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 · 26th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
11th of 43 USD stablecoins scanned on Ethereum
Best yield
ranked by lower of 30d and spot APY × deposits · Centrifuge Protocol · 8.37% base, 0% rewards · 30-day avg 4.29%
USAT is a USD stablecoin issued by Anchorage Digital, launched on 27 Jan 2026.
Who issues it
USAT is a dollar stablecoin issued by Anchorage Digital Bank, N.A., a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency. Tether built the token and markets it at usat.io, where the footer states that Tether Operations, S.A. de C.V. is not the issuer. Tether announced the launch on 27 January 2026. It had named Bo Hines CEO of Tether USAT on 12 September 2025. Cantor Fitzgerald is the designated reserve custodian and preferred primary dealer.
Peg, market and supply
The peg is the US dollar and the target market is the United States. Tether's announcement draws the line between its two dollar tokens: USDT continues to operate globally, and USAT is the onshore token built for the GENIUS Act framework. USAT's supply on Ethereum and Celo is shown in the supply panel on this page.
Sources: Tether press release announcing the launch of USA₮, USA₮ official site, including the issuer disclaimer, Anchorage Digital announcement introducing USA₮, Tether: Tether unveils USA₮ and will appoint Bo Hines as CEO of Tether USAT (12 September 2025)
180.6M USAT in circulation across 2 chains; Ethereum carries 99.8%. That is <0.1% of the USD stablecoin supply on the map, 26th 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 USAT’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.
180.6M USAT
<0.1% of all USD stablecoin supply, #26 of 70
Ethereum 99.8% · other chains 0.2%
Ethereum180.3M USAT · 99.8%
Celo327.8K USAT · 0.2%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. 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: Blockscout.
35,215holders on Ethereum
11th of 43 USD stablecoins on Ethereum
| USAT | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 55.4% | 16.5% |
| Top 10 | 95.6% | 53.3% |
| Top 50 | 99.8% | 57.0% |
| Top 100 | 99.9% | 74.7% |
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.
USAT's typical daily move over the last 90 days was 4.3 bps, steadier than 38 of 66 other USD stablecoins.
By default USAT 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 USAT'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.
4.3 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USAT's daily swings around $1 were smaller than those of 38 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −13 bps (−0.13%) | 3.7 bps | 4.3 bps | −32 bps (−0.32%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where USAT is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 2 USAT 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 |
|---|---|---|---|---|---|---|---|---|
8.37% | 4.29% | OrganicVolatile | Ethereum | +0.00% | $279.9M | Lending | ||
0.10% | 0.26% | LP fees · IL riskVolatile | Celo | +0.00% | $144.0K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USAT in pool is USAT's own side of the pool, at its USD price. Pool liquidity counts both sides.
$7.2M of USAT sits in 2 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USAT in pool | 24h volume |
|---|---|---|---|---|---|
| USAT / USDT | Ethereum | $10.0M | $7.2M | $497 | |
| USAT / USD₮ | Celo | $144.0K | $49.0K | $6.7K |
USAT is designed to be backed by cash and money-market assets.
What the August 2026 report says
Anchorage publishes a monthly reserve report for USAT. The report dated 31 August 2026 shows 175,731,350 USAT redeemable tokens outstanding against $176,391,828 in reserve assets. The report dated 30 June 2026, signed on 28 July 2026 by Nathan McCauley, Julie Veltman and Michelle Ramirez, showed 176,794,845 redeemable tokens against $177,423,363, a surplus of $628,518. June reserves were $17,708,363 in cash and $159,715,000 in reverse repurchase agreements collateralized by U.S. Treasury securities, held in segregated fiduciary trust accounts. The first report, dated 31 January 2026, showed 17,501,391 tokens against $17,604,716.
Who signed it and under what standard
The opinion sits on Deloitte & Touche LLP letterhead. It is an examination of management's assertion that the reserve report is prepared in accordance with the AICPA "2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens", conducted under AICPA attestation standards. It is not an audit of Anchorage's financial statements.
What it leaves out
Deloitte states the examination was not performed to determine whether Anchorage complied with federal, state or local laws or regulations, or to evaluate the design or operating effectiveness of controls. Schedule I of the 30 June 2026 report covers a single contract, the Ethereum deployment. The 31 August 2026 report adds the Celo contract.
Sources: USAT Stablecoin Attestation Report, 30 June 2026, Deloitte & Touche LLP and Anchorage Digital Bank (PDF), USAT Stablecoin Attestation Report, 31 January 2026 (PDF), USAT Stablecoin Attestation Report, 31 August 2026 (PDF), Anchorage Digital index of USA₮ monthly reserve attestations
Ethereum0xd2ab3c9a…4267f771addToBlockedList(address), removeFromBlockedList(address) +1destroyBlockedFunds(address)mint(address,uint256)eip1967-transparent0x07041776…a72a8b68addToBlockedList(address), removeFromBlockedList(address) +1destroyBlockedFunds(address)mint(address,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 · wipe · mint · upgrade (proxy)
Independent reserve attestations are published monthly.
Anchorage Digital Bank, National Association holds OCC charter number 25243. The reserve report describes it as a federally chartered national trust bank and qualified custodian with fiduciary powers. Anchorage Digital is the brand for services delivered through subsidiaries of Anchor Labs, Inc., a Delaware corporation. The same bank issues USDtb and USDGO, each with its own monthly reserve report.
Tether designed USAT to comply with the GENIUS Act. The disclaimer on usat.io is explicit: USAT is not legal tender under section 5103 of title 31 of the United States Code, and it carries no FDIC or SIPC insurance.
Sources: Anchorage Digital stablecoin reserve transparency page, listing its issued stablecoins and OCC charter number, Tether announcement unveiling USA₮ and its GENIUS Act design, USA₮ official site legal disclaimer on legal tender and insurance status
Reserve attestation
Attested by Deloitte & Touche LLP · last report 31 Aug 2026
Recognised regimelicence tier of Anchorage Digital
Concentration in the reserve
$159,715,000 of the $177,423,363 reserve sat in overnight reverse repurchase agreements with a single counterparty, purchased 30 June 2026 and maturing 1 July 2026. The report names the collateral, U.S. Treasury securities, and identifies the counterparty only as a "Broker-Dealer in the United States". On the cash side, $17,458,363 of the $17,708,363 in demand deposits was above FDIC insurance limits at the report date.
Surplus and redemption rights
Reserve assets exceeded redeemable tokens by $628,518. Anchorage states its stablecoins are always redeemable 1:1 for US dollars on its own platform. The reserve report points to the Company's terms for the definition of purchase and redemption rights, including which holders have those rights, and does not restate those terms.
Sources: USAT Stablecoin Attestation Report, 30 June 2026, Schedules II and III (PDF), Anchorage Digital stablecoin reserve transparency page, redemption statement
Anchorage Digital Bank, N.A. issues USAT. It is a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency and holds OCC charter number 25243. Tether built and markets the token, and the disclaimer on usat.io states that Tether Operations, S.A. de C.V. is not the issuer.
The 30 June 2026 reserve report shows $177,423,363 in reserve assets against 176,794,845 redeemable tokens. That was $17,708,363 in cash and $159,715,000 in reverse repurchase agreements collateralized by U.S. Treasury securities, held in segregated fiduciary trust accounts.
Anchorage publishes a monthly reserve report examined by Deloitte & Touche LLP under AICPA attestation standards, against the AICPA 2025 Criteria for Stablecoin Reporting. It is an examination of management's assertion about the reserve report, not an audit of Anchorage's financial statements, and it does not test compliance with laws or the effectiveness of controls.
Tether's announcement separates the two. USDT continues to operate globally. USAT is the onshore token, issued by Anchorage Digital Bank under US federal bank supervision and designed for the GENIUS Act framework.
The Global Stablecoin Map tracks two USAT contracts, one on Ethereum and one on Celo, with almost all of the supply on Ethereum.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 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 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