pool, against its own future fees and not against Bitcoin. On 2 October 2026 the protocol's PCV contract reported about 15.0M MUSD of that loan still outstanding. Mezo's official Dune dashboard shows the total collateral ratio, system debt and system collateral, with an hourly series of the ratio over time. 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.
Sources: Mezo blog: Mezo's H1 2026 in Review (H1 in numbers table), Mezo blog: How MUSD Works and Why It's Stable, Mezo official dashboard on Dune: MUSD on Mezo (total collateral ratio over time), Mezo Documentation: Network Stats and Data (Official Dashboards), Mezo MUSD repository: protocol bootstrap loan, Mezo explorer: MUSD PCV contract (debtToPay)
Mezo0xdd468a1d…38f9f186mint(address,uint256)0xdd468a1d…38f9f186mint(address,uint256)0xdd468a1d…38f9f186mint(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
Who licenses MUSD's issuer and how its reserves are reported.
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 Documentation: Audits (MUSD: Cantina MUSD Audit)
Bitcoin posted by borrowers, who mint MUSD against BTC locked in a trove above a 110% minimum collateral ratio. The protocol also minted MUSD as a bootstrap loan to seed the stability pool, against its own future fees and not against Bitcoin. 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 or checking Mezo's official Dune dashboard, which shows the total collateralization ratio over time. 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.
Aggregator figure, not a contract read. DIA’s own read of the current supply is in the Supply by chain panel.
Source: DeFiLlama circulating supply
Source: Blockscout, Mezo Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
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.
MUSDSource: DeFiLlama and CoinGecko prices Updated