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 · 38th of 70 USD stablecoins with supply
Peg today
at $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
25th of 70 USD stablecoins read on chain · median 2
Holders on BSC
7th of 7 USD stablecoins scanned on BSC
USDon is a USD stablecoin issued by Ondo.
USDon is the settlement leg of Ondo's tokenized stock platform. Ondo's documentation calls it the native stablecoin of the Ondo Stocks platform run by Ondo. The peg currency is the US dollar, and distribution is global.
How it is used
The token exists so a stock purchase and its cash leg settle in one transaction. Ondo's docs call USDon "our native stablecoin" and state that USDC can be atomically converted 1:1 to USDon for mints, and that 1 USDon is always swappable 1:1 for 1 USDC. Minimum redemption is $1.00. By default users are not whitelisted to swap between USDon and USDC, and the swapper has no user interface, so using it directly means interacting with the smart contract. Bank wire redemption to USD is not supported.
USDon is not USDY, Ondo's yield-bearing note, and it is not OUSG. USDon carries no yield and exists inside the Ondo Stocks flow.
Sources: Ondo Finance docs, Investing and Redeeming (Ondo Global Markets), Ondo Finance docs, Trust and Transparency (Ondo Global Markets), Ondo Finance docs, Available Assets (What is USDon?)
76.5M USDon in circulation across 3 chains; BSC carries 51.5%. That is <0.1% of the USD stablecoin supply on the map, 38th 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 USDon’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.
76.5M USDon
<0.1% of all USD stablecoin supply, #38 of 70
BSC 51.5% · other chains 48.5%
BSC39.4M USDon · 51.5%
Ethereum25.8M USDon · 33.7%
Solana11.3M USDon · 14.8%Supply growth
Counted on BSC. Excludes issuer treasuries, includes contracts. Shares are of the supply on BSC less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
Source: NodeReal.
304holders on BSC
7th of 7 USD stablecoins on BSC
| USDon | Median, 7 USD stablecoins on BSC | |
|---|---|---|
| Top holder | 74.5% | 66.0% |
| Top 10 | 100.0% | 99.8% |
| Top 50 | 100.0% | 100.0% |
| Top 100 | 100.0% | 100.0% |
Excludes issuer treasuries, includes contracts. Shares are of the supply on BSC less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
USDon's typical daily move over the last 90 days was 0.0 bps, steadier than 66 of 66 other USD stablecoins.
By default USDon 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 USDon'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.
0.0 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDon's daily swings around $1 were smaller than every other USD stablecoin's.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| 0 bps (0.00%) | 0.0 bps | 0.0 bps | 0 bps (0.00%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
USDon is designed to be backed by cash and money-market assets.
What the documentation states
Ondo's redemption page says each USDon is backed by a dollar of cash or equivalents at an Ondo Stocks brokerage account. The Trust and Transparency pages say all Ondo Stocks holdings are held with one or more US-registered custodial broker-dealers, and that the issuer must ensure additional collateral is available above and beyond full backing at all times.
What the attestation covers
Ondo Stocks provides daily attestations conducted by Ankura Trust Company, an independent third-party verification agent. Those attestations are described as covering Ondo tokenized stock holdings, with daily holdings and NAV updates published on individual asset product pages, monthly reconciliation reports by the 20th of the following month, and annual audits by an independent firm. The independent audit firm is not named.
What it leaves out
Neither Trust and Transparency page mentions USDon or its cash reserves. The perimeter written down is tokenized stock holdings, not the dollar balance sitting behind the settlement token. Smart contract audits by Spearbit and Cyfrin are cited for the tokenized stock contracts, and a separate Cantina audit covers the USDon converter and bridge registrar.
Sources: Ondo Finance docs, Investing and Redeeming (Ondo Global Markets), Ondo Finance docs, Trust and Transparency (Ondo Stocks), Ondo Finance docs, Smart Contract Audits (Cantina audit of the USDon converter and bridge registrar)
BSC0x1f8955e6…5f20dfe6paused()mint(address,uint256)eip1967-transparent0xace8e719…5c2119f1paused()mint(address,uint256)eip1967-transparentZPFtoCe7WW…v2i7ondofreezeAuthoritymintAuthorityRead 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)
Who licenses USDon's issuer and how its reserves are reported.
Ondo announced on 3 February 2026 that Ondo Stocks had confidentially filed a registration statement with the US Securities and Exchange Commission. The post says that once effective it would make Ondo Stocks the first issuer of transferable tokenized stocks subject to the SEC's reporting requirements. The filing is described as providing issuer-level disclosures for the tokenized stock products. It is confidential, so its contents are not public, and the announcement does not say USDon is covered by it.
Sources: Ondo Finance blog, Ondo Global Markets files registration statement with SEC
Registration onlylicence tier of Ondo
Redemption is gated
The 1:1 USDC swap is the redemption path, and Ondo's docs say users are not whitelisted for it by default. A holder who acquires USDon on the secondary market has no documented route back to a dollar without contacting Ondo, and bank wire redemption is not offered.
The disclosure perimeter stops short of the token
The Ankura Trust Company attestation is written against Ondo tokenized stock holdings. Ondo's Trust and Transparency page does not name USDon's cash balance as inside that engagement, so the claim that each token is backed by a dollar at a brokerage account rests on Ondo's own documentation rather than on a third-party report a reader can open.
Issuer concentration
Ondo's documentation places the backing in one of Ondo Stocks' brokerage accounts.
Sources: Ondo Finance docs, Investing and Redeeming (Ondo Global Markets), Ondo Finance docs, Trust and Transparency (Ondo Global Markets), Ondo Finance docs, Available Assets (What is USDon?)
USDon is Ondo's native stablecoin, used as the cash leg when buying or redeeming Ondo tokenized stocks. Ondo's documentation says each USDon is backed by a dollar of cash or equivalents at an Ondo Stocks brokerage account.
No. USDY is Ondo's yield-bearing tokenized note. USDon carries no yield and exists to settle tokenized stock trades.
Ondo's docs say 1 USDon is always swappable 1:1 for 1 USDC, with a $1.00 minimum. Users are not whitelisted for the swapper by default, and bank wire redemption to USD is not supported.
Ankura Trust Company provides daily attestations of Ondo tokenized stock holdings. Ondo's published transparency pages do not name USDon or its cash reserves as inside that engagement.
11 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: NodeReal, BSC 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