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 · 35th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
6th of 70 USD stablecoins read on chain · median 2
Holders on BSC
5th of 7 USD stablecoins scanned on BSC
satUSD is a USD stablecoin issued by River.
How satUSD is created
satUSD is minted as debt against crypto collateral. Borrowers lock BTC, ETH, BNB or liquid staking tokens and draw satUSD against the position. River runs the contracts. Its site describes satUSD as an over-collateralized stablecoin backed by BTC, ETH, BNB and liquid staking tokens, holding a $1 peg through real-time liquidation, on-chain arbitrage and five layers of risk control.
V2 and cross-chain supply
The V2 launch post reframed satUSD as a universal Bitcoin-backed stablecoin and put the upgrade live in mid-February 2025. satUSD adopts LayerZero's OFT standard, which debits the token on a source chain and credits it on a destination chain, so one supply circulates across networks without a third-party bridge. River also runs satUSD+, a staked version: holders stake satUSD and receive satUSD+, which accrues protocol revenue. The peg target is the US dollar.
Sources: River official site, satUSD product description, River blog, Introducing Satoshi Protocol V2
87.6M satUSD in circulation across 10 chains; BSC carries 90.6%. That is <0.1% of the USD stablecoin supply on the map, 35th 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 satUSD’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.
87.6M satUSD
<0.1% of all USD stablecoin supply, #35 of 70
BSC 90.6% · other chains 9.4%
BSC79.4M satUSD · 90.6%
BSquared5.0M satUSD · 5.7%
BOB1.4M satUSD · 1.6%
Ethereum932.4K satUSD · 1.1%
Hemi417.3K satUSD · 0.5%
Base239.0K satUSD · 0.3%
Arbitrum155.8K satUSD · 0.2%
X Layer130.9K satUSD · 0.1%
Bitlayer49.5K satUSD · <0.1%
Sonic33.8K satUSD · <0.1%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.
8,166holders on BSC
5th of 7 USD stablecoins on BSC
| satUSD | Median, 7 USD stablecoins on BSC | |
|---|---|---|
| Top holder | 66.0% | 66.0% |
| Top 10 | 100.0% | 99.8% |
| Top 50 | 100.0% | 100.0% |
| Top 100 | 100.0% | 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.
satUSD's typical daily move over the last 90 days was 37 bps, steadier than 7 of 66 other USD stablecoins.
By default satUSD 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 satUSD'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.
37 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, satUSD's daily swings around $1 were smaller than those of 7 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −61 bps (−0.61%) | 6.9 bps | 37 bps | −526 bps (−5.26%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Redemption sets the floor. Holders can redeem satUSD for collateral, and the protocol takes that collateral from the least collateralized positions first, at a cost of the base rate plus 0.5%. Two conditions gate it: the Total Collateral Ratio must be above 110%, and redemptions were closed for the first 14 days after the V1 launch.
Where satUSD is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
satUSD in pool is satUSD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$3.3M of satUSD sits in 2 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼satUSD in pool | 24h volume |
|---|---|---|---|---|---|
| satUSD / USDT | BSC | $3.4M | $3.3M | $148 | |
| satUSD / USDC | Sonic | $19.9K | $19.0K | $10 |
River's swap interface exchanges satUSD at a fixed 1:1 ratio for USDT, USDC and USD1, and points users at USDT pools on PancakeSwap for depth. Staking satUSD returns satUSD+, an ERC-20 that accrues protocol revenue rather than paying a claimable rate. That revenue comes from minting, redemption and liquidation fees in the Omni-CDP module, from satUSD adoption across chains, and from integrations River lists as future, including lending markets.
Sources: River docs, Swap satUSD, River docs, satUSD+
satUSD is designed to be backed by crypto held as overcollateral.
What the documentation sets out
River documents parameters, not holdings. The risk management page sets a Minimum Collateral Ratio of 110% and gives example loan-to-value figures of up to 90.91% for BTC and around 65% for a liquid staking token. Liquidation is permissionless once a position falls below 110%, and the liquidator takes 0.25% of the liquidated collateral plus gas compensation. Minting costs the base rate plus 0.5%, floored at 0.5% and capped at 5%, with a 2 satUSD gas reserve and a 0% interest fee.
What is not published
River's site and documentation carry no attestation or reserve report. River's documentation links an audit report repository holding nine PDF reports from Billh, Scalebit, Supremacy, Zenith and Zellic. Their cover pages give these dates. Protocol v1: Scalebit 15 March 2024, Supremacy 19 March 2024, Billh final 9 July 2024. OSHI component: Scalebit 25 March 2024. Protocol v2: Billh final 12 February 2025. Farm contracts: Billh final 12 February 2025, Zenith 11 to 18 February 2025. Smart vault: Zellic 10 October 2025. Points conversion contract: Supremacy 2 December 2025. These are code audits, not reserve attestations.
Sources: River docs, Risk Management (MCR, liquidation, LTVs), River docs, Minting satUSD (fees, gas reserve), River docs, Audit Reports page, Satoshi Protocol audit report repository (nine PDF reports, cover-page dates), River docs, Risk Management (archived 2026-07-10)
BSC0xb4818bb6…8e2766cbmint(address,uint256)eip1967-uups0x70654aad…e03fa162mint(address,uint256)eip1967-uups0xa1e63cb2…70fedadfmint(address,uint256)eip1967-uups0xba50ddac…c0f6a783mint(address,uint256)eip1967-uups0x78fea795…5c283bdbmint(address,uint256)eip1967-uups0xecf21b33…c467871fmint(address,uint256)eip1967-uups0xb4818bb6…8e2766cbmint(address,uint256)eip1967-uups0x8dd8b12d…1c8b1f6fmint(address,uint256)eip1967-uups0x62b4b8f5…406e28c3mint(address,uint256)eip1967-uups0x1958853a…50f0d0d2mint(address,uint256)eip1967-uups0xb4818bb6…8e2766cbmint(address,uint256)eip1967-uups0xb4818bb6…8e2766cbmint(address,uint256)eip1967-uups0xcef6c74c…5cd3737amint(address,uint256)eip1967-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 mint · upgrade (proxy)
Who licenses satUSD's issuer and how its reserves are reported.
Reserve attestation cadence
None identified
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
The buffer
Collateral is BTC, ETH, BNB and liquid staking tokens. For BTC collateral, a 110% minimum leaves ten cents of margin per dollar of debt. River's FAQ sets 120% to 150% for liquid staking tokens. River's own minting page tells borrowers to sit well above that, ideally over 150%.
Under stress
Recovery Mode triggers when the Total Collateral Ratio drops below 150%. Positions below 150% become eligible for liquidation, new minting is restricted to positions at 150% or higher, and the minting fee is set to 0%. Redemption, the mechanism that holds the floor, is available only while the Total Collateral Ratio is above 110%.
Cross-chain supply
satUSD crosses chains through LayerZero's OFT standard, debiting on the source chain and crediting on the destination so that total supply stays consistent across networks.
Sources: River docs, Recovery Mode, River docs, Minting satUSD (collateral ratio guidance), River blog, Introducing Satoshi Protocol V2 (LayerZero OFT), River docs, FAQ (minimum collateral ratio by asset, archived)
Crypto collateral locked in collateralized debt positions. River describes satUSD as an over-collateralized stablecoin backed by BTC, ETH, BNB and other liquid staking tokens, with a minimum collateral ratio of 110% for BTC and 120% to 150% for liquid staking tokens.
No. River's site and documentation carry no attestation or reserve report. The documentation discloses protocol parameters such as the 110% minimum collateral ratio and the 0.25% liquidator reward, not holdings.
River's documentation links a GitHub repository holding nine PDF audit reports. Their filenames name Billh, Scalebit, Supremacy, Zenith and Zellic. The documentation page linking the repository states no firm, scope or date.
Redemption sets the floor: holders redeem satUSD for collateral from the least collateralized positions, at a fee of the base rate plus 0.5%, and only while the Total Collateral Ratio is above 110%.
37 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
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 -1000 bps to +1500 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 4 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
3 single-day provider glitches hidden: a close more than 20% off both neighbouring days that reverted by the next, or one the coin's onchain trades that day did not support.
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