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 · 46th 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
25th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
33rd of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
USN is a USD stablecoin issued by Noon.
USN is a USD-pegged stablecoin from Noon. It is issued by Noon YBS Issuer Ltd, a company organized under the laws of the British Virgin Islands. It has a yield-bearing staked version, sUSN, which earns returns from a USD-denominated reserve deployed across income-generating strategies. Private credit is the largest of them.
Noon is a protocol. The staked form is how the return is distributed to holders.
Noon lists USN contracts on Ethereum, ZKsync Era and Starknet.
Sources: docs.noon.capital, USN and sUSN, Noon USN Terms of Service, noon.capital, docs.noon.capital, Contract Addresses and Oracles, Accountable, Noon proof of reserves
38.1M USN in circulation across 3 chains; Ethereum carries 98.2%. That is <0.1% of the USD stablecoin supply on the map, 46th 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 USN’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.
38.1M USN
<0.1% of all USD stablecoin supply, #46 of 70
Ethereum 98.2% · other chains 1.8%
Ethereum37.4M USN · 98.2%
Starknet682.8K USN · 1.8%
zkSync5.2K USN · <0.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 94.2% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
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: Blockscout.
495holders on Ethereum
33rd of 43 USD stablecoins on Ethereum
| USN | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 2.7% | 16.5% |
| Top 10 | 5.8% | 53.3% |
| Top 50 | 5.8% | 56.9% |
| Top 100 | 5.8% | 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.
USN's typical daily move over the last 90 days was 4.2 bps, steadier than 40 of 66 other USD stablecoins.
By default USN 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 USN'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.
4.2 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USN's daily swings around $1 were smaller than those of 40 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −18 bps (−0.18%) | 3.5 bps | 4.2 bps | +35 bps (+0.35%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$2.5K of USN is supplied to 1 lending market on 1 protocol, <0.1% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USN 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 USN 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 USN, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USN.
Ranks and the median compare USN 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.
$2K<0.1% of supply
supplied to 1 lending market on 1 protocol
Median across 41 USD stablecoins in lending markets: 4.0%
By protocol
100%$2KEthereumUSN$2KUSN in lending markets, by chain, largest first. The bar is each chain's share of USN's lending balance.
Ethereumin 1 lending market100%$2KAmong 41 USD stablecoins in lending markets
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USN in pool is USN's own side of the pool, at its USD price. Pool liquidity counts both sides.
$1.9M of USN sits in 2 DEX pools across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼USN in pool | 24h volume |
|---|---|---|---|---|---|
| sUSN / USN | Ethereum | $1.3M | $1.0M | $20.0K | |
| USN / USDT | Ethereum | $1.2M | $925.9K | $0 |
USN is designed to be backed by loans, credit and other real-world assets.
USN is backed by a USD-denominated reserve deployed across diversified, income-generating strategies. The issuer commits to maintaining reserves on at least a one-to-one basis with outstanding USN supply. The reserves can include private credit, delta-neutral funding rate arbitrage positions, deployments in decentralised lending protocols, collateralized loan obligations, tokenized treasury bills, and USDC and USDT. Reserves are held in accounts segregated from the issuer's operating funds.
Accountable publishes a third-party proof of reserves for USN, recomputed every 15 minutes. On 12 October 2026 it showed $36.8M of reserves against 36.7M USN outstanding, a ratio of 1.003. Private credit in the Fasanara FTAC fund was 67.6% of reserves, funding rate arbitrage on Hyperliquid 20.7%, lending on Morpho and Euler 5.3%, AAA CLOs (JAAA) 4.9%, undeployed USDC and USDT 1.5%, and treasury bills under 0.1%. Accountable reads most reserve accounts directly. The private credit figure comes from a signed weekly report by Fasanara.
USN does not earn yield directly. A holder who stakes USN receives sUSN, which accrues protocol yield. Of the protocol's distributable returns, 80% flows to sUSN holders. Unstaking sUSN carries a 7 day cooldown.
Sources: docs.noon.capital, USN and sUSN, Noon USN Terms of Service, docs.noon.capital, Risks and Mitigants, Accountable, Noon proof of reserves, docs.noon.capital, Yield strategies
Ethereum0xda67b428…727dc1edblacklist(address)paused()mint(address,uint256)eip1967-transparent0x0469d9d1…cb84c0b6eip1967-transparentContract controls are not read on Starknet yet.
Read 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)
Reserves are published as a continuous proof-of-reserves feed.
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
Reserve ratio
1.01xAccountable proof of reserves (noon.accountable.capital), read 2026-11-02; 65% of reserves (Fasanara) from a report dated 2026-10-26as of 26 Oct 2026
Collateral over the liability it backs, read on chain or from the third-party proof of reserves named above. Overcollateralised protocols sit well above 1.00x by design; a fully reserved stablecoin sits at it. Not comparable between the two.
Only onboarded users who pass KYC and AML checks can redeem USN directly with the issuer. Other holders exit by selling on exchanges. The issuer commits to redeem 1 USN for US$1.00 of supported stablecoins, less applicable fees, and standard redemption requests are processed within five business days. Redemption capacity is tiered by protocol TVL: 20% within the same day, 60% within three days and 100% within five days. The issuer may delay redemptions in extraordinary circumstances, including extreme market volatility affecting reserve asset liquidity. The issuer does not guarantee that USN trades at US$1.00 on third-party platforms.
Sources: Noon USN Terms of Service, docs.noon.capital, Mint and Redeem, docs.noon.capital, Liquidity
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 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.
1 single-day provider glitch hidden: a close more than 20% off both neighbouring days that reverted by the next, or one the coin's onchain trades that day did not support.
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