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
0.4% of USD stablecoin supply · 13th of 70 USD stablecoins with supply
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on Solana
Share of supply in lending
at least · USD median 4.0%
USDGO is a USD stablecoin issued by Anchorage Digital.
A US federally chartered bank issues USDGO, and a Hong Kong-licensed exchange group sells it. Anchorage Digital Bank, a national trust bank regulated by the Office of the Comptroller of the Currency, mints the tokens. OSL Group brands and distributes them. In Hong Kong it distributes USDGO through OSL Digital Securities Limited, the first licensed virtual asset trading platform operator there. The 31 August 2026 attestation counted 1,244,426,424 redeemable tokens, all on Solana, with $462,545,429 of the reserve held in BlackRock's tokenized BUIDL fund.
Anchorage announced the arrangement on 11 December 2025 and said it would serve as the US federally regulated issuer for the OSL-branded token. USDGO went live on 10 February 2026 with an initial 50 million minted on Solana.
OSL positions it for cross-border e-commerce, international trade, financial services and interactive entertainment. The peg is to the US dollar, and the June 2026 reserve report describes the token as strictly pegged 1:1 to the dollar by the issuer. Anchorage runs the same white-label issuance model for USDtb with Ethena Labs and USAT with Tether.
Sources: Anchorage Digital: Anchorage Digital to Serve as Issuer for OSL's New U.S. Regulated Stablecoin, USDGO, PR Newswire: OSL Group Officially Launches Regulated Enterprise Stablecoin USDGO, Anchorage Digital: stablecoin reserve transparency page listing USDtb, USAT, USDGO and USDPT, USDGO Stablecoin Attestation Report, 31 August 2026 (management's assertion on OCC charter; Schedules I to III), Anchorage Digital: USDGO reserve attestations index, OSL: What is USDGO? Enterprise-grade compliant stablecoin, OSL: OSL Group officially launches regulated enterprise stablecoin USDGO
1.2B USDGO in circulation across 2 chains; Solana carries 99.5%. That is 0.4% of the USD stablecoin supply on the map, 13th 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 USDGO’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.
1.2B USDGO
0.4% of all USD stablecoin supply, #13 of 70
Solana 99.5% · other chains 0.5%
Solana1.2B USDGO · 99.5%
Morph6.6M USDGO · 0.5%Supply growth
Counted on Solana. Includes contracts and issuer treasuries. Shares are of the whole supply on Solana. This source serves no addresses, so nothing is left out.
Source: Solana RPC.
339holders on Solana
| USDGO | |
|---|---|
| Top holder | 44.5% |
| Top 10 | 96.2% |
| Top 50 | 100.0% |
| Top 100 | 100.0% |
Includes contracts and issuer treasuries. Shares are of the whole supply on Solana. This source serves no addresses, so nothing is left out.
USDGO's typical daily move over the last 90 days was 1.5 bps, steadier than 63 of 66 other USD stablecoins.
By default USDGO 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 USDGO'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.
1.5 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDGO's daily swings around $1 were smaller than those of 63 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| No price today | 1.6 bps | 1.5 bps | +17 bps (+0.17%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where USDGO is supplied in DeFi lending markets and what it earns there.
At least this much USDGO 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 USDGO 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 USDGO, or pinned at full utilisation with runaway interest is left out.
DIA has no price snapshot on file for USDGO, so balances are converted using an aggregated market data price instead of DIA's own read.
Borrowed is weighted by how much USDGO each market holds. A $1B market counts a thousand times more than a $1M one.
Ranks and the median compare USDGO 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.
$4.0M0.3% of supply
supplied to 1 lending market on 1 protocol
Median across 41 USD stablecoins in lending markets: 4.0%
<1%
Borrowed
share of supplied USDGO now on loan
By protocol
100%$4.0MSolanaUSDGO$4.0M<1%USDGO in lending markets, by chain, largest first. The bar is each chain's share of USDGO's lending balance.
Solanain 1 lending market100%$4.0MAmong 41 USD stablecoins in lending markets
Minting is gated. OSL says approved institutional clients deposit USD, Anchorage mints the equivalent USDGO, and the tokens are burned on redemption after compliance review. Hong Kong Professional Investors can trade USDGO through OSL HK.
USDGO went live on Morph, an Ethereum layer 2, in June 2026. Morph lists the use cases as cross-border e-commerce, international trade settlement, institutional treasury movement, remittance products and enterprise settlement flows. Other fiat-backed coins sit in the stablecoin explorer.
Sources: OSL: What is USDGO? Enterprise-grade compliant stablecoin, Morph blog: USDGO Expands to Morph, Advancing Compliant Stablecoin Settlement for Enterprise Payments
USDGO is designed to be backed by cash and money-market assets.
What the attestation covers
Anchorage publishes a USDGO reserve report every month. The 30 June 2026 report is an examination engagement under AICPA attestation standards, and the independent accountant opined that management's assertion is fairly stated in all material respects. Management prepared the report against the AICPA "2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens". Nathan McCauley, Julie Veltman and Michelle Ramirez signed it on 28 July 2026. Deloitte & Touche LLP is the independent accountant for the report.
Reserve assets totalled $861,072,523 against 859,224,943 redeemable tokens outstanding, a surplus of $1,847,580. The composition was $9,410,255 cash, $170,977,843 of BUIDL at fair value, and $680,684,425 of money market funds at net asset value. Of the cash, $9,160,255 sat above the FDIC insurance limit.
What it leaves out
The examination was not performed to determine whether Anchorage complied with federal, state or local laws, or with its contractual obligations to customers, and expresses no opinion on the design or operating effectiveness of controls. The two money market funds are identified by CUSIP with no fund name.
Sources: USDGO Stablecoin Attestation Report, 30 June 2026 (Independent Accountant's Report and Schedules I to III), Anchorage Digital: USDGO reserve attestations index
Solana0x4cf5920d…cf03ecf5isBlocked(address)paused()mint(address,uint256)eip1967-uups72puLt71H9…7p8gxigufreezeAuthoritymintAuthorityRead 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)
Independent reserve attestations are published monthly.
Management's assertion in the examined June report states that Anchorage Digital Bank is a federally chartered national trust bank and qualified custodian with fiduciary powers, regulated by the Office of the Comptroller of the Currency. Anchorage said in August 2025 that it had built white-label stablecoin capability designed for compliance with the enacted GENIUS Act. OSL states that USDGO complies with the GENIUS Act framework.
Sources: USDGO Stablecoin Attestation Report, 30 June 2026 (management's assertion on OCC-regulated charter status), Anchorage Digital: Anchorage Digital Bank Becomes First Federally Chartered Stablecoin Issuer Following Recent GENIUS Act, OSL: What is USDGO? Enterprise-grade compliant stablecoin
Reserve attestation
Attested by Deloitte & Touche LLP · last report 31 Aug 2026
Recognised regimelicence tier of Anchorage Digital
Reserve composition
$680,684,425 of the $861,072,523 total sat in money market funds at 30 June 2026, disclosed by CUSIP only. A further $170,977,843 was BUIDL, which the report describes as a private and unregistered money market fund domiciled in the British Virgin Islands with no secondary market for its shares. At that date BUIDL was self-custodied by Anchorage in segregated wallets on Avalanche and redeemable at NAV through Securitize daily.
Supply growth against the reporting cadence
Redeemable tokens outstanding went from 323,493,404 on 31 May 2026 to 859,224,943 on 30 June 2026, and to 1,244,426,424 on 31 August 2026, the latest attested figure.
Sources: USDGO Stablecoin Attestation Report, 30 June 2026 (Schedules I to III), USDGO Stablecoin Attestation Report, 31 May 2026 (Schedules I to III), USDGO Stablecoin Attestation Report, 31 August 2026 (Schedules I to III), Anchorage Digital: USDGO reserve attestations index
Anchorage Digital Bank, National Association issues USDGO. OSL Group brands and distributes it. Anchorage announced the arrangement on 11 December 2025 and the token went live on 10 February 2026 with 50 million minted on Solana.
At 30 June 2026 the attested reserve was $861,072,523: $9,410,255 in cash, $170,977,843 in BlackRock's BUIDL fund at fair value, and $680,684,425 in money market funds at net asset value, against 859,224,943 redeemable tokens outstanding.
Anchorage publishes a monthly reserve report examined under AICPA attestation standards, in which the accountant expresses an opinion on management's assertion. It is an examination of the reserve report, not an audit of Anchorage's financial statements. Deloitte & Touche LLP is the independent accountant.
USDGO launched on Solana in February 2026 and went live on Morph, an Ethereum layer 2, in June 2026. The 30 June 2026 attestation lists both contracts, with 859,224,936 tokens on Solana and 7 on Morph.
OSL says approved institutional clients deposit US dollars for Anchorage to mint against, and tokens are burned on redemption after compliance review. Hong Kong Professional Investors can trade USDGO through OSL HK.
Source: DIA onchain reads Updated
Source: Solana RPC, Solana Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
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