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 · 57th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 14.5 bps from $1
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on Celo
Best yield
ranked by lower of 30d and spot APY × deposits · Aave V3 · 6.38% base, 0% rewards · 30-day avg 5.79%
USDm is a USD stablecoin minted by the Mento protocol's smart contracts, with no central issuer.
Mento Dollar is the dollar unit of the Mento protocol on Celo. It is a stablecoin in its own right and it is the collateral asset behind other stablecoins listed here separately.
It reached its current form through a rename rather than a launch. The contract at 0x765DE816845861e75A25fCA122bb6898B8B1282a is the address that carried cUSD, and its symbol now reads USDm. Nothing about the deployment changed, so a listing that still calls it cUSD and a listing that calls it USDm are describing the same token.
One thing to check before reading any figure attached to this ticker. Mountain Protocol issued a token called USDM that held short term US Treasuries and passed the yield to holders, and it closed that token's primary market on 22 August 2025 as part of a wind down. This one is a protocol reserve unit on Celo. The tickers differ by the case of a single letter and the instruments have nothing in common.
Sources: Mento docs: The Reserve, Mento docs: CDPs, Mento blog: The Evolution of Mento (17 December 2025), CeloScan: USDm contract, Mountain Protocol: USDM
16.0M USDm in circulation across 2 chains; Celo carries 83.9%. That is <0.1% of the USD stablecoin supply on the map, 57th 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 USDm’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.
16.0M USDm
<0.1% of all USD stablecoin supply, #57 of 70
Celo 83.9% · other chains 16.1%
Celo13.4M USDm · 83.9%
Monad2.6M USDm · 16.1%Supply growth
Counted on Celo. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Celo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
5,853,418holders on Celo
| USDm | |
|---|---|
| Top holder | 13.4% |
| Top 10 | 34.7% |
| Top 50 | 49.5% |
| Top 100 | 56.5% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Celo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
USDm's typical daily move over the last 90 days was 30 bps, steadier than 9 of 66 other USD stablecoins.
By default USDm 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 USDm'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.
30 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDm's daily swings around $1 were smaller than those of 9 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 USDm | −14 bps (−0.14%) | 26 bps | 30 bps | −132 bps (−1.32%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where USDm is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 5 USDm 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 |
|---|---|---|---|---|---|---|---|---|
6.38% | 5.79% | OrganicStable |  MegaETH | +0.00% | $6.4M | Lending | ||
13.55% | 13.53% | IncentiveStable | Monad | +13.43% | $2.3M | LP | ||
0.09% | 0.40% | LP fees · IL riskVolatile | Celo | +0.00% | $643.8K | LP | ||
25.69% | 25.86% | IncentiveIL riskStable | Monad | +25.56% | $592.4K | LP | ||
29.38% | 26.17% | IncentiveIL riskStable | Monad | +29.32% | $395.3K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 2 Nov 2026.
USDm in pool is USDm's own side of the pool, at its USD price. Pool liquidity counts both sides.
$592.2K of USDm sits in 9 DEX pools across 4 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USDm in pool | 24h volume |
|---|---|---|---|---|---|
| USDC / USDM | Monad | $342.4K | $322.0K | – | |
| USD₮ / USDm | Celo | $643.6K | $66.6K | $19.6K | |
| WETH / USDm | Celo | $73.5K | $64.1K | $446 | |
| EURm / USDm | Celo | $53.3K | $46.4K | $51 | |
| USD₮ / USDM | Celo | $61.8K | $31.0K | – | |
| DAI / USDm | Celo | $22.4K | $19.6K | $0 | |
| USDC / USDm | Celo | $18.5K | $16.2K | $0 | |
| CELO / USDm | Celo | $16.1K | $14.0K | $789 | |
| ? / ? | Celo | – | $12.3K | – |
USDm is designed to be backed by crypto held as overcollateral.
Mento's documentation states that the Reserve backs two units, the dollar and the euro, and USDm is the dollar one. Mento's reserve dashboard counts a wider set: on 2 October 2026 it listed 12 stablecoins as Reserve backed, with only the pound, yen and Swiss franc units borrowed against USDm instead.
What the Reserve holds is the part worth reading closely, because it is not a bank account. Mento's documentation names USDC, USDT and USDS as the dollar collateral. The reserve dashboard on 2 October 2026 showed a wider mix: dollar stablecoins, including sUSDS, AUSD, USDT and USDC, made up 60.6% of about $20.8 million in holdings, euro stablecoins (EUROP, EURC and bridged EUROC) 10.5%, and CELO, stETH and ETH 28.9%. A USDm holder's backing therefore runs through to those stablecoin issuers and to the market price of those crypto assets rather than stopping at Mento, and it inherits whatever those issuers disclose about their own reserves. Mento's transparency at its own layer is high and tells a reader nothing about the layer beneath it.
There is no fiat reserve here for an accountant to count, so no attestation is missing and none was ever the right instrument. Mento publishes reserve holdings and a collateralization ratio on its own dashboard. It is a different form of disclosure, and ranking the two against each other would tell a reader nothing useful about either.
Celo0x765de816…b8b1282amint(address,uint256)eip1967-transparent0xbc69212b…4df00115mint(address,uint256)eip1967-transparentRead 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 mint · upgrade (proxy)
USDm has no central issuer. What regulators have recorded about it and how its collateral is reported.
Not applicable (no central issuer)recorded for the protocol; no central issuer
Read the ratio Mento publishes for what it actually covers. The documentation defines the collateralization ratio as reserve holdings divided by the supply of the Reserve backed stables, so it is one figure across that whole set rather than a statement about USDm alone.
The concentration risk here is unusual and worth naming plainly. USDm is the collateral asset for Mento's borrowed currency markets, so a USDm depeg would not stay inside USDm. Mento's documentation names it as one of two failure modes for those positions, alongside movement in the exchange rate. On 2 October 2026 Mento's reserve dashboard showed $339,685 of borrowed debt against a total Mento supply of about $18.6 million, under 2%, so the exposure was small in absolute terms on that reading, and it is a figure that moves.
Beneath that sits a second layer most readers will not think to check. The Reserve's euro leg is EUROP, EURC and bridged EUROC, and its dollar leg is other issuers' dollar stablecoins. Anyone working out what stands behind a Mento token is reading two layers of disclosure rather than one.
Sources: Mento docs: The Reserve, Mento docs: CDPs, Mento Reserve dashboard
Mento's Reserve. Its documentation names other issuers' fiat backed stablecoins, USDC, USDT and USDS, and on 2 October 2026 the reserve dashboard also showed CELO, stETH and ETH making up 28.9% of holdings. A claim on USDm therefore runs through to those issuers and assets, and a reader evaluating it inherits their disclosure alongside Mento's.
Yes. The contract at 0x765DE816845861e75A25fCA122bb6898B8B1282a is the address that carried cUSD, and its symbol now reads USDm. The rename changed the ticker and not the deployment, so listings under either name describe the same token.
No, and they are easy to confuse. Mountain Protocol's USDM held short term US Treasuries and passed yield to holders, and its primary market closed on 22 August 2025 as part of a wind down. Mento's USDm is a protocol reserve unit on Celo backed by the Mento Reserve.
No. Mento's documentation defines the collateralization ratio as reserve holdings divided by the supply of all Reserve backed stables, so the published figure covers that whole set. There is no per token reserve ratio to read for USDm on its own.
50 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: Blockscout, Celo 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.
USDmSource: DeFiLlama and CoinGecko prices Updated