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
Chains
Holders on Ethereum
Best yield
ranked by lower of 30d and spot APY × deposits · Pendle V2 · 8.61% base, 0% rewards
sUSN wraps USN and is issued by Noon.
sUSN is the staked version of USN, Noon's USD-pegged stablecoin. A USN holder who stakes receives sUSN, and protocol yield accrues to it over time. USN itself earns no yield. sUSN is an ERC-4626 vault token: the vault contract states how much USN one share converts to, and on 13 October 2026 one sUSN converted to 1.229 USN.
Staking runs through a platform operated by an affiliate of Noon YBS Issuer Ltd, the issuer of USN, under its own terms of service.
Noon lists sUSN contracts on Ethereum, Base, Berachain, HyperEVM, Starknet, ZKsync Era and Citrea.
Sources: docs.noon.capital, USN and sUSN, Noon USN Terms of Service, docs.noon.capital, Contract Addresses and Oracles
28.3M sUSN in circulation across 6 chains, 5 of them holding supply bridged from Ethereum. Ethereum carries 69.1%.
The contracts on the chains listed report 37.0M sUSN in total, before bridged supply is counted once.
Base, Starknet, Berachain, Hyperliquid L1, zkSync hold bridged supply: each token there is backed by Ethereum supply, or by a custodian holding it. The total counts each token once, so bridged supply shows on the chain that holds it, marked “bridged from” its source, and comes off the source chain's row.
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 sUSN’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
28.3M sUSN
Ethereum 69.1% · other chains 30.9%
Ethereum19.6M sUSN · 69.1%
Basebridged from Ethereum6.2M sUSN · 22.0%
Starknetbridged from Ethereum1.4M sUSN · 4.8%
Berachainbridged from Ethereum1.0M sUSN · 3.6%
Hyperliquid L1bridged from Ethereum125.4K sUSN · 0.4%
zkSyncbridged from Ethereum86 sUSN · <0.1%Supply growth
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.
Source: Blockscout.
446holders 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.
Where sUSN is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 2 sUSN 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.
Source: DeFiLlama, DexScreener and on-chain balances, updated 2 Nov 2026.
sUSN in pool is sUSN's own side of the pool, at its USD price. Pool liquidity counts both sides.
$315.2K of sUSN sits in 1 DEX pool across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼sUSN in pool | 24h volume |
|---|---|---|---|---|---|
| sUSN / USN | Ethereum | $1.3M | $315.2K | $159 |
sUSN wraps USN; its backing is the USN it holds.
Each sUSN share is a claim on USN held in the sUSN vault on Ethereum. The value of a share in USN rises as yield is paid into the vault. Of the protocol's distributable returns, 80% flows to sUSN holders. On 13 October 2026 the vault held 33.7 million USN against 27.4 million sUSN shares.
The USN behind sUSN is backed by Noon's reserve, which Accountable reports through a third-party proof of reserves. Private credit is the largest allocation in that reserve.
sUSN on chains other than Ethereum is bridged from the Ethereum vault, which escrows the shares sent out. DIA counts sUSN once, on Ethereum, and shows the other chains separately.
Sources: docs.noon.capital, USN and sUSN, Accountable, Noon proof of reserves, Blockscout, sUSN vault contract on Ethereum
Ethereum0x34a2798d…6c4d999fblacklist(address)paused()eip1967-transparent0xda67b428…727dc1edblacklist(address)paused()eip1967-transparent0xe24a3dc8…1608b91dpaused()eip1967-transparent0x34a2798d…6c4d999fblacklist(address)paused()eip1967-transparent0xb6a09d42…a9b04c4feip1967-transparentContract controls are not read on Starknet yet.
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 freeze · pause · upgrade (proxy)
Who licenses sUSN's issuer and how its reserves are reported.
Unstaking sUSN back to USN is subject to a 7 day cooldown. Redeeming USN with the issuer is limited to verified users who pass KYC and AML checks. Other holders exit by selling on exchanges. sUSN is not designed to trade at US$1.00: its price follows the USN value of a share. The issuer does not guarantee that USN trades at US$1.00 on third-party platforms, and the USD value of a share moves with the price of USN.
Sources: docs.noon.capital, USN and sUSN, Noon USN Terms of Service
Source: DIA onchain reads Updated
Source: Blockscout, Ethereum Updated