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
Peg today
below 1 ARS
Chains
Holders on Ethereum
Share of supply in lending
at least
WARS is an ARS stablecoin issued by Ripio, launched on 21 May 2025.
WARS is an Argentine peso stablecoin issued by Ripio under its wFiat brand. It is pegged one to one to the Argentine peso and backed by peso reserves held in Argentine bank accounts and financial institutions.
Ripio's whitepaper describes wFIAT as fully collateralized in local fiat currencies and/or local currency-denominated instruments, implemented as an ERC-20 smart contract. Ripio's release log dates the first wARS mint on World Chain to 21 May 2025.
WARS was Ripio's first local-currency stablecoin. It anchors a wFiat family that has since grown to cover the Brazilian real, Mexican peso, Colombian peso, Chilean peso and Peruvian sol.
Sources: Ripio wFIAT, Ripio wFIAT whitepaper
14.8B WARS in circulation across 7 chains; Ethereum carries 82.6%.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across WARS’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
14.8B WARS (US$9.0M)
Ethereum 82.6% · other chains 17.4%
Ethereum12.3B WARS · 82.6%
Base1.7B WARS · 11.3%
World Chain431.1M WARS · 2.9%
Celo326.1M WARS · 2.2%
BSC85.0M WARS · 0.6%
Polygon41.9M WARS · 0.3%
Gnosis9.4M WARS · <0.1%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.
341holders on Ethereum
| WARS | |
|---|---|
| Top holder | 86.6% |
| Top 10 | 94.2% |
| Top 50 | 94.4% |
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.
How far WARS trades from its ARS peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much WARS's price swings around 1 ARS from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 ARS scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 ARS, signed.
The ranking counts every active ARS 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 US$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.
For a ARS stablecoin, the largest deviation leaves out days when most other ARS stablecoins closed the same distance from par on the same side: that move is the exchange rate, not WARS. A move WARS makes alone, or a discount it holds while the others stay at par, is kept.
78 bps
Peg volatility, 90 days
typical day-to-day swing around 1 ARS
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −674 bps (−6.74%) | 80 bps | 78 bps | −841 bps (−8.41%) |
US$304.3K of WARS is supplied to 10 lending markets on 1 protocol, 3.4% of its onchain supply.
At least this much WARS 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 WARS 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 US$1,000 of WARS, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for WARS.
Both figures are averages across markets, weighted by how much WARS each market holds. A US$1B market counts a thousand times more than a US$1M one. Markets holding 59% of the balance report an APY.
US$304K3.4% of supply
supplied to 10 lending markets on 1 protocol
37%
Borrowed
share of supplied WARS now on loan
3.73%
Average supply APY
weighted by WARS balance in each market
By protocol
100%US$304KWorld ChainwARSUS$115KEthereumwARS / USDCUS$46K12.51%86%EthereumwARS / wstETHUS$44K<0.01%<1%EthereumwARS / sUSDSUS$33K2.59%74%EthereumwARS / WBTCUS$19K<0.01%<1%EthereumwARS / USDTUS$13K<0.01%<1%EthereumwARS / WETHUS$11K<0.01%<1%EthereumwARS / cbBTCUS$11K<0.01%<1%BasewARSUS$10KWorld ChainwARS / USDCUS$2K0.12%60%WARS in lending markets, by chain, largest first. The bar is each chain's share of WARS's lending balance.
Ethereumin 7 lending markets58%US$177KWorld Chainin 2 lending markets38%US$117KBasein 1 lending market3%US$10KTop 4 WARS 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 |
|---|---|---|---|---|---|---|---|---|
21.09% | 21.09% | IncentiveIL riskStable | Ethereum | +21.00% | US$6.6M | LP | ||
0.25% | 0.21% | LP fees · IL riskStable | Ethereum | +0.00% | US$269.6K | LP | ||
0.26% | 0.44% | LP fees · IL riskStable | Base | +0.00% | US$230.6K | LP | ||
4.82% | 0.65% | LP fees · IL riskVolatile | Celo | +0.00% | US$106.7K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
WARS in pool is WARS's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$552.4K of WARS sits in 4 DEX pools across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼WARS in pool | 24h volume |
|---|---|---|---|---|---|
| wARS / USDC | Ethereum | US$269.6K | US$241.9K | US$2.9K | |
| wARS / USDC | Base | US$230.1K | US$207.6K | US$1.9K | |
| wARS / USD₮ | Celo | US$106.9K | US$70.0K | US$109.2K | |
| wARS / USDC | Ethereum | US$34.0K | US$32.9K | US$469 |
Ripio's release log records integrations. The first wARS collateralised loan ran on CapyFi in December 2025, and CapyFi launched the first World mini app to include wARS the same month. WARS was used for prediction markets in Argentina in December 2025, and wFiat was accepted as a payment method at Devconnect in Buenos Aires in November 2025.
Ripio says WARS can be deposited to earn daily yield, and its release log records a USDC/wARS pair on Uniswap on World Chain and Base from 2 December 2025.
Sources: Ripio, wFIAT, Ripio, wARS
WARS is designed to be backed by cash and money-market assets.
Ripio states that wFiat tokens are backed one to one by liquid instruments denominated in the reference currency. For WARS it has gone further and published dated, externally certified attestations.
The 31 December 2025 certification cites 431 million wARS in circulation backed by ARS 447,361,996.56 held at a financial institution, reconciled to on-chain issuance and burn on Ethereum, World Chain and Base.
The 31 March 2026 certification, its second, cites 973,000,960.19 wARS backed by ARS 1,036,276,284 held in Argentine bank accounts and financial institutions, reconciled across Ethereum, World Chain, Base, Polygon, Gnosis and BNB Smart Chain. Ripio describes both as completed and certified by local public accountants.
Sources: Ripio wFIAT, wARS token certification, 31 December 2025, wARS token certification, 31 March 2026
Ethereum0x0dc4f928…9129d90dpaused()mint(address,uint256)eip1967-uups0x0dc4f928…9129d90disBlocked(address)paused()mint(address,uint256)eip1967-uups0x0dc4f928…9129d90disBlocked(address)paused()mint(address,uint256)eip1967-uups0x0dc4f928…9129d90dpaused()mint(address,uint256)eip1967-uups0x0dc4f928…9129d90disBlocked(address)paused()mint(address,uint256)eip1967-uups0x0dc4f928…9129d90disBlocked(address)paused()mint(address,uint256)eip1967-uups0x0dc4f928…9129d90dpaused()mint(address,uint256)eip1967-uupsRead 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 WARS's issuer and how its reserves are reported.
Ripio states that it operates under active licences with AML compliance in its markets. In Argentina it cites a Virtual Asset Service Provider registration with the CNV, a payment service provider relationship with the central bank and UIF compliance.
The wFiat page lists SOC 1 and SOC 2 Type II certification and audits attributed to KPMG, EY and PwC. Ripio's whitepaper states that wFIAT is issued by a Ripio group affiliate.
Ripio's disclaimer says wFiat tokens are not legal tender and are not covered by deposit protection insurance, and that virtual asset service provider registration does not imply a licence or supervision by the securities regulator.
Sources: Ripio wFIAT, Ripio wFIAT whitepaper
Registration onlylicence tier of Ripio
The main risk to weigh is concentration in a single issuer and its banking counterparties. WARS is backed by peso balances in Argentine bank accounts and financial institutions, and Ripio states that wFiat tokens are not covered by deposit protection insurance. The 31 December 2025 certification names Banco de Comercio as the bank holding the collateral; the 31 March 2026 certification does not name the institutions.
Sources: Ripio wFIAT, wARS token certification, 31 December 2025, wARS token certification, 31 March 2026
WARS is an Argentine peso stablecoin issued by Ripio as part of its wFiat family. Each token is designed to hold one to one parity with the Argentine peso and is backed by pesos held in Argentine bank accounts and financial institutions. Ripio dates the first wARS mint on World Chain to 21 May 2025.
Yes. Ripio has published two dated reserve certifications described by Ripio as certified by local public accountants. The 31 December 2025 report cites 431 million wARS backed by ARS 447,361,996.56, and the 31 March 2026 report cites 973,000,960.19 wARS backed by ARS 1,036,276,284, each reconciled to on-chain issuance and burn.
WARS is an ERC-20 token deployed on Ethereum, Base, World Chain, Polygon, BNB Smart Chain, Gnosis and Celo. Ripio's 31 March 2026 attestation lists issuance and burn on Ethereum, World Chain, Base, Polygon, Gnosis and BNB Smart Chain.
5 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), Ethereum Updated
Daily close against the ARS 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