Taking the sounding

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USYCCircle USYC

$3.01Bcirculating USD market value$1.1337

USYC is a accumulating-nav token. Its unit price is designed to change, so a mechanical comparison with $1 would be analytically wrong.

What this page answers

USYC has $3.01B in source-reported circulating USD market value and is classified as a accumulating-nav token. This list value is token units multiplied by current USD price, not token count. This instrument uses a variable-price, custom-reference, or NAV-like unit. Comparing it mechanically with $1 or sending a custom reference to currency FX would create a false depeg reading.

Stablecoin peg monitor Stablecoin supply tracker What a depeg means

State: Reference stress is not applicable
Confidence: moderateMarket price, reference method, circulating USD market value, and token-unit history are source-backed. Reserve quality and holder redemption access are not verified by this feed.
Snapshot captured: 2026-08-11 05:01 UTC

Three strongest drivers

Reference methodAccumulating-NAV tokenThis instrument uses a variable-price, custom-reference, or NAV-like unit. Comparing it mechanically with $1 or sending a custom reference to currency FX would create a false depeg reading.
Circulating USD market value$3.01BThe list endpoint reports raw circulating token units multiplied by the current USD token price. This is already USD and is not token count.
Seven-day token-unit change-0.1%2.65B to 2.65B source-reported token units across 7 observed days.

Open the 30-second readChange, history, comparison, and implication

What changed

USYC source-reported token units changed -0.1% over seven days.

-2.64M token-unit net change between reconciled history endpoints. The 30-day change is -2.4%. The current list value is not spliced into this series because it is USD market value.

Is it unusual

The latest token-unit observation sits at the 86th percentile of its stored history.

This percentile describes source-reported token units, not circulating USD market value or reference-price drift. Daily token-unit change volatility is 8.70%.

How it compares

USYC ranks #8 of 414 peers by current circulating USD market value.

Peer circulating USD market value is a size comparison. It does not compare token units, reserve quality, liquidity, or redemption rights.

Why it matters

The useful questions are token-unit history, NAV method, market liquidity, and redemption terms, not distance from one dollar.

This is market and product-risk context, not financial advice.

Open the evidence trailCounterevidence, invalidation, sources, and method

What argues against this reading

The live source does not expose reserve composition, bank balances, or legal enforceability.

A token trading near its reference does not show that every holder can use the issuer's primary redemption path.

The price and circulation feed provides retrieval timing, not an exchange-by-exchange market observation timestamp.

What would change the call

The call changes only if the source-backed instrument classification changes to a fixed-price reference method.

Measured byInstrument type, valuation method, and classification version 2026-07-11.3.

Next review

Next hourly stablecoin source-health review

Exact sources

DeFiLlama Stablecoins APIhttps://stablecoins.llama.fi/stablecoins?includePrices=trueSupports: Current circulating USD market value, market price, reference type, mechanism, and chain roster.Limit: The circulation field is current USD market value, not token count. It does not verify reserves, legal claims, or universal redemption access.
DeFiLlama peggedassets-server implementationhttps://github.com/DefiLlama/peggedassets-server/blob/master/api2/cron-task/getStableCoins.tsSupports: The list response's circulating field is built as raw circulating token units multiplied by current USD price for every peg type.Limit: The implementation explains list valuation. It does not turn market value into token count, reserves, or redemption capacity.
DeFiLlama Stablecoin Supply History APIhttps://stablecoins.llama.fi/stablecoin/237Source observation: 2026-08-11 00:00 UTCSupports: Source-reported circulating token-unit history.Limit: History token units are not interchangeable with the list endpoint's current USD market value. The series does not show reserve composition or holder redemption access.
Circle USYC overviewhttps://developers.circle.com/tokenized/usyc/overviewSource observation: Reviewed 2026-07-11 UTCSupports: USYC is a tokenized fund interest with yield-bearing assets and a published token price.Limit: The classification is Bathymark's inference from the share and token-price design. The source does not prove secondary-market depth or universal eligibility.

Formula

Fixed-price reference stress = not applicable under accumulating_nav

Historical change uses only token-unit history endpoints. The list endpoint's current USD market value stays separate. The price formula is used only when the taxonomy declares a fixed reference.

Open formula note

Snapshot receipt

Snapshot captured: 2026-08-11 05:01 UTC
Ingested: 2026-08-11 05:01 UTC
Method version: stablecoin-reference-2026-07-11.2 / taxonomy-2026-07-11.3Accumulating-NAV token. Circle describes USYC as shares in a yield-bearing tokenized fund with a published token price. Bathymark treats the unit as NAV-like rather than a fixed one-dollar peg.

Missing inputs

Issuer reserve composition and bank balances
Holder-specific redemption eligibility, timing, and limits

USYC proof blocks

Stablecoin pages separate instrument type, normalized reference reading, circulating USD market value, token-unit history, mechanism context, and source limits.

Evidence claim

USYC is classified as accumulating-nav token with a USD reference.

Source: liveBasis: observed

1.1336562393413576USD

USYC is priced at $1.1337 in this open-data snapshot. Circle describes USYC as shares in a yield-bearing tokenized fund with a published token price. Bathymark treats the unit as NAV-like rather than a fixed one-dollar peg. No mechanical $1 peg direction is assigned.

Caveat: This instrument uses a variable-price, custom-reference, or NAV-like unit. Comparing it mechanically with $1 or sending a custom reference to currency FX would create a false depeg reading.

Evidence source

DeFiLlama Stablecoins APIOpen API · observed 2026-08-11T05:01:12.377Z
Circle USYC overviewIssuer claim · reviewed 2026-07-11T00:00:00.000Z

What would change this

A source-backed change to the unit-price design or instrument taxonomy would change this classification.

Next check

Read the market price with the instrument type and redemption route.

Evidence claim

Circulating USD market value is observable open data.

Source: liveBasis: observed

3005377195.9723716USD

Circle USYC has $3,005,377,196 in current circulating USD market value in the list read. DeFiLlama calculates this as raw token units multiplied by current USD price.

Caveat: Circulating USD market value is not token count and is not the same as reserve composition or cash redemption capacity. It must not receive a second reference-currency FX conversion.

Evidence source

DeFiLlama Stablecoins APIOpen API · observed 2026-08-11T05:01:12.377Z
DeFiLlama peggedassets-server implementationOpen API · observed 2026-08-11T05:01:12.377Z

What would change this

A changed DeFiLlama circulating USD market-value field or a corrected source record would change this reading.

Next check

Read circulating USD market value with token-unit history, the applicable reference or NAV method, and the redemption route before treating scale as strength.

Evidence claim

Peg mechanism is context, not proof.

Source: liveBasis: issuer claim

The source lists USYC with fiat-backed mechanism.

Caveat: A mechanism label does not prove backing quality, redemption speed, or legal claim.

Evidence source

DeFiLlama Stablecoins APIOpen API · observed 2026-08-11T05:01:12.377Z

What would change this

A source change to the mechanism field or issuer documents would change this reading.

Next check

Pair mechanism with source trail, issuer documents, and redemption access.

Stablecoin trust frame

A market price near a reference is not the same as legal redemption. This table keeps classification, market read, issuer claim, and unknowns apart.

Field	Plain meaning	Bathymark read for this coin	What it cannot prove
Circulating value	The current USD market value of circulation, calculated upstream as raw token units multiplied by current USD token price.	$3.01B of circulating USD market value is reported for USYC in the open-data list read.	Token count, reserve composition, issuer solvency, or cash available for redemption.
Instrument type	How this token's price and reference must be interpreted.	Accumulating-NAV token. Circle describes USYC as shares in a yield-bearing tokenized fund with a published token price. Bathymark treats the unit as NAV-like rather than a fixed one-dollar peg.	That the classification guarantees backing, liquidity, or redemption access.
Backing claim	What the issuer or product says backs the token.	USYC is listed with a USD reference and fiat-backed mechanism.	The current reserve portfolio or bank balances.
Redemption access	Who can turn the token back into dollars or assets.	Not visible in the DeFiLlama stablecoins endpoint.	Eligibility, minimum size, KYC, jurisdiction, queues, or timing.
Source freshness	How current the supporting source is.	Open DeFiLlama stablecoins feed, using Bathymark's current validated snapshot.	Issuer report freshness or private reserve attestations.
Off-chain dependency	What relies on banks, custodians, attestations, or legal agreements.	Reserve, redemption, banking, and custody questions stay outside this live market read.	Private custody state, side agreements, legal enforceability, or redemption experience.

Circulating USD market value

$3.01B

Price

$1.1337

Instrument

Accumulating-NAV token

Mechanism

fiat-backed

How to read USYC

Circulating USD market value

$3.01B of USYC is reported as current USD market value in the currentopen-data list read. The separate history has 365 validated token-unit observations in this view. The two units are not spliced or converted through reference-currency FX.

No fixed-price verdict

This instrument uses a variable-price, custom-reference, or NAV-like unit. Comparing it mechanically with $1 or sending a custom reference to currency FX would create a false depeg reading.

Mechanism

The source lists USYC with a USD reference and fiat-backed mechanism. The valuation method is accumulating nav.

What it cannot mean

A momentary drift does not prove a collapse. Persistence, size, redemption access, and market depth all matter.

Stablecoin data comes from DeFiLlama's open stablecoins endpoint. Bathymark reads circulating USD market value, token-unit history, and peg drift as separate fields, then states the limit instead of pretending to verify backing.

What Bathymark can and cannot verify

Observable here

Snapshot open-data circulating USD market value, token-unit history, observed open-data price where available, peg type, peg mechanism, and peg drift in basis points.

Not visible here

Current reserves, redemption eligibility, issuer banking rails, custody details, and off-chain legal claims.

Source tray

The stablecoin detail page uses one live market source, then marks the unsupported fields instead of filling them with assumptions.

Source	Supports	Does not support	Status
DeFiLlama Stablecoins API	Circulating USD market value, token-unit history, peg type, peg mechanism, price where available, chain coverage.	Reserves, bank accounts, redemption eligibility, custody, private issuer obligations.	Live open data
Issuer transparency materials	Backing claims, attestations, report dates, and redemption terms when separately reviewed.	Independent proof of every reserve asset or every holder's redemption experience.	Not connected on this page

Questions this page answers

Is USYC on its reference in this snapshot?

USYC is classified as a accumulating-nav token, so Bathymark does not apply a fixed-price peg verdict.

What circulating value is reported for USYC?

Circle USYC has $3.01B in source-reported circulating USD market value in Bathymark's current list reading. DeFiLlama calculates this as token units multiplied by current USD price, so it is not the token count.

What backs USYC?

USYC is classified as a accumulating-nav token with a USD reference and fiat-backed mechanism in the open stablecoin dataset.

What does USYC peg stress mean?

Peg stress is the distance between the market price and the promised anchor, read alongside the amount circulating. It is a stress reading, not a verdict.

Connected to USYC

The chains it circulates on, and the readings that watch its peg.

BSC depth Ethereum depth Stablecoin stress index Peg Stress Depeg Collateral All stablecoins

Taking the sounding

USYCCircle USYC

$3.01Bcirculating USD market value$1.1337

USYC is a accumulating-nav token. Its unit price is designed to change, so a mechanical comparison with $1 would be analytically wrong.

What this page answers

Stablecoin peg monitor Stablecoin supply tracker What a depeg means

State: Reference stress is not applicable
Confidence: moderateMarket price, reference method, circulating USD market value, and token-unit history are source-backed. Reserve quality and holder redemption access are not verified by this feed.
Snapshot captured: 2026-08-11 05:01 UTC

Three strongest drivers

Reference methodAccumulating-NAV tokenThis instrument uses a variable-price, custom-reference, or NAV-like unit. Comparing it mechanically with $1 or sending a custom reference to currency FX would create a false depeg reading.
Circulating USD market value$3.01BThe list endpoint reports raw circulating token units multiplied by the current USD token price. This is already USD and is not token count.
Seven-day token-unit change-0.1%2.65B to 2.65B source-reported token units across 7 observed days.

Open the 30-second readChange, history, comparison, and implication

What changed

USYC source-reported token units changed -0.1% over seven days.

-2.64M token-unit net change between reconciled history endpoints. The 30-day change is -2.4%. The current list value is not spliced into this series because it is USD market value.

Is it unusual

The latest token-unit observation sits at the 86th percentile of its stored history.

This percentile describes source-reported token units, not circulating USD market value or reference-price drift. Daily token-unit change volatility is 8.70%.

How it compares

USYC ranks #8 of 414 peers by current circulating USD market value.

Peer circulating USD market value is a size comparison. It does not compare token units, reserve quality, liquidity, or redemption rights.

Why it matters

The useful questions are token-unit history, NAV method, market liquidity, and redemption terms, not distance from one dollar.

This is market and product-risk context, not financial advice.

Open the evidence trailCounterevidence, invalidation, sources, and method

What argues against this reading

The live source does not expose reserve composition, bank balances, or legal enforceability.

A token trading near its reference does not show that every holder can use the issuer's primary redemption path.

The price and circulation feed provides retrieval timing, not an exchange-by-exchange market observation timestamp.

What would change the call

The call changes only if the source-backed instrument classification changes to a fixed-price reference method.

Measured byInstrument type, valuation method, and classification version 2026-07-11.3.

Next review

Next hourly stablecoin source-health review

Exact sources

DeFiLlama Stablecoins APIhttps://stablecoins.llama.fi/stablecoins?includePrices=trueSupports: Current circulating USD market value, market price, reference type, mechanism, and chain roster.Limit: The circulation field is current USD market value, not token count. It does not verify reserves, legal claims, or universal redemption access.
DeFiLlama peggedassets-server implementationhttps://github.com/DefiLlama/peggedassets-server/blob/master/api2/cron-task/getStableCoins.tsSupports: The list response's circulating field is built as raw circulating token units multiplied by current USD price for every peg type.Limit: The implementation explains list valuation. It does not turn market value into token count, reserves, or redemption capacity.
DeFiLlama Stablecoin Supply History APIhttps://stablecoins.llama.fi/stablecoin/237Source observation: 2026-08-11 00:00 UTCSupports: Source-reported circulating token-unit history.Limit: History token units are not interchangeable with the list endpoint's current USD market value. The series does not show reserve composition or holder redemption access.
Circle USYC overviewhttps://developers.circle.com/tokenized/usyc/overviewSource observation: Reviewed 2026-07-11 UTCSupports: USYC is a tokenized fund interest with yield-bearing assets and a published token price.Limit: The classification is Bathymark's inference from the share and token-price design. The source does not prove secondary-market depth or universal eligibility.

Formula

Fixed-price reference stress = not applicable under accumulating_nav

Historical change uses only token-unit history endpoints. The list endpoint's current USD market value stays separate. The price formula is used only when the taxonomy declares a fixed reference.

Open formula note

Snapshot receipt

Snapshot captured: 2026-08-11 05:01 UTC
Ingested: 2026-08-11 05:01 UTC
Method version: stablecoin-reference-2026-07-11.2 / taxonomy-2026-07-11.3Accumulating-NAV token. Circle describes USYC as shares in a yield-bearing tokenized fund with a published token price. Bathymark treats the unit as NAV-like rather than a fixed one-dollar peg.

Missing inputs

Issuer reserve composition and bank balances
Holder-specific redemption eligibility, timing, and limits

USYC proof blocks

Stablecoin pages separate instrument type, normalized reference reading, circulating USD market value, token-unit history, mechanism context, and source limits.

Evidence claim

USYC is classified as accumulating-nav token with a USD reference.

Source: liveBasis: observed

1.1336562393413576USD

Caveat: This instrument uses a variable-price, custom-reference, or NAV-like unit. Comparing it mechanically with $1 or sending a custom reference to currency FX would create a false depeg reading.

Evidence source

DeFiLlama Stablecoins APIOpen API · observed 2026-08-11T05:01:12.377Z
Circle USYC overviewIssuer claim · reviewed 2026-07-11T00:00:00.000Z

What would change this

A source-backed change to the unit-price design or instrument taxonomy would change this classification.

Next check

Read the market price with the instrument type and redemption route.

Evidence claim

Circulating USD market value is observable open data.

Source: liveBasis: observed

3005377195.9723716USD

Circle USYC has $3,005,377,196 in current circulating USD market value in the list read. DeFiLlama calculates this as raw token units multiplied by current USD price.

Caveat: Circulating USD market value is not token count and is not the same as reserve composition or cash redemption capacity. It must not receive a second reference-currency FX conversion.

Evidence source

DeFiLlama Stablecoins APIOpen API · observed 2026-08-11T05:01:12.377Z
DeFiLlama peggedassets-server implementationOpen API · observed 2026-08-11T05:01:12.377Z

What would change this

A changed DeFiLlama circulating USD market-value field or a corrected source record would change this reading.

Next check

Read circulating USD market value with token-unit history, the applicable reference or NAV method, and the redemption route before treating scale as strength.

Evidence claim

Peg mechanism is context, not proof.

Source: liveBasis: issuer claim

The source lists USYC with fiat-backed mechanism.

Caveat: A mechanism label does not prove backing quality, redemption speed, or legal claim.

Evidence source

DeFiLlama Stablecoins APIOpen API · observed 2026-08-11T05:01:12.377Z

What would change this

A source change to the mechanism field or issuer documents would change this reading.

Next check

Pair mechanism with source trail, issuer documents, and redemption access.

Stablecoin trust frame

A market price near a reference is not the same as legal redemption. This table keeps classification, market read, issuer claim, and unknowns apart.

Field	Plain meaning	Bathymark read for this coin	What it cannot prove
Circulating value	The current USD market value of circulation, calculated upstream as raw token units multiplied by current USD token price.	$3.01B of circulating USD market value is reported for USYC in the open-data list read.	Token count, reserve composition, issuer solvency, or cash available for redemption.
Instrument type	How this token's price and reference must be interpreted.	Accumulating-NAV token. Circle describes USYC as shares in a yield-bearing tokenized fund with a published token price. Bathymark treats the unit as NAV-like rather than a fixed one-dollar peg.	That the classification guarantees backing, liquidity, or redemption access.
Backing claim	What the issuer or product says backs the token.	USYC is listed with a USD reference and fiat-backed mechanism.	The current reserve portfolio or bank balances.
Redemption access	Who can turn the token back into dollars or assets.	Not visible in the DeFiLlama stablecoins endpoint.	Eligibility, minimum size, KYC, jurisdiction, queues, or timing.
Source freshness	How current the supporting source is.	Open DeFiLlama stablecoins feed, using Bathymark's current validated snapshot.	Issuer report freshness or private reserve attestations.
Off-chain dependency	What relies on banks, custodians, attestations, or legal agreements.	Reserve, redemption, banking, and custody questions stay outside this live market read.	Private custody state, side agreements, legal enforceability, or redemption experience.

Circulating USD market value

$3.01B

Price

$1.1337

Instrument

Accumulating-NAV token

Mechanism

fiat-backed

How to read USYC

Circulating USD market value

No fixed-price verdict

This instrument uses a variable-price, custom-reference, or NAV-like unit. Comparing it mechanically with $1 or sending a custom reference to currency FX would create a false depeg reading.

Mechanism

The source lists USYC with a USD reference and fiat-backed mechanism. The valuation method is accumulating nav.

What it cannot mean

A momentary drift does not prove a collapse. Persistence, size, redemption access, and market depth all matter.

What Bathymark can and cannot verify

Observable here

Snapshot open-data circulating USD market value, token-unit history, observed open-data price where available, peg type, peg mechanism, and peg drift in basis points.

Not visible here

Current reserves, redemption eligibility, issuer banking rails, custody details, and off-chain legal claims.

Source tray

The stablecoin detail page uses one live market source, then marks the unsupported fields instead of filling them with assumptions.

Source	Supports	Does not support	Status
DeFiLlama Stablecoins API	Circulating USD market value, token-unit history, peg type, peg mechanism, price where available, chain coverage.	Reserves, bank accounts, redemption eligibility, custody, private issuer obligations.	Live open data
Issuer transparency materials	Backing claims, attestations, report dates, and redemption terms when separately reviewed.	Independent proof of every reserve asset or every holder's redemption experience.	Not connected on this page

Questions this page answers

Is USYC on its reference in this snapshot?

USYC is classified as a accumulating-nav token, so Bathymark does not apply a fixed-price peg verdict.

What circulating value is reported for USYC?

What backs USYC?

USYC is classified as a accumulating-nav token with a USD reference and fiat-backed mechanism in the open stablecoin dataset.

What does USYC peg stress mean?

Peg stress is the distance between the market price and the promised anchor, read alongside the amount circulating. It is a stress reading, not a verdict.

Connected to USYC

The chains it circulates on, and the readings that watch its peg.

BSC depth Ethereum depth Stablecoin stress index Peg Stress Depeg Collateral All stablecoins