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 · 16th 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
6th 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 · Euler V2 · 0.42% base, 0% rewards
USD0 is a USD stablecoin issued by Usual, launched in May 2024.
Usual says its protocol redistributes 100% of protocol value to its community through the USUAL token, instead of directing the yield to the issuer. USUAL token holders vote on which collateral is admitted and on its risk parameters. Holders who lock USD0 receive bUSD0, a transferable bond token that matures on 11 June 2028.
Usual's documentation describes it as "a permissionless, fully collateralized stablecoin backed by tokenized US Treasury Bills and repurchase agreements (repos)". Usual issues it as a standard ERC-20 pegged to the US dollar.
How it is minted
Minting runs on two tracks. Permissioned participants deposit eligible tokenized collateral into the DaoCollateral contract and receive USD0 at par. Everyone else mints through the SwapperEngine contract with USDC, matched against a Collateral Provider who posts the underlying asset, at a minimum order size of 100,000 USD0.
USD0's supply is read from contract state, almost all of it on Ethereum.
Sources: Usual Docs, USD0 stablecoin, Usual Docs, USD0 mint and redeem flow and architecture, Usual Tech Docs, bUSD0 (formerly USD0++), Usual blog, UIP-16: Adding U0R as USD0 Collateral
541.9M USD0 in circulation across 2 chains; Ethereum carries 100.0%. That is 0.2% of the USD stablecoin supply on the map, 16th 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 USD0’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.
541.9M USD0
0.2% of all USD stablecoin supply, #16 of 70
Ethereum 100.0% · other chains 0.0%
Ethereum541.9M USD0 · 100.0%
Arbitrum1.0K USD0 · <0.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 99.7% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
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: Ethplorer.
123,134holders on Ethereum
6th of 43 USD stablecoins on Ethereum
| USD0 | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 0.2% | 16.5% |
| Top 10 | 0.4% | 53.3% |
| Top 50 | 0.4% | 57.0% |
| Top 100 | 0.4% | 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.
USD0's typical daily move over the last 90 days was 4.8 bps, steadier than 34 of 66 other USD stablecoins.
By default USD0 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 USD0'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.
4.8 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USD0's daily swings around $1 were smaller than those of 34 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 USD0 | −15 bps (−0.15%) | 3.6 bps | 4.8 bps | −128 bps (−1.28%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
The protocol runs an insurance fund against undercollateralization, capped between 0.33% and 5.33% of circulating USD0 depending on whether the stress test covers interest-rate shocks alone or counterparty failure as well. It is funded from a share of collateral yield. Its counter bank run mechanism burns USD0 held by the fund, raising the redemption value of the remainder.
Sources: Usual Docs, insurance fund, Usual Tech Docs, bUSD0 (formerly USD0++)
$17.4M of USD0 is supplied to 3 lending markets on 2 protocols, 3.2% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USD0 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 USD0 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 USD0, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USD0.
Both figures are averages across markets, weighted by how much USD0 each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare USD0 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.
$17.4M3.2% of supply
supplied to 3 lending markets on 2 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
29%
Borrowed
share of supplied USD0 now on loan
0.42%
Average supply APY
weighted by USD0 balance in each market
By protocol
100.0%$17.4MEthereumUSD0$17.4M0.42%29%EthereumUSD0$3K<1%$5KEthereumUSD0$5KUSD0 in lending markets, by chain, largest first. The bar is each chain's share of USD0's lending balance.
Ethereumin 3 lending markets100%$17.4MAmong 41 USD stablecoins in lending markets
Top 5 USD0 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 |
|---|---|---|---|---|---|---|---|---|
4.94%Rewards only | 5.29% | IncentiveStable | Ethereum | +4.94% | $499.1M | Lending | ||
0.42% | 0.49% | OrganicStable | Ethereum | +0.00% | $17.4M | Lending | ||
0.26% | 0.40% | LP fees · IL riskStable | Ethereum | +0.00% | $3.4M | LP | ||
0.04% | 0.35% | LP fees · IL riskVolatile | Ethereum | +0.00% | $1.6M | LP | ||
5.35% | 5.28% | OrganicStable | Ethereum | +0.00% | $27.4K | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USD0 in pool is USD0's own side of the pool, at its USD price. Pool liquidity counts both sides.
$4.2M of USD0 sits in 4 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USD0 in pool | 24h volume |
|---|---|---|---|---|---|
| bUSD0 / USD0 | Ethereum | $3.4M | $2.8M | $479.4K | |
| USD0 / USDC | Ethereum | $1.6M | $774.4K | $25.7K | |
| USD0 / USDC | Ethereum | $574.9K | $394.5K | $5.6K | |
| bUSD0 / USD0 | Ethereum | $1.8M | $257.1K | $2.8K |
USD0 has no collateral, or is backed mainly by its issuing protocol's own token.
What sits behind the token
Usual's collateral policy page names four assets: USYC from Hashnote, M from M0 Foundation, USTBL from Spiko, and USDC for indirect minting. Each must be fully collateralized with no leverage, carry a portfolio duration below 0.33 years, and be redeemable within a maximum of five business days.
The protocol's on-chain token registry accepts two more: U0R, the bUSD0 Zero Rate Vault approved under UIP-16 in January 2026, and an Euler vault, eUSD0. Both hold USD0 itself as their underlying asset, lent to borrowers who post bUSD0. On 2 October 2026, priced by Usual's own oracle, the collateral treasury held about $548M: about $445M in U0R and $15.5M in the Euler vault, against about $88M in M, USTBL, USYC and USDC combined.
USYC, which the documentation calls the primary collateral, is not a Treasury bill portfolio. USYC is "the on-chain representation of the Hashnote International Short Duration Yield Fund Ltd.", and that fund "invests primarily in reverse repo and U.S. Government backed securities". Usual's counterparty page names BNY Mellon as custodian on the USYC leg, DTCC as clearing, and Marex as prime broker.
What the disclosure leaves out
Usual publishes no periodic reserve attestation for USD0. The FAQ states the position directly: "Reserve composition is visible on-chain in real time, without reliance on third-party attestations." On-chain balances are the proof of reserves layer, and they stop at the token boundary. A balance shows how much USYC the protocol holds, not what the Hashnote fund holds.
The counterparty page lists tokenizers and custodians with no allocation percentages. It names no audit firm for any tokenizer.
Sources: Usual Docs, RWA collateral eligibility, Usual Tech Docs, USYC by Hashnote, Usual Docs, counterparty risk, Usual Docs, FAQ, Usual blog, UIP-14: USTBL as USD0 collateral, Usual blog, UIP-16: Adding U0R as USD0 Collateral, Usual Tech Docs, contract deployments (collateral treasury), Etherscan, USD0 collateral treasury, Usual Docs, UZR factsheet
Ethereum0x35f1c5cb…8a3a6850blacklist(address), unBlacklist(address) +1paused()mint(address,uint256)eip1967-transparent0x73a15fed…8190acf5blacklist(address), unBlacklist(address) +1paused()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 · pause · mint · upgrade (proxy)
Who licenses USD0's issuer and how its reserves are reported.
Usual's documentation makes no licence claim for USD0. The perimeter it describes sits one layer down, on the firms that issue the collateral. The risk policy accepts custodians and banks with strong credit ratings, and requires assets "ring-fenced in a bankruptcy remote vehicle (BRV) in the event of the tokenizer's insolvency".
For EUR0, the euro token built on the same architecture, Usual names Spiko as an approved and supervised collateral provider.
Sources: Usual Docs, counterparty risk, Usual Docs, EUR0 stablecoin
Where the claim sits
Usual defines credit risk as loss from "a default, delayed payment, or deterioration in the credit quality of securities held as collateral". Its policy requires ring-fencing in a bankruptcy remote vehicle. Whether that holds is decided by each vehicle's legal documents.
Redemption is not instant for everyone
Direct redemption at DaoCollateral returns the underlying tokenized asset. The holder then redeems that asset with the RWA partner, and Usual's eligibility rule allows up to five business days for that leg. The permissionless mint path carries a minimum order size of 100,000 USD0.
Sources: Usual Docs, credit risk, Usual Docs, counterparty risk, Usual Docs, RWA collateral eligibility
Usual's collateral policy names USYC from Hashnote, M from M0 Foundation, USTBL from Spiko, and USDC for indirect minting. The protocol also accepts two vaults whose underlying asset is USD0: U0R, approved under UIP-16 in January 2026, and an Euler vault, eUSD0. On 2 October 2026 those two vaults made up about $460M of roughly $548M in the USD0 collateral treasury.
No. Usual's FAQ states that reserve composition is visible on-chain in real time, without reliance on third-party attestations. Verification runs through the balances in the protocol's collateral treasury, which show what the protocol holds but not what the underlying funds hold.
Direct redemption at the DaoCollateral contract returns the underlying tokenized asset, which the holder then redeems with the RWA partner. Usual's eligibility rule allows up to five business days for that second leg.
The map reads USD0 supply from its Ethereum and Arbitrum contracts. Usual's documentation says USD0 is also deployed on Base and BNB Chain, which the supply figure does not cover.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026 to 30 Sep 2026), Ethplorer (from 1 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 -80 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 10 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.
USD0Source: DeFiLlama and CoinGecko prices Updated