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
0.2% of USD stablecoin supply · 17th 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
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Aave V3 · 3.29% base, 0% rewards · 30-day avg 2.92%
USDtb is a USD stablecoin issued by Anchorage Digital, launched in Dec 2024.
USDtb is issued by a federally supervised US bank. Anchorage Digital Bank took over issuance, redemption and reserve management on 13 October 2025, under direct oversight of the Office of the Comptroller of the Currency, and announced it the next day as "America's first federally regulated stablecoin". Its reserves are almost entirely invested in BUIDL, BlackRock's tokenized US Treasury fund.
Ethena's dollar token USDe hedges the price-change risk of a portfolio of volatile backing assets. USDtb holds fund shares and cash. Supply and price on this page are DIA first-party data.
Sources: USDtb documentation, introduction, Ethena docs, USDtb overview, Ethena docs, how USDe works, USDtb Reserve Report, 30 June 2026 (Anchorage Digital Bank), Anchorage Digital, USDtb launch announcement (14 October 2025)
514.9M USDtb in circulation across 2 chains; Ethereum carries 94.2%. That is 0.2% of the USD stablecoin supply on the map, 17th 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 USDtb’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.
514.9M USDtb
0.2% of all USD stablecoin supply, #17 of 70
Ethereum 94.2% · other chains 5.8%
Ethereum484.8M USDtb · 94.2%
Solana30.1M USDtb · 5.8%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. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Ethplorer.
293,744holders on Ethereum
About 292,000 of these addresses received 0.0001 USDtb each in a batch airdrop on 29 and 30 November 2025. The count was about 585 before it. Every source counts them, because each holds a balance above zero.
| USDtb | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 51.6% | 16.5% |
| Top 10 | 80.1% | 53.3% |
| Top 50 | 84.8% | 57.0% |
| Top 100 | 84.9% | 74.7% |
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.
USDtb's typical daily move over the last 90 days was 3.6 bps, steadier than 45 of 66 other USD stablecoins.
By default USDtb 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 USDtb'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.
3.6 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDtb's daily swings around $1 were smaller than those of 45 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −5 bps (−0.05%) | 2.8 bps | 3.6 bps | +209 bps (+2.09%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$13.8M of USDtb is supplied to 4 lending markets on 4 protocols, 2.7% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USDtb 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 USDtb 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 USDtb, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USDtb.
Both figures are averages across markets, weighted by how much USDtb each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare USDtb 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.
$13.8M2.7% of supply
supplied to 4 lending markets on 4 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
82%
Borrowed
share of supplied USDtb now on loan
3.78%
Average supply APY
weighted by USDtb balance in each market
By protocol
82%$11.3MEthereumUSDtb$11.3M3.35%80%12%$1.6MEthereumUSDtb$1.6M4.93%93%7%$907KEthereumUSDtb / sUSDe$907K6.98%88%<1%$24KEthereumUSDtb$24K12.19%93%USDtb in lending markets, by chain, largest first. The bar is each chain's share of USDtb's lending balance.
Ethereumin 4 lending markets100%$13.8MAmong 41 USD stablecoins in lending markets
Top 5 USDtb 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 |
|---|---|---|---|---|---|---|---|---|
0.02% | 0.06% | LP fees · IL riskVolatile | Ethereum | +0.00% | $20.1M | LP | ||
3.29% | 2.92% | OrganicStable | Ethereum | +0.00% | $11.3M | Lending | ||
4.93% | 4.56% | OrganicStable | Ethereum | +0.00% | $1.5M | Lending | ||
6.62% | 6.61% | OrganicStable | Ethereum | +0.00% | $815.4K | Lending | ||
0.30% | 0.36% | LP fees · IL riskStable | Ethereum | +0.00% | $164.4K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USDtb in pool is USDtb's own side of the pool, at its USD price. Pool liquidity counts both sides.
$10.3M of USDtb sits in 2 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USDtb in pool | 24h volume |
|---|---|---|---|---|---|
| USDtb / USDC | Ethereum | $20.1M | $10.3M | $105.3K | |
| USDE / USDTB | Ethereum | – | $54.3K | $8.8K |
Access to the primary market is closed. The USDtb documentation states that only customers of Anchorage Digital Bank are able to mint and redeem USDtb. Anchorage's covered stablecoin terms say it "redeems Covered Stablecoins exclusively from Clients", at par value net of applicable fees, and that redemption may be delayed or suspended. A holder who is not an Anchorage client has no direct redemption right and buys the token on the secondary market.
Sources: USDtb documentation, mint and redeem, Anchorage Digital Bank, N.A. covered stablecoin terms
USDtb is designed to be backed by cash and money-market assets.
What the June report says
Anchorage publishes a monthly USDtb reserve report. The report for 30 June 2026 puts total reserve assets at $777,181,625 against 775,079,189 redeemable tokens outstanding, a surplus of $2,102,436. Reserves were $766,948,324 of BUIDL at fair value and $10,233,301 of cash. The cash sat in demand deposit accounts at FDIC-insured depository institutions.
What the accountant examined
An independent accountant's report gives an opinion that management's assertion is fairly stated in all material respects. The engagement followed AICPA attestation standards and the AICPA "2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens".
What it leaves out
The report is a point-in-time examination, not an audit of Anchorage's financial statements. The accountant's report states the examination was not performed to determine whether Anchorage complied with federal, state or local laws or regulations, or with contractual obligations to its customers. Reserves are reported at the fund level: BUIDL is carried at daily net asset value, and the securities the fund itself holds are not itemized.
Sources: USDtb Reserve Report, 30 June 2026, with independent accountant's report, Anchorage Digital, USDtb reserve attestations index
Ethereum0xc139190f…8b18ac1cisBlocked(address)paused()mint(address,uint256)eip1967-transparent8yXrtJ54jZ…Rd8i8n3TfreezeAuthoritymintAuthorityRead 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.
Anchorage Digital Bank is regulated by the Office of the Comptroller of the Currency, and the June reserve report names it the issuer of USDtb. Anchorage announced the launch on 14 October 2025 and described USDtb as "America's first federally regulated stablecoin". The same announcement states that USDtb is "not a deposit, not FDIC insured, and not endorsed or guaranteed by the US government".
The earlier announcement of the Ethena Labs partnership, on 24 July 2025, described USDtb as the first stablecoin with a clear pathway to becoming compliant under the GENIUS Act.
Sources: Anchorage Digital, USDtb launch announcement (14 October 2025), Anchorage Digital and Ethena Labs partnership announcement (24 July 2025), USDtb Reserve Report, 30 June 2026
Reserve attestation
Attested by Deloitte & Touche LLP · last report 31 Aug 2026
Recognised regimelicence tier of Anchorage Digital
One fund carries the reserve
Of the $777,181,625 in reserves at 30 June 2026, $766,948,324 was BUIDL.
Cash above the insurance limit
$9,983,301 of the $10,233,301 cash balance sat above FDIC insurance limits at the report date.
Contract audits predate the current issuer
The USDtb contracts passed three private audits from Pashov Audit Group, Quantstamp and Cyfrin in October 2024 with no high or medium findings. A Code4rena contest followed in early November 2024. Issuance moved to Anchorage in October 2025.
Sources: USDtb Reserve Report, 30 June 2026, Schedules I to III, USDtb documentation, audits
Anchorage Digital Bank, National Association issues USDtb. The USDtb documentation states that issuance, redemption and reserve management moved to Anchorage on 13 October 2025. Anchorage is a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency.
BlackRock's tokenized money market fund, BUIDL, plus a small cash balance. The reserve report for 30 June 2026 shows $766,948,324 of BUIDL at fair value and $10,233,301 of cash, a total of $777,181,625 against 775,079,189 redeemable tokens outstanding.
Anchorage publishes a monthly reserve report. An independent accountant examined management's assertion for 30 June 2026 under AICPA attestation standards and issued an opinion. It is an examination of the reserve report, not an audit of Anchorage's financial statements, and it does not test compliance with laws or regulations.
No. The USDtb documentation states that only customers of Anchorage Digital Bank can mint and redeem USDtb, and Anchorage's covered stablecoin terms say it redeems covered stablecoins exclusively from clients. Other holders buy and sell on the secondary market.
Ethereum and Solana. The Global Stablecoin Map reads USDtb's supply from contract state and shows the per-chain split in the supply panel on this page.
44 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026 to 30 Sep 2026), Ethplorer (from 1 Oct 2026), 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 -40 bps to +60 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 2 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.
Source: DeFiLlama and CoinGecko prices Updated