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 · 55th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
5th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
USDP is a USD stablecoin issued by Paxos, launched on 10 Sep 2018.
Pax Dollar (USDP) is a US dollar stablecoin issued by Paxos Trust Company, National Association, which Paxos calls its own stablecoin. The company received a New York limited purpose trust charter from the NYDFS in 2015. Paxos says it completed its conversion to a national bank limited to the operations of a trust company on 12 December 2025, the day the Office of the Comptroller of the Currency (OCC) announced conditional approval. The company is supervised by the OCC and now operates under its current name.
Paxos lists Ethereum and Solana as the chains USDP runs on. Its August 2026 report names the contracts as 0x8e870d67f660d95d5be530380d0ec0bd388289e1 on Ethereum and HVbpJAQGNpkgBaYBZQBR1t7yFdvaYVp2vCQQfKKEN4tM on Solana.
Sources: Paxos, USDP transparency page, KPMG LLP, USDP Redemption Assets Report, August 2026, OCC news release 2025-125 (12 December 2025), Paxos, USDP product page
22.5M USDP in circulation across 2 chains; Ethereum carries 92.5%. That is <0.1% of the USD stablecoin supply on the map, 55th 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 USDP’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.
22.5M USDP
<0.1% of all USD stablecoin supply, #55 of 70
Ethereum 92.5% · other chains 7.5%
Ethereum20.8M USDP · 92.5%
Solana1.7M USDP · 7.5%Supply growth
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.
Source: Blockscout.
217,664holders on Ethereum
5th of 43 USD stablecoins 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 balance held by addresses on the USDP issuer's blacklist, as of 2 Nov 2026.
Frozen balance
215.7K USDP on Ethereum
Frozen with a balance
addresses currently frozen with a balance
Blacklisted
blacklisted addresses, whatever they hold
Current balances of addresses on the issuer's blacklist, read from the token contracts on each chain. Reported next to supply, not subtracted from it. Blacklisted addresses include entries that hold nothing.
USDP's typical daily move over the last 90 days was 19 bps, steadier than 14 of 66 other USD stablecoins.
By default USDP 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 USDP'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.
19 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDP's daily swings around $1 were smaller than those of 14 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 USDP | −23 bps (−0.23%) | 19 bps | 19 bps | −74 bps (−0.74%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$239.9K of USDP is supplied to 2 lending markets on 2 protocols, 1.1% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USDP 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 USDP 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 USDP, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USDP.
Both figures are averages across markets, weighted by how much USDP each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 85% of the balance report an APY.
Ranks and the median compare USDP 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.
$240K1.1% of supply
supplied to 2 lending markets on 2 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
22%
Borrowed
share of supplied USDP now on loan
<0.01%
Average supply APY
weighted by USDP balance in each market
By protocol
85%$204KEthereumUSDP$204K<0.01%26%15%$35KEthereumUSDP$35K<1%USDP in lending markets, by chain, largest first. The bar is each chain's share of USDP's lending balance.
Ethereumin 2 lending markets100%$240KAmong 41 USD stablecoins in lending markets
Top 2 USDP 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 |
|---|---|---|---|---|---|---|---|---|
0.01% | 0.34% | LP fees · IL riskVolatile | Ethereum | +0.00% | $11.3K | LP | ||
0.01% | 0.35% | LP fees · IL riskVolatile | Ethereum | +0.00% | $11.2K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USDP in pool is USDP's own side of the pool, at its USD price. Pool liquidity counts both sides.
$20.8K of USDP sits in 1 DEX pool across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼USDP in pool | 24h volume |
|---|---|---|---|---|---|
| USDP / AAVE | Ethereum | $41.6K | $20.8K | $1.2K |
USDP is designed to be backed by cash and money-market assets.
USDP is fiat-backed. Paxos states that USDP reserves are held 100% in cash and cash equivalents and that USDP is redeemable from Paxos one-to-one for US dollars. It says client assets are held in segregated, bankruptcy remote accounts, so they would not be used to satisfy Paxos' debts in an insolvency.
The August 2026 report shows the composition. On 31 August 2026 there were 29,168,261 USDP redeemable tokens outstanding, 27,473,280 on Ethereum and 1,694,981 on Solana, against redemption assets of $29,189,905. Those assets were $22,220,905 in cash and $6,969,000 in repurchase agreements. The report states that the assets sit in segregated, unencumbered accounts held on behalf of USDP holders, and that Paxos may withdraw net returns on them above the outstanding token supply.
Sources: Paxos blog, OCC charter and stablecoins (4 August 2026), Paxos, USDP product page, Paxos docs, USDP overview, KPMG LLP, USDP Redemption Assets Report, August 2026
Ethereum0x8e870d67…388289e1freeze(address), unfreeze(address) +2wipeFrozenAddress(address)paused()mint(address,uint256)zeppelinos-legacyHVbpJAQGNp…fKKEN4tMfreezeAuthoritymintAuthorityRead 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 · wipe · pause · mint · upgrade (proxy)
Independent reserve attestations are published monthly.
Paxos publishes USDP attestation reports each month. Reports posted on or after 28 February 2025 are issued by KPMG LLP under AICPA attestation standards, and earlier reports were issued by WithumSmith+Brown, PC. The August 2026 report covers 6 and 31 August 2026, and KPMG signed it on 24 September 2026. Paxos also self-reported USDP portfolio composition without independent review, and says it no longer proactively provides those monthly reserve reports.
The report states that Paxos will be subject to the framework of the GENIUS Act and has applied the Act's reserve requirements for permitted payment stablecoin issuers to the USDP redemption assets. Where the Act does not address a topic covered by the NYDFS guidance of 8 June 2022, Paxos continues to follow policies built to comply with that guidance, subject to any change the OCC requests.
Sources: Paxos, USDP transparency page, KPMG LLP, USDP Redemption Assets Report, August 2026
Each attestation speaks to its two report dates. Cash held at a single bank can exceed the FDIC limit of $250,000, and on 31 August 2026 uninsured deposits came to $6,030,192. Paxos holds $50,000,000 of excess deposit insurance from Paxos Insurance Company Ltd, a captive insurer for Paxos and its affiliates, which applies only to deposits at institutions covered by the policy.
Sources: KPMG LLP, USDP Redemption Assets Report, August 2026
51 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, 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 -60 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 10 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
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.
USDPSource: DeFiLlama and CoinGecko prices Updated