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
0.6% of USD stablecoin supply · 11th 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
16th of 70 USD stablecoins read on chain · median 2
Holders on BSC
1st of 7 USD stablecoins scanned on BSC
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Bitway Earn · 8.00% base, 0% rewards
U is a USD stablecoin issued by United Stables.
BNB Chain describes $U as its first stablecoin built on a stablecoin-inclusive reserve model. Minters can deposit USDT, USDC or USD1 as collateral, according to the chain's launch post of 18 December 2025. $U is deployed natively on BNB Chain and Ethereum, is listed on Binance, and publishes its reserve total through a Chainlink Proof of Reserve feed. The issuer states it has not obtained registration, authorization or licensing for $U under MiCA, Hong Kong's Stablecoins Ordinance or the GENIUS Act, and does not offer $U to residents of the United States, the European Union or Hong Kong.
$U is a US dollar stablecoin issued by United Stables Limited, a British Virgin Islands company. The peg reference is the US dollar.
Sources: United Stables official site, highlights, FAQ and footer disclaimer, BNB Chain blog, United Stables launches $U as a native stablecoin on BNB Chain, United Stables Proof of Reserves page
1.6B U in circulation across 4 chains; BSC carries 65.2%. That is 0.6% of the USD stablecoin supply on the map, 11th 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 U’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.
1.6B U
0.6% of all USD stablecoin supply, #11 of 70
BSC 65.2% · other chains 34.8%
BSC1.0B U · 65.2%
Ethereum474.2M U · 29.5%
Tron55.0M U · 3.4%
Robinhood Chain30.0M U · 1.9%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.
79,471holders on BSC
1st of 7 USD stablecoins on BSC
| U | Median, 7 USD stablecoins on BSC | |
|---|---|---|
| Top holder | 89.6% | 66.0% |
| Top 10 | 97.8% | 99.7% |
| Top 50 | 99.6% | 99.9% |
| Top 100 | 99.7% | 99.9% |
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.
U's typical daily move over the last 90 days was 2.3 bps, steadier than 57 of 66 other USD stablecoins.
By default U 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 U'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.
2.3 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, U's daily swings around $1 were smaller than those of 57 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −8 bps (−0.08%) | 2.4 bps | 2.3 bps | −21 bps (−0.21%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$80.2M of U is supplied to 10 lending markets on 4 protocols, 5.0% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much U 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 U 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 U, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for U.
Both figures are averages across markets, weighted by how much U each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 76% of the balance report an APY.
Ranks and the median compare U 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.
$80.2M5.0% of supply
supplied to 10 lending markets on 4 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
75%
Borrowed
share of supplied U now on loan
1.92%
Average supply APY
weighted by U balance in each market
By protocol
53%$42.3MBSCU / BTCBNo withdrawable balance$13.7M99%BSCU / BTCB$10.9M2.01%95%BSCU / slisBNB$8.9M2.76%98%BSCU / asUSDFNo withdrawable balance$3.0M100%BSCU / XAUt$2.9M0.10%15%BSCU / slisBNBNo withdrawable balance$2.8M99%BSCU / USDT$78K0.79%90%41%$32.9MBSCU$32.9M2.01%59%
6%$5.0MTronU$5.0M0.77%28%<1%$51KBSCU$51K1.73%62%U in lending markets, by chain, largest first. The bar is each chain's share of U's lending balance.
BSCin 9 lending markets94%$75.2MTronin 1 lending market6%$5.0MAmong 41 USD stablecoins in lending markets
Top 5 U 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 |
|---|---|---|---|---|---|---|---|---|
1.65% | 1.81% | OrganicStable | BSC | +0.00% | $45.1M | Lending | ||
2.00% | 1.78% | OrganicStable | BSC | +0.00% | $32.9M | Lending | ||
8.00% | 8.00% | OrganicStable | BSC | +0.00% | $10.1M | Lending | ||
0.77% | 1.14% | OrganicStable | Tron | +0.00% | $5.0M | Lending | ||
4.28% | 6.03% | LP fees · IL riskStable | BSC | +0.00% | $54.0K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
U in pool is U's own side of the pool, at its USD price. Pool liquidity counts both sides.
$16.3M of U sits in 9 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼U in pool | 24h volume |
|---|---|---|---|---|---|
| U / USDT | BSC | $18.5M | $8.7M | $48.7K | |
| U / USDG | Robinhood Chain | $6.0M | $3.3M | $108.7K | |
| U / WBNB | BSC | $3.7M | $2.2M | $744.7K | |
| U / USDG | Robinhood Chain | $3.0M | $1.7M | $332.4K | |
| GO / U | BSC | $375.5K | $187.9K | $1.0K | |
| U / WBNB | BSC | $164.8K | $82.5K | $1.2K | |
| U / ETH | Robinhood Chain | $443.9K | $68.9K | $367.2K | |
| U / USDC | BSC | $26.4K | $19.9K | $86.8K | |
| willu / U | BSC | $30.0K | $14.9K | $53 |
The issuer's homepage lists $U on Binance, Bitget, Gate.io, KuCoin, MEXC, LBank and Tokocrypto. Its What's On page lists a Binance Earn product for U. It also links lending markets on Venus, Venus Flux and Lista, and yield products on Unitas and Bitway.
Sources: United Stables official site, highlights, FAQ and footer disclaimer, United Stables What's On page
U is designed to be backed by other stablecoins.
What the terms say
Section 3.2 of the terms says United Stables "intends to maintain Reserves consisting of cash, U.S. treasury bills, and/or fiat-referenced stablecoins", in proportions and with custodians it picks at its sole discretion, and gives no assurance about composition or liquidity. Section 3.3 says the tokens carry no right, title or interest in the reserves, that United Stables need not segregate them unless applicable law requires it, and that holders have no preferential, secured or proprietary claim in insolvency. The homepage says reserves are "held in segregated, auditable custody". Eligible assets named in the terms include USDT and USDC, and the BNB Chain announcement adds USD1.
What is published
The site's attestation reports page lists monthly Assurance & Reserves Reports for May, June and July 2026. Each pairs a reserves report prepared by United Stables' directors with a limited assurance report from Moore CPA Limited, Hong Kong. For July, Moore conducted the engagement under ISAE 3000 (Revised) and signed on 8 August 2026.
The July report, as of 31 July 2026, shows 1,103,009,107.80 $U in circulation against reserve assets of USD 1,109,077,959.78, a ratio of 100.55%. It lists reserves held at Ceffu custody, at Binance, in bank accounts at BitGo Bank & Trust and Singapore Gulf Bank, in TBILL fund tokens and in a money market fund.
Sources: United Stables Terms and Conditions, United Stables official site, highlights, FAQ and footer disclaimer, BNB Chain blog, United Stables launches $U as a native stablecoin on BNB Chain, United Stables attestation reports page, United Stables Assurance & Reserves Report, July 2026 (Moore CPA Limited)
BSC0xce24439f…8b666666freeze(address), unfreeze(address)paused()mint(address,uint256), mint(uint256)eip1967-transparent0xce24439f…8b666666freeze(address), unfreeze(address)paused()mint(address,uint256), mint(uint256)eip1967-transparent0xce24439f…8b666666freeze(address), unfreeze(address)paused()mint(address,uint256), mint(uint256)eip1967-transparentTFNirp6Pbq…ZkoCoeFJpaused()mint(address,uint256), mint(uint256)eip1967-transparentRead 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 · mint · upgrade (proxy)
Reserves are published as a continuous proof-of-reserves feed.
The site footer states that United Stables Limited "has not obtained registration, authorization, or licensing for $U" under the EU's Markets in Crypto-Assets Regulation, the Stablecoins Ordinance of Hong Kong (Chapter 656), the United States GENIUS Act of 2025, or the Securities Act of 1933. The terms add that the tokens are not legal tender, are not backed by any government, and carry no deposit insurance.
Sources: United Stables official site, footer regulatory disclaimer, United Stables Terms and Conditions, sections 3.1 and 3.4
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
None foundlicence tier of United Stables
Redemption
Only mint users can redeem. Section 6.4 says holders who acquired tokens any other way cannot redeem directly with United Stables, and can only do so by becoming a mint user. Section 3.3 says redemption is a contractual service and not a right to receive any specific reserve asset. United Stables may reject, delay, suspend or freeze any mint or redemption request without liability.
Contract powers
PeckShield audited the token contract on 20 September 2025 and found no ERC20 compliance issue. It raised one medium-severity finding, PVE-001, on the privileged owner account, which can mint tokens, freeze accounts, pause transfers and upgrade the contract. The report records the status as "This issue has been mitigated as the team plans to use a multi-sig as the owner account."
Reserve pass-through
The reserve may consist partly of other issuers' stablecoins. The July 2026 reserves report carries USDT, USDC and USD1 at par, and notes that par does not reflect realisable value in a de-pegging event, issuer insolvency or redemption restriction.
Sources: United Stables Terms and Conditions, PeckShield Smart Contract Audit Report 2025-157 for United Stables (U), United Stables Assurance & Reserves Report, July 2026 (Moore CPA Limited)
United Stables Limited, a British Virgin Islands company. The token launched natively on BNB Chain and Ethereum in December 2025 and also runs on Tron.
Section 3.2 of the terms says United Stables intends to hold reserves of cash, U.S. treasury bills and fiat-referenced stablecoins, in proportions and with custodians it sets at its sole discretion. USDT and USDC are named as eligible minting assets.
Yes. United Stables publishes monthly Assurance & Reserves Reports, listed for May, June and July 2026, each with a limited assurance report from Moore CPA Limited, Hong Kong. The July report shows reserve assets of USD 1,109,077,959.78 against 1,103,009,107.80 $U in circulation as of 31 July 2026.
No. Section 6.4 of the terms limits redemption to mint users. Holders who bought U on a secondary market cannot redeem directly with United Stables unless they onboard as a mint user.
The site footer states that United Stables Limited has not obtained registration, authorization or licensing for $U under MiCA, Hong Kong's Stablecoins Ordinance (Chapter 656), the United States GENIUS Act of 2025, or the Securities Act of 1933.
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 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