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
1.3% of USD stablecoin supply · 6th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
4th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
10th 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 · Lista Lending · 0.53% base, 0% rewards
USD1 is a USD stablecoin issued by BitGo.
USD1 is the stablecoin of World Liberty Financial. The issuer is BitGo, which mints, redeems and custodies USD1 and manages its reserves.
Redemption
The documentation describes USD1 as redeemable 1:1 for U.S. dollars and backed by cash, U.S. government money market funds and other cash equivalents. Redemption is not open to everyone. The docs say eligible BitGo customers can redeem USD1 directly for USD, while other holders exchange through supported venues on those venues' terms.
Where it is deployed
The official contract address page lists 11 networks, including Ethereum and BNB Chain sharing the address 0x8d0d000ee44948fc98c9b98a4fa4921476f08b0d, plus Plume, Monad, Mantle, Morph, XLayer, AB Core, Solana, TRON and Aptos.
Sources: WLFI Docs, What is USD1, WLFI Docs, USD1 contract addresses
3.9B USD1 in circulation across 11 chains; Solana carries 35.6%. That is 1.3% of the USD stablecoin supply on the map, 6th 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 USD1’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.
3.9B USD1
1.3% of all USD stablecoin supply, #6 of 70
Solana 35.6% · other chains 64.4%
Solana1.4B USD1 · 35.6%
Ethereum1.3B USD1 · 33.3%
BSC1.2B USD1 · 29.9%
Aptos19.5M USD1 · 0.5%
AB Core18.6M USD1 · 0.5%
Tron10.1M USD1 · 0.3%
Mantle2.3M USD1 · <0.1%
Monad31.2K USD1 · <0.1%
Plume1.2K USD1 · <0.1%
Morph3 USD1 · <0.1%
X Layer0 USD1 · <0.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 94.2% 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: Blockscout.
43,368holders on Ethereum
10th of 43 USD stablecoins on Ethereum
| USD1 | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 34.3% | 16.5% |
| Top 10 | 89.7% | 53.3% |
| Top 50 | 94.7% | 57.0% |
| Top 100 | 94.9% | 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.
USD1's typical daily move over the last 90 days was 3.6 bps, steadier than 46 of 66 other USD stablecoins.
By default USD1 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 USD1'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.
3.6 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USD1's daily swings around $1 were smaller than those of 46 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −29 bps (−0.29%) | 4.1 bps | 3.6 bps | −20 bps (−0.20%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
World Liberty Financial runs a proof of reserves dashboard alongside the monthly reports. Its documentation says the dashboard reads reserve data from a Chainlink oracle on Ethereum, aggregates USD1 supply across networks from on-chain contract reads, and divides one by the other to show a collateralization ratio.
The limits the docs put on it
The dashboard is positioned as a complement to the monthly attestations, and carries a disclaimer that accuracy is not guaranteed and the data is informational only. The reserve side of the ratio still originates off chain and reaches the dashboard through an oracle.
Sources: WLFI Docs, USD1 proof of reserves
$444.0M of USD1 is supplied to 23 lending markets on 8 protocols, 11.4% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USD1 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 USD1 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 USD1, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USD1.
Both figures are averages across markets, weighted by how much USD1 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 USD1 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.
$444.0M11.4% of supply
supplied to 23 lending markets on 8 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
81%
Borrowed
share of supplied USD1 now on loan
3.64%
Average supply APY
weighted by USD1 balance in each market
By protocol
68%$302.9MEthereumUSD1$302.9M4.96%86%
29%$127.6MBSCUSD1 / BTCB$85.7M0.47%86%BSCUSD1 / XAUt$26.1M<0.01%<1%BSCUSD1 / BTCB$8.5M92%BSCUSD1 / slisBNB$4.0M87%BSCUSD1 / USDXNo withdrawable balance$1.8M2.74%100%BSCUSD1 / ETH$910K<0.01%<1%BSCUSD1 / asUSDF$326K0.54%92%BSCUSD1 / sUSDe$68K35.37%90%BSCUSD1 / USDTNo withdrawable balance$40K4.14%100%BSCUSD1 / SolvBTC$28K5.34%77%BSCUSD1 / ASTER$21K1.76%89%BSCUSD1 / sUSD1+$18K1.05%46%BSCUSD1 / WBNB$11K1.69%82%BSCUSD1 / wBETH$10K1.67%91%BSCUSD1 / PT-USDe-9APR2026-(PLASMA)$1K1%$6.5MBSCUSD1No withdrawable balance$6.5M0.18%100%
1%$5.3MAptosUSD1$5.3M3.21%83%<1%$955KBSCUSD1$955K1.28%41%
<1%$657KTronUSD1$657K1.53%45%
<1%$43KSolanaUSD1$29K3.03%55%SolanaUSD1$12K6.78%94%SolanaUSD1No withdrawable balance$2K23.56%100%USD1 in lending markets, by chain, largest first. The bar is each chain's share of USD1's lending balance.
Ethereumin 1 lending market68%$302.9MBSCin 17 lending markets30%$135.0MAptosin 1 lending market1%$5.3MTronin 1 lending market<1%$657KSolanain 3 lending markets<1%$43KAmong 41 USD stablecoins in lending markets
Top 5 USD1 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 |
|---|---|---|---|---|---|---|---|---|
8.42% | 8.08% | MixedStable | Ethereum | +4.45% | $303.1M | Lending | ||
0.53% | 1.29% | OrganicVolatile | BSC | +0.00% | $138.3M | Lending | ||
0.02% | 0.30% | LP fees · IL riskVolatile | Ethereum | +0.00% | $10.1M | LP | ||
3.21% | 4.79% | OrganicStable | Aptos | +0.00% | $5.3M | Lending | ||
9.65% | 17.61% | LP fees · IL riskStable | Solana | +0.00% | $4.5M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 2 Nov 2026. The 30 largest of 45 pools by USD1 held.
USD1 in pool is USD1's own side of the pool, at its USD price. Pool liquidity counts both sides.
$32.4M of USD1 sits in 45 DEX pools across 7 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USD1 in pool | 24h volume |
|---|---|---|---|---|---|
| USD1 / USDC | Solana | $9.9M | $9.9M | $3.2K | |
| USD1 / CRV2POOL | Ethereum | $10.0M | $7.7M | $13.3K | |
| AGX / USD1 | BSC | $9.5M | $4.8M | $432.7K | |
| USD1 / USDT | BSC | $5.4M | $2.8M | $654.8K | |
| SOL / USD1 | Solana | $4.5M | $2.4M | $254.6K | |
| USD1 / WBNB | BSC | $2.4M | $1.4M | $792.5K | |
| B / USD1 | BSC | $1.7M | $809.7K | $810.4K | |
| RACA / USD1 | BSC | $915.9K | $457.5K | $13.1K | |
| USD1 / USDC | BSC | $357.8K | $351.3K | $137.8K | |
| EGL1 / USD1 | BSC | $463.5K | $233.9K | $30.6K | |
| USD1 / USDT | Ethereum | $288.1K | $220.6K | $24.3K | |
| Block / USD1 | Ethereum | $262.2K | $129.1K | $617 | |
| B / USD1 | Ethereum | $260.1K | $128.0K | $16.0K | |
| Real / USD1 | Solana | $235.0K | $117.2K | $0 | |
| USD1 / WBNB | BSC | $181.9K | $91.0K | $5.4K | |
| 1 / USD1 | Solana | $166.8K | $83.2K | $23.6K | |
| FREYA / USD1 | Solana | $165.1K | $82.3K | $1 | |
| CARV / USD1 | BSC | $156.9K | $73.5K | $18.2K | |
| CDL / USD1 | BSC | $101.7K | $70.4K | $2.2K | |
| USD1 / USDT | BSC | $58.0K | $57.2K | $4.9K | |
| Hosico / USD1 | Solana | $111.1K | $55.4K | $109 | |
| SPSC / USD1 | Solana | $93.9K | $46.8K | $3.7K | |
| RHC / USD1 | BSC | $91.8K | $45.7K | $63 | |
| ONE / USD1 | Solana | $86.4K | $43.1K | $3.3K | |
| fih / USD1 | Solana | $76.3K | $38.1K | $3 | |
| VALOR / USD1 | Solana | $63.1K | $31.5K | $160 | |
| WAR / USD1 | Solana | $56.7K | $28.3K | $10 | |
| OIL / USD1 | Solana | $55.4K | $27.6K | $910 | |
| USD1 / USDT | BSC | $41.9K | $27.4K | $678.8K | |
| AWF / USD1 | Solana | $54.6K | $27.2K | $2 |
USD1 is designed to be backed by cash and money-market assets.
The monthly attestations
Monthly reserve attestations are published for USD1. The docs list reports for April through December 2025 and January through August 2026, all marked published. The engagement is described as an independent accounting firm examining management's assertion about USD1 tokens outstanding, the redemption assets, and the comparison between them, prepared under AICPA attestation standards and the 2025 AICPA Criteria for Asset-Backed Fiat-Pegged Tokens.
That is an attestation on a management assertion. It is not an audit opinion on the issuer.
What the reserve reports show
The documentation describes backing in category terms: cash, U.S. government money market funds, and other cash equivalents. The monthly reports give the redemption assets as a dollar split. At 31 August 2026 the split was $3,066,358,657 in a government money market fund, identified by CUSIP 31607A703, and $1,129,357,410 in demand deposit accounts at US commercial banks. The banks and the fund itself are not named, and no maturity profile is given.
BitGo hosts its own USD1 attestation index. It repeats the AICPA framing and states that holdings are disclosed by management monthly.
Sources: WLFI Docs, USD1 attestation reports, BitGo, USD1 attestations, BitGo Bank & Trust, N.A., USD1 Reserve Report for August 2026 with KPMG LLP examination report, WLFI Docs, What is USD1
Ethereum0x111111d2…ed1cdb61freeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparent0x05fabd1b…855437d2regulated_token::freeze_account(&signer,address), regulated_token::freeze_accounts(&signer,vector<address>)regulated_token::batch_burn_frozen_funds(&signer,vector<address>), regulated_token::burn_frozen_funds(&signer,address)regulated_token::pause(&signer)regulated_token::mint(&signer,address,u64)RegulatedToken upgrade_policy=compatible0x8d0d000e…76f08b0dfreeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparent0x8d0d000e…76f08b0dfreeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparent0x111111d2…ed1cdb61freeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparent0x111111d2…ed1cdb61freeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparent0x111111d2…ed1cdb61freeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparent0x111111d2…ed1cdb61freeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparentTPFqcBAaaU…muoLR6Rcfreeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparent0x111111d2…ed1cdb61freeze(address), unfreeze(address)paused()mint(uint256)eip1967-transparentContract controls are not read on Solana 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 · wipe · pause · mint · upgrade (proxy)
Independent reserve attestations are published monthly.
The documentation says USD1 aligns with GENIUS Act stablecoin standards and that BitGo is a regulated digital asset custodian. Minting access requires onboarding, verification and approval by the issuer.
Sources: WLFI Docs, What is USD1
Reserve attestation
Attested by KPMG LLP · last report 31 Aug 2026
Recognised regimelicence tier of BitGo
Sources: WLFI Docs, What is USD1, WLFI Docs, USD1 attestation reports, BitGo Bank & Trust, N.A., USD1 Reserve Report for August 2026 with KPMG LLP examination report, WLFI Docs, USD1 contract addresses
World Liberty Financial brands USD1, but its documentation states that BitGo issues the token, handles minting and redemption, and holds the reserve assets.
The issuer describes backing as cash, U.S. government money market funds and other cash equivalents. The monthly reserve reports give a dollar split: at 31 August 2026, $3,066,358,657 sat in a government money market fund and $1,129,357,410 in demand deposit accounts at US commercial banks. The banks and the fund are not named.
Yes. Monthly reserve attestations are listed from April 2025 through August 2026, prepared under AICPA attestation standards and the 2025 AICPA Criteria for Asset-Backed Fiat-Pegged Tokens.
The official contract page lists 11 networks, including Ethereum, BNB Chain, Solana, TRON, Aptos, Plume, Monad, Mantle, Morph, XLayer and AB Core.
48 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 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 axis spans -40 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 3 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.
Source: DeFiLlama and CoinGecko prices Updated