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Issued by Permian Labs
Market cap
DIA price
Total supply
Holders
280.3M USDai
28holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
+$53.1Msince 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 USDai'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.
$3.58
deployed across 1 market on 1 protocol
Lower bound: USDai's balance inside lending markets DIA reads on-chain directly. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
DIA price
$1.0005
Peg deviation
—
Peg currency
USD
Primary use
—
Last snapshot
Fri, Sep 4 UTC
USDai is a synthetic dollar issued by Permian Labs under the USD.AI protocol, which originates loans against GPU and data centre hardware. The protocol splits that business across two tokens, and only one of them carries the hardware risk.
USDai holds the US dollar peg and pays no yield. The documentation states that USDai "carries no exposure to GPUs or any loans originated by the protocol" and is "strictly isolated from GPU depreciation, AI infrastructure credit risk, or hardware performance". sUSDai is the staked version, and it is the token that takes the loan exposure. It earns interest on active GPU-backed loans plus Treasury bill yield on idle reserves. The docs say plainly that "sUSDai is not a stablecoin". USDai is listed on the map under global coverage.
Sources: USD.AI docs, USDai depositor page, USD.AI docs, sUSDai depositor page
What the documentation states
The docs describe USDai as "100% backed by PayPal's PYUSD stablecoin", with every unit "fully backed 1:1 by PYUSD". Depositors mint USDai by depositing PYUSD, and the docs describe PYUSD in turn as collateralised by US Treasuries and cash equivalents, issued by Paxos Trust Company with monthly third-party attestations. Those attestations cover PYUSD. They are not attestations of USDai.
The reserve asset changed. LlamaRisk recorded a transition "from $wM to PYUSD as the protocol's reserve asset" in its 3 April 2026 review for Aave, alongside a move to "limiting minting and redemptions to Paxos-approved market makers". The USD.AI docs put that restriction at Q2 2026, when direct minting and redemption move to whitelisted, KYC-verified market makers and institutions. Holding, transferring, staking and secondary-market trading stay permissionless.
What is not published
No reserve attestation for USDai itself is published. The docs point instead to in-app dashboards showing collateral reserves, the underlying loan table and a global loan map. The audits page carries eight file attachments and a live Cantina bug bounty, and names no audit firm, report title or date in its readable page text.
Sources: USD.AI docs, USDai depositor page, USD.AI docs, how it works, USD.AI docs, full corpus (llms-full.txt), USD.AI docs, audits page, USD.AI docs, proof of reserves app guide, LlamaRisk review, Aave ARFC to onboard USDai and sUSDai
USDai has traded above par. In the October 2025 Aave onboarding request, Chaos Labs recorded premiums of up to 6% and a price around $1.03, and attributed the deviation to a fixed $500M minting cap that held supply below demand. LlamaRisk described the same effect as an "unstable peg borne from the supply cap".
The cap was later removed. In its 3 April 2026 update LlamaRisk listed the removal of supply caps among the changes that improved peg stability for both tokens. DIA reads USDai at $1.0006.
Sources: Aave ARFC, onboard USDai and sUSDai to Aave V3 Arbitrum, LlamaRisk review, Aave ARFC to onboard USDai and sUSDai
USD.AI lends against physical hardware rather than financial collateral. The documented loan process runs in four phases: escrow establishment with Wilmington Trust, server manufacturing and delivery, installation with verification, and lien filing before escrow release. Each borrower operates through a "bankruptcy-remote Delaware SPV", and rights are documented through a Loan and Security Agreement, UCC-1 filings, pledge agreements and datacenter lien waivers. A Loan NFT is minted only once the off-chain conditions are met.
One named borrower is public. QumulusAI announced a $500m non-recourse financing facility arranged by Permian Labs, letting it finance up to 70% of approved GPU deployments with stablecoin liquidity from USD.AI's credit market.
Sources: USD.AI docs, How It Works, QumulusAI, $500M facility announcement
USD.AI publishes a MiCA crypto-asset white paper, but it covers CHIP, the governance token, not USDai. That whitepaper states: "This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union." It names Genesys Protocol Holdings Ltd. as issuer, gives Luxembourg as home member state, British Virgin Islands as governing law and competent courts, and classifies the token as "Other", meaning neither an e-money token nor an asset-referenced token under MiCA. It also states there are no reimbursement rights.
No equivalent MiCA whitepaper for USDai was found, and no banking, e-money or payment licence is claimed anywhere in the material read.
Sources: USD.AI MiCA white paper (CHIP)
Collateral that has never been liquidated on chain
At the time of the October 2025 Aave request, Chaos Labs counted $1.27M in active GPU loans, under 0.2% of sUSDai backing, and said there was no historical precedent for on-chain GPU liquidations. Secondary-market liquidity for the hardware was described as untested. The protocol's own risk page lists a 70-80% loan-to-value band, a debt service reserve account holding roughly three months of peak debt service, and an insurance policy that pays the difference when a GPU sale comes in under the insured amount.
Legal perimeter and enforcement
LlamaRisk noted in April 2026 that the existing legal opinions "analyze only the warehouse receipts...not the USD.ai and sUSD.ai held by retail users". The Aave request also flagged cross-jurisdictional enforcement, where collateral sitting outside US jurisdiction complicates repossession under UCC Article 7.
Exit timing and market depth
sUSDai redeems on a 30-day epoch with a first-in, first-out queue, and the protocol "does not prematurely terminate or liquidate active GPU loans to satisfy redemptions". LlamaRisk pointed to a 7-day auction window and 30-day redemption intervals, and to only a single USDai/USDC pool providing meaningful liquidity. Anyone holding either token as collateral in the DeFi vault and lending markets inherits that settlement lag.
Sources: Aave ARFC, onboard USDai and sUSDai to Aave V3 Arbitrum, LlamaRisk review, Aave ARFC to onboard USDai and sUSDai, USD.AI docs, risks and mitigants, USD.AI docs, sUSDai depositor page
What is tracked
The Global Stablecoin Map tracks USDai on Arbitrum, Plasma and Ethereum, and holds the Arbitrum contract 0x0a1a1a107e45b7ced86833863f482bc5f4ed82ef. All 175.2M USDai of recorded supply sits on Arbitrum, and Arbiscan reports the same total supply for that contract. Holders number about 3,100. The recorded price is $1.0006. Every coin on the map is listed side by side in the stablecoin explorer.
What sits outside these figures
USD.AI publishes the same USDai address on Ethereum, Base and Plasma as LayerZero OFTs, with Arbitrum as the hub. Base is not in the map's chain list, so any float there is not in the supply figure above. The map does not track sUSDai or the CHIP governance token, and the loan book behind sUSDai is off-chain collateral that no on-chain read can confirm.
Sources: USD.AI docs, contract addresses by chain, Arbiscan token page for the USDai contract
The USD.AI documentation states USDai is 100% backed by PayPal's PYUSD stablecoin, with every unit fully backed 1:1 by PYUSD. The docs describe PYUSD as collateralised by US Treasuries and cash equivalents and issued by Paxos Trust Company.
No. The documentation says USDai carries no exposure to GPUs or any loans originated by the protocol. The GPU-backed loan exposure sits in sUSDai, the staked yield-bearing token, which the docs say is not a stablecoin.
No reserve attestation for USDai itself is published. The docs point to in-app dashboards for collateral reserves and the loan book. The monthly third-party attestations referenced in the docs cover PYUSD, issued by Paxos.
USD.AI lists USDai at the same address on Arbitrum as hub, plus Ethereum, Base and Plasma as LayerZero OFTs. The Global Stablecoin Map tracks Arbitrum, Plasma and Ethereum, and all recorded supply sits on Arbitrum.
USDai traded above par during 2025. Chaos Labs recorded premiums of up to 6% and a price around $1.03, attributed to a fixed $500M minting cap. LlamaRisk said the removal of supply caps improved peg stability by April 2026.
0x0a1a1a10…f4ed82efExplorer ↗0x0a1a1a10…f4ed82efExplorer ↗0x0a1a1a10…f4ed82efExplorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0x0a1a1a10…f4ed82efisBlacklisted(address)paused()mint(address,uint256)eip1967-transparent0x0a1a1a10…f4ed82efmint(address,uint256)eip1967-transparent0x0a1a1a10…f4ed82efmint(address,uint256)eip1967-transparentRead 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.
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.