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
above 1 PEN
Chains
Holders on World Chain
WPEN is a PEN stablecoin issued by Ripio, launched on 3 Dec 2025.
WPEN is a Peruvian sol stablecoin issued by Ripio under its wFiat brand. It is designed to hold one to one parity with the Peruvian sol, and Ripio states that wFiat tokens are backed by liquid instruments denominated in the reference currency.
Ripio dates the first wPEN mint on World Chain to 3 December 2025. The WPEN contract address is the same across the EVM chains where it is deployed.
WPEN is one of the local-currency stablecoins in the wFiat family, which also covers the Argentine peso, Brazilian real, Mexican peso, Colombian peso and Chilean peso. Unlike some sibling tokens, Ripio has not published an attestation for WPEN.
Sources: Ripio wFIAT, WPEN on Etherscan
142.6K WPEN in circulation across 7 chains; World Chain carries 84.6%.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across WPEN’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
142.6K WPEN (US$41.7K)
World Chain 84.6% · other chains 15.4%
World Chain120.7K WPEN · 84.6%
Ethereum4.9K WPEN · 3.4%
Polygon4.2K WPEN · 2.9%
BSC4.2K WPEN · 2.9%
Base4.2K WPEN · 2.9%
Gnosis3.9K WPEN · 2.7%
Celo603 WPEN · 0.4%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 67.2% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
Counted on World Chain. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on World Chain less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
6,130holders on World Chain
| WPEN | |
|---|---|
| Top holder | 21.1% |
| Top 10 | 24.7% |
| Top 50 | 27.9% |
| Top 100 | 30.3% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on World Chain less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
How far WPEN trades from its PEN peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much WPEN's price swings around 1 PEN from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 PEN scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 PEN, signed.
The ranking counts every active PEN 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 PEN stablecoin, the largest deviation leaves out days when most other PEN stablecoins closed the same distance from par on the same side: that move is the exchange rate, not WPEN. A move WPEN makes alone, or a discount it holds while the others stay at par, is kept.
116 bps
Peg volatility, 90 days
typical day-to-day swing around 1 PEN
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| +137 bps (+1.37%) | 108 bps | 116 bps | +421 bps (+4.21%) |
Ripio's release log records a WPEN/USDC trading pair on Uniswap on World Chain and Base from 3 December 2025.
Sources: Ripio wFIAT
Where WPEN is supplied in DeFi lending markets and what it earns there.
Ripio positions the wFiat suite for payments, remittances and on and off ramps across Latin America, alongside yield and DeFi features. On 3 December 2025 it announced USDC pairs for wPEN and wCLP on Base and World Chain.
Ripio says its wFiat tokens can be deposited to earn yield, and the wPEN page advertises daily returns. A Dune dashboard for wPEN on Morpho was released in December 2025.
Ripio describes the wFiat suite as covering Argentina, Brazil, Colombia, Mexico, Chile and Peru.
Sources: Ripio wFIAT, Ripio, wPEN
WPEN is designed to be backed by cash and money-market assets.
Ripio states that wFiat tokens are backed one to one by reserves. On its wFiat page the flow is described as deposit local currency, mint the token one to one, hold funds in regulated liquid instruments, and burn the token to redeem. Ripio's wFIAT whitepaper states that a token holder cannot claim any funds or obligations from the issuer and has no redemption right.
The same page says wFiat tokens are not legal tender and are not covered by deposit protection insurance. The reserve counterparty is not named on the wFiat page.
Ripio has published attestations for wARS, wBRL, wCOP and wMXN, each reconciling on-chain issuance and burn with a dated bank balance, certified by local public accountants. No WPEN attestation appears on the wFiat release page, so WPEN's backing rests on the issuer's own statement.
Sources: Ripio wFIAT, Ripio, wPEN, wFIAT whitepaper, version 1.0, October 2025
World Chain0x4f34c8b3…9c9f2ebepaused()mint(address,uint256)eip1967-uups0x4f34c8b3…9c9f2ebeisBlocked(address)paused()mint(address,uint256)eip1967-uups0x4f34c8b3…9c9f2ebeisBlocked(address)paused()mint(address,uint256)eip1967-uups0x4f34c8b3…9c9f2ebepaused()mint(address,uint256)eip1967-uups0x4f34c8b3…9c9f2ebeisBlocked(address)paused()mint(address,uint256)eip1967-uups0x4f34c8b3…9c9f2ebeisBlocked(address)paused()mint(address,uint256)eip1967-uups0x4f34c8b3…9c9f2ebepaused()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 WPEN's issuer and how its reserves are reported.
Ripio states that it operates under active licences with AML compliance across 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, with audits attributed to KPMG, EY and PwC. The same page carries group entity disclaimers for Argentina, Brazil, Mexico, Chile, Colombia and the United States.
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, wPEN
Reserve attestation cadence
None identified
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
Registration onlylicence tier of Ripio
The clearest risk on WPEN is the gap between the issuer's claim and an independent check. Ripio has published attestations for wARS, wBRL, wCOP and wMXN, but not for WPEN, so WPEN's reserve rests on the issuer's own statement.
WPEN's backing depends on Ripio holding sol reserves at financial institutions, and Ripio states that wFiat tokens are not covered by deposit protection insurance. The reserve counterparty is not named.
Sources: Ripio wFIAT, Ripio, wPEN
WPEN is a Peruvian sol stablecoin issued by Ripio as part of its wFiat suite. Each token is designed to hold one to one parity with the Peruvian sol and is backed by liquid instruments denominated in that currency. Ripio dates the first wPEN mint on World Chain to 3 December 2025.
Ripio has published attestations for some wFiat tokens, including wARS, wBRL, wCOP and wMXN, described by Ripio as certified by local public accountants as of 31 March 2026. No WPEN attestation appears on Ripio's wFiat release page. WPEN's backing therefore rests on Ripio's own statement that wFiat tokens are backed one to one by reserves.
Ripio's release log records a WPEN/USDC trading pair on Uniswap on World Chain and Base from 3 December 2025. The WPEN contract address is the same across the EVM chains where it is deployed.
3 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, World Chain Updated
Daily close against the PEN 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