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Issued by Avalon Labs
Market cap
DIA price
Total supply
Holders
86.7M USDapartial
DIA holds no verified contract address on BSC, Sei, Base, Sonic, Berachain. The figure above is a floor.
995holders
What the top-10 is
Shares of the same supply as Top-10, from public address labels covering 78.2% of the top-10 balance. Exchange custody is one address holding for many end holders. Unattributed means unlabelled, not self-custodied.
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
+$5since Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in USDa's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
DIA price
$0.9674
Peg deviation
-326 bps
Peg currency
USD
Primary use
—
Last snapshot
Fri, Sep 4 UTC
USDa is a crypto-backed stablecoin minted against Bitcoin collateral in a lending book that runs partly off chain. A user deposits USDT and receives USDa one for one.
How the peg is held
The peg to the US dollar is not held by a market operation. It rests on a promise to convert USDa into USDT at a 1:1 ratio through a vault on Ethereum. Avalon Labs announced USDa on 11 November 2024 from Road Town, British Virgin Islands. Avalon routes USDa into isolated lending pools, the market structure tracked in the DeFi vault and lending map.
Sources: Avalon Labs USDa launch release, sponsored press release on Decrypt, 11 November 2024
What is disclosed
Collateral sits with third-party custodians. The November 2024 launch release, sponsored copy published on Decrypt, names Cobo, Ceffu and Coinbase Prime.
What is not disclosed
Avalon published smart contract audits of the USDa contracts by SlowMist and BlockSec in public GitHub repositories. The BlockSec repository holds three signed PDFs uploaded in October 2024. Those are smart contract audits. No accountant has attested to the Bitcoin held against USDa. No proof of reserves page appears in the Avalon documentation.
Sources: BlockSec USDa audit repository (three signed PDFs, October 2024), SlowMist USDa audit repository, Avalon Labs USDa launch release, sponsored press release on Decrypt, 11 November 2024
The peg is contractual rather than arbitraged. Avalon states that USDa converts into USDT at a 1:1 ratio, and that conversion is what holders rely on for stability. The counterparty standing behind that conversion is Avalon, not an open on-chain redemption contract that anyone can call.
The operational detail of the conversion is set out in Avalon's documentation, which was not reachable for this review.
The 2024 launch release quoted an 8 percent fixed borrow rate on USDa. The USDa application at usda.avalonfinance.xyz returned an access-restricted notice rather than the product.
Sources: Avalon Labs USDa launch release, sponsored press release on Decrypt (8 percent fixed borrow rate), Avalon USDa application, access-restricted response
What the map reads
The chain list, the contract address, the supply and the price on this page are DIA registry data, first-party to the map and carrying no external citation. The registry records six networks for USDa: Ethereum, BNB Chain, Berachain, Sonic, Sei and Base. Supply is read from the Ethereum contract 0x8a60e489004ca22d775c5f2c657598278d17d9c2 and comes to about 86.7 million tokens, against a registry circulating figure of about 145.6 million across all six. The Ethereum read is one chain's share, not the total.
The price is the figure to look at
The map's price for USDa is $0.9622, about 3.8 percent below the dollar it targets. That is the widest deviation on any coin in this batch, and it is a market price, not a statement about the collateral behind the token. USDa's row and that price sit in the stablecoin explorer alongside the rest of the dollar cohort.
What no contract read shows
The Bitcoin collateral. It sits with third-party custodians off chain, and no accountant has attested to it, so nothing read from a contract can confirm what stands behind the token.
Sources: Avalon Labs USDa launch release (custodians and collateral model)
USDa is minted against Bitcoin collateral in Avalon Labs' CeDeFi lending platform. Collateral is held by third-party custodians, named in the November 2024 launch release as Cobo, Ceffu and Coinbase Prime.
No. Avalon publishes smart contract audits of USDa by SlowMist and BlockSec in public GitHub repositories. Those are code audits. No accountant's attestation of the Bitcoin held against USDa and no proof of reserves page appears in the Avalon documentation.
Avalon promises conversion of USDa into USDT at a 1:1 ratio through a vault on Ethereum. The peg is not held by a market operation.
The registry records six networks: Ethereum, BNB Chain, Berachain, Sonic, Sei and Base. The map reads the Ethereum contract 0x8a60e489004ca22d775c5f2c657598278d17d9c2.
0x8a60e489…8d17d9c2Explorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0x8a60e489…8d17d9c2addBlackList(address), removeBlackList(address)paused()mint(address,uint256)Read from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.