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 · 29th of 70 USD stablecoins with supply
Chains
7th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
29th of 43 USD stablecoins scanned on Ethereum
USDa is a USD stablecoin issued by Avalon Labs.
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's documentation describes isolated pools for borrowing USDa against different collateral, 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, Avalon documentation: How to Use USDa
145.5M USDa in circulation across 9 chains; Ethereum carries 59.6%. That is <0.1% of the USD stablecoin supply on the map, 29th 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: DeFiLlama circulating supply, the series the chart draws, measured against that source’s own past. It is not a change in the onchain supply above. The 7d figure is from DIA first-party onchain reads: the change between two daily snapshots, not mints minus redeems.
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.
145.5M USDa
<0.1% of all USD stablecoin supply, #29 of 70
Ethereum 59.6% · other chains 40.4%
Ethereum86.7M USDa · 59.6%
Movement36.7M USDa · 25.2%
BSC11.1M USDa · 7.6%
Kaia7.5M USDa · 5.2%
Berachain2.7M USDa · 1.9%
Taiko533.3K USDa · 0.4%
Sonic309.7K USDa · 0.2%
Sei40.4K USDa · <0.1%
Base49 USDa · <0.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 78.1% 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.
998holders on Ethereum
29th of 43 USD stablecoins on Ethereum
| USDa | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 10.4% | 16.5% |
| Top 10 | 21.9% | 53.3% |
| Top 50 | 22.1% | 57.0% |
| Top 100 | 22.1% | 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.
USDa's typical daily move over the last 90 days was 108 bps, steadier than 2 of 66 other USD stablecoins.
By default USDa 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 USDa'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.
108 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDa's daily swings around $1 were smaller than those of 2 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| No price today | 108 bps | −3870 bps (−38.70%) | ||
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where USDa is supplied in DeFi lending markets and what it earns there.
Top 1 USDa 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 |
|---|---|---|---|---|---|---|---|---|
20.75% | 19.56% | OrganicStable |  Cardano | +0.00% | $124.3K | Lending |
USDa is designed to be backed by crypto held as overcollateral.
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, BlockSec and Salus 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, Salus USDa audit repository, Avalon documentation: USDa Audits, Avalon Labs USDa launch release, sponsored press release on Decrypt, 11 November 2024
Ethereum0x2840f9d9…ea8b304faddBlackList(address), removeBlackList(address)paused()mint(address,uint256)0xff12470a…59fe9accaddBlackList(address), removeBlackList(address)paused()mint(address,uint256)0x93560861…44699894addBlackList(address), removeBlackList(address)paused()mint(address,uint256)0x8a60e489…8d17d9c2addBlackList(address), removeBlackList(address)paused()mint(address,uint256)0xdc3cf196…bf6a4ff6addBlackList(address), removeBlackList(address)paused()mint(address,uint256)0xff12470a…59fe9accaddBlackList(address), removeBlackList(address)paused()mint(address,uint256)0xff12470a…59fe9accaddBlackList(address), removeBlackList(address)paused()mint(address,uint256)0xff12470a…59fe9accaddBlackList(address), removeBlackList(address)paused()mint(address,uint256)Contract controls are not read on Movement 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 · pause · mint
Who licenses USDa's issuer and how its reserves are reported.
Reserve attestation cadence
None identified
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
The 2024 launch release quoted an 8 percent fixed borrow rate on USDa.
What the documentation lists
Avalon's documentation names Cobo, Fireblocks and Coinbase Prime as custodians and says all custody addresses are public. For FBTC collateral it sets a maximum loan to value of 60%, a liquidation threshold of 90% and a recovery loan to value of 80%. If the threshold is crossed, collateral is sold on a centralized exchange with Avalon's own trading algorithm. Redeeming USDa for USDT means bridging to Ethereum, depositing in a conversion vault and claiming USDT within one business day. Borrowing carries a fixed rate, which the Avalon homepage gives as 7% a year.
Sources: Avalon Labs USDa launch release, sponsored press release on Decrypt, 11 November 2024, Avalon documentation: USDa risk management, Avalon documentation: How to Use USDa, Avalon documentation: Why USDa Stands Out, Avalon Labs homepage
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, BlockSec and Salus 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 supply panel on this page shows the amount DIA reads on each.
Aggregator figure, not a contract read. DIA’s own read of the current supply is in the Supply by chain panel.
Source: DeFiLlama circulating supply
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 -200 bps to +50 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 5 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
1 single-day provider glitch hidden: a close more than 20% off both neighbouring days that reverted by the next, or one the coin's onchain trades that day did not support.
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