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
0.2% of USD stablecoin supply · 19th of 70 USD stablecoins with supply
Peg today
below $1 · 53 USD stablecoins with $1M+ supply, priced today: median 15 bps from $1
Chains
16th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
3rd of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Justlend V1 · 1.30% base, 0% rewards
TUSD is a USD stablecoin issued by Techteryx (TrueUSD), launched on 6 Mar 2018.
TrustToken launched TrueUSD on Bittrex on 6 March 2018. TrustToken said buyers paid dollars into an escrow account that it never touched. Techteryx acquired assets of the TrueUSD business from TrueCoin, including its rights and interests in the reserves, in December 2020. Between May 2021 and March 2022, USD 456 million of those reserves went to Aria Commodities DMCC in Dubai, and a Dubai court has frozen assets up to that value.
TrueUSD is a fiat-collateralised stablecoin pegged to the US dollar and tracked in the map's global region.
The supply panel on this page shows how the float splits between Ethereum, Tron, BNB Chain and Avalanche.
Sources: TrueUSD white paper, last updated 2 February 2026 (tusd.io), PRWeb: World's first legally backed stablecoin, TrueUSD from TrustToken, launches on Bittrex exchange, 6 March 2018, DIFC Courts judgment: Techteryx Ltd v Aria Commodities DMCC and others [2025] DIFC DEC 001, 16 September 2025, amended 17 October 2025
494.5M TUSD in circulation across 4 chains; Ethereum carries 63.7%. That is 0.2% of the USD stablecoin supply on the map, 19th 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 TUSD’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.
494.5M TUSD
0.2% of all USD stablecoin supply, #19 of 70
Ethereum 63.7% · other chains 36.3%
Ethereum315.1M TUSD · 63.7%
Tron168.5M TUSD · 34.1%
BSC10.0M TUSD · 2.0%
Avalanche845.7K TUSD · 0.2%Supply growth
Between June and September 2020, TrueUSD's TrueRewards feature moved the balances of a few opted-in accounts into a rewards pool. Our holder history counts those accounts at their stored balance during that window, so holder counts for those months may be low by up to two addresses.
Counted on Ethereum. Excludes issuer treasuries, includes contracts. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. This source names no contracts, so they count as 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: DIA Transfer replay.
338,525holders on Ethereum
3rd of 43 USD stablecoins on Ethereum
| TUSD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 31.0% | 16.5% |
| Top 10 | 92.0% | 53.3% |
| Top 50 | 96.0% | 56.9% |
| Top 100 | 97.3% | 74.7% |
Excludes issuer treasuries, includes contracts. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
The balance held by addresses on the TUSD issuer's blacklist, as of 2 Nov 2026.
Frozen balance
579.2K TUSD across 2 chains
Frozen with a balance
addresses currently frozen with a balance
Blacklisted
blacklisted addresses, whatever they hold
Destroyed
destroyed by the issuer, cumulative
Current balances of addresses on the issuer's blacklist, read from the token contracts on each chain. Reported next to supply, not subtracted from it. Blacklisted addresses include entries that hold nothing.
TUSD's typical daily move over the last 90 days was 12 bps, steadier than 20 of 66 other USD stablecoins.
By default TUSD 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 TUSD'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.
12 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, TUSD's daily swings around $1 were smaller than those of 20 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 TUSD | −44 bps (−0.44%) | 6.6 bps | 12 bps | −53 bps (−0.53%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$2.4M of TUSD is supplied to 4 lending markets on 4 protocols, 0.5% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much TUSD 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 TUSD 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 TUSD, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for TUSD.
Both figures are averages across markets, weighted by how much TUSD each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 97% of the balance report an APY.
Ranks and the median compare TUSD 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.
$2.4M0.5% of supply
supplied to 4 lending markets on 4 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
43%
Borrowed
share of supplied TUSD now on loan
1.15%
Average supply APY
weighted by TUSD balance in each market
By protocol
86%$2.1MTronTUSD$2.1M1.30%47%
12%$283KEthereumTUSD$283K<0.01%21%3%$63KEthereumTUSD$63K3%
<1%$5KBSCTUSDNo withdrawable balance$5K100%TUSD in lending markets, by chain, largest first. The bar is each chain's share of TUSD's lending balance.
Tronin 1 lending market86%$2.1MEthereumin 2 lending markets14%$346KBSCin 1 lending market<1%$5KAmong 41 USD stablecoins in lending markets
Top 3 TUSD 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 |
|---|---|---|---|---|---|---|---|---|
1.30% | 1.52% | OrganicStable | Tron | +0.00% | $2.1M | Lending | ||
0.41% | 0.23% | LP fees · IL riskVolatile | Ethereum | +0.00% | $221.0K | LP | ||
0.13% | 0.75% | LP fees · IL riskVolatile | Ethereum | +0.00% | $11.1K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
TUSD in pool is TUSD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$925.0K of TUSD sits in 5 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼TUSD in pool | 24h volume |
|---|---|---|---|---|---|
| TUSD / USDT | BSC | $993.5K | $481.2K | $19.5K | |
| TUSD / WIN | BSC | $559.2K | $278.3K | $31.1K | |
| TUSD / USDT | Ethereum | $221.1K | $107.9K | $58.8K | |
| BTT / TUSD | BSC | $95.1K | $47.3K | $1.8K | |
| TUSD / QRX | Ethereum | $20.7K | $10.3K | $53 |
TUSD is designed to be backed by loans, credit and other real-world assets.
What is published
Moore Hong Kong runs an automated attestation system called VeriNumus that publishes a live reserve dashboard for TUSD, embedded on the tusd.io transparency page. The standard reporting interval for the TUSD installation is daily. The dashboard treats a ripcord as a precondition: if one fires, no new attestation report is generated and the displayed balances stop updating.
The downloadable report is a reasonable assurance report by Moore CPA Limited under ISAE 3000 (Revised). As of 2 October 2026 it listed USD 501,850,000 under First Digital Trust Limited, USD 78,900.88 in cash and no US Treasury bills, against 494,515,082.75 TUSD issued, of which Techteryx itself held 412,585,497.92. Its notes say First Digital Trust Limited, the Hong Kong depository institution, invested all or substantially all of the collateral in other instruments that "cannot be readily convertible to cash, and are subject to ongoing legal proceedings". The whitepaper says the USD balance held by banking partners "may include cash, cash equivalents and other investments that may generate yield to support TUSD's administrative, operational and related costs, fees and charges".
What it leaves out
The assurance procedures do not examine the fair market value of the investments within the fund. Those investments are reported at cost.
Sources: VeriNumus real-time reserve dashboard and attestation report for TrueUSD, Moore CPA Limited (report of 2 October 2026), TUSD transparency page (tusd.io), TrueUSD white paper, last updated 2 February 2026 (tusd.io)
Ethereum0x1c20e891…ed9b59ebupgradeTo(address)0x40af3827…121d11c9upgradeTo(address)0x00000000…cd22b376destroyBlackFunds(address)destroyBlackFunds(address)mint(address,uint256)TUpMhErZL2…S4GjC1F4upgradeTo(address)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 · wipe · mint · upgrade
Independent reserve attestations are published daily.
No licence or registration is claimed on the TUSD site or in the whitepaper. The whitepaper says TUSD tokens "are not bank deposits, are not legal tender, and are not financial instruments, and TUSD services may not constitute regulated financial services or activities in some jurisdictions". Minting and redemption run through verified customers subject to KYC and AML screening.
Sources: TrueUSD white paper, last updated 2 February 2026 (tusd.io)
The reserve litigation
Dubai's Digital Economy Court continued a proprietary injunction and a worldwide freezing order over USD 456,000,000 transferred to Aria Commodities DMCC. The order supports Hong Kong proceedings brought by Techteryx. The judgment of H.E. Justice Michael Black KC issued on 16 September 2025 and was amended on 17 October 2025. Techteryx alleges the invested reserves were fraudulently misappropriated. Aria Commodities DMCC contested the injunctions. The allegations have not been tried.
Techteryx.
No financial statement audit is published. Moore Hong Kong operates an automated attestation system called VeriNumus that publishes a live reserve dashboard for TUSD on a daily reporting interval, with a reasonable assurance report by Moore CPA Limited under ISAE 3000 (Revised). The procedures do not examine the fair market value of the fund investments in the reserves.
The whitepaper places TUSD in the fiat-collateralised category and says the USD balance held by banking partners may include cash, cash equivalents and other investments that may generate yield. The daily attestation report of 2 October 2026 placed almost all reserves in a single fund subscribed through First Digital Trust Limited, reported at cost and subject to legal proceedings, with USD 78,900.88 in cash and no Treasury bills.
The Global Stablecoin Map reads TUSD supply on Ethereum, Tron, BNB Chain and Avalanche.
Techteryx brought Hong Kong proceedings alleging that reserves were fraudulently misappropriated after being transferred to Aria Commodities DMCC. In support of those proceedings, Dubai's Digital Economy Court continued a proprietary injunction and a worldwide freezing order over USD 456,000,000, in a judgment issued on 16 September 2025 and amended on 17 October 2025. The allegations have not been tried, and Aria Commodities DMCC contested the injunctions.
5 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 30 Sep 2026), Ethplorer (from 1 Oct 2026 to 7 Oct 2026), DIA rebuild from onchain transfer history (from 8 Oct 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 -100 bps to +100 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 12 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.
TUSDSource: DeFiLlama and CoinGecko prices Updated