Taking the sounding

sounding open dataReading the waterlineLive sources are loading. Nothing is filled with placeholder market data.

USDAUSDA

$84.17Mcirculating USD market value$0.9679

USDA trades 321 basis points below its $1 reference in this open-data snapshot. The gap cleared the stress threshold, which is a warning to investigate, not a verdict about backing.

What this page answers

USDA has $84.17M in source-reported circulating USD market value and is classified as a fixed usd peg. This list value is token units multiplied by current USD price, not token count. It trades at $0.9679, 321 basis points below its normalized reference.

Stablecoin peg monitor Stablecoin supply tracker What a depeg means

State: Reference stress observed
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: 2026-07-11 16:47 UTC

Three strongest drivers

Normalized reference drift-321 bps$0.9679 versus $1.0000 in USD quote terms.
Circulating USD market value$84.17MThe 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 changeWithheldThe token-unit history does not yet reconcile to the requested seven-day window.

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

What changed

A seven-day token-unit change is withheld until the history reconciles to the requested window.

6 observations currently support this view.

Is it unusual

Token-unit unusualness is not assigned yet.

At least seven daily observations across six days are required before percentile, persistence, or volatility is assigned.

How it compares

USDA ranks #55 of 410 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

Reference drift is a reason to investigate persistence, liquidity, and redemption access, not proof of insolvency.

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 stress call changes when absolute normalized drift is below 50 basis points in two consecutive validated snapshots.

Measured byAbsolute normalized reference drift in basis points, with a 50 basis-point threshold.

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/405Source observation: 2026-07-11 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.

Formula

reference drift bps = (market price USD - reference target USD) / reference target USD * 10,000

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: 2026-07-11 16:47 UTC
Ingested: 2026-07-11 16:47 UTC
Method version: stablecoin-reference-2026-07-11.2 / taxonomy-2026-07-11.3Fixed USD peg. The source lists a USD reference with a fiat-backed mechanism.

Missing inputs

Issuer reserve composition and bank balances
Holder-specific redemption eligibility, timing, and limits
Enough token-unit history for a historical percentile

USDA proof blocks

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

claim

USDA is classified as fixed usd peg with a USD reference.

Live sourceObserved

0.9678668295209222USD

USDA is priced at $0.9679, 321 basis points below its $1.00 USD reference.

Caveat: Market price distance is a stress reading. It does not prove reserve quality or redemption access.

DeFiLlama Stablecoins APIOpen API · 2026-07-11T16:47:14.172Z

claim

Circulating USD market value is observable open data.

Live sourceObserved

84172714.96271634USD

USDA has $84,172,715 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.

DeFiLlama Stablecoins APIOpen API · 2026-07-11T16:47:14.172Z
DeFiLlama peggedassets-server implementationOpen API · 2026-07-11T16:47:14.172Z

claim

Peg mechanism is context, not proof.

Live sourceClaimed

The source lists USDA with fiat-backed mechanism.

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

DeFiLlama Stablecoins APIOpen API · 2026-07-11T16:47:14.172Z

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.	$84.17M of circulating USD market value is reported for USDA 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.	Fixed USD peg. The source lists a USD reference with a fiat-backed mechanism.	That the classification guarantees backing, liquidity, or redemption access.
Reference price	Whether the token is trading near its normalized fixed reference.	USDA trades at $0.9679.	That every holder can redeem at the reference value.
Reference stress	How far the token trades from its normalized fixed reference.	321 basis points below its $1 reference.	Why the drift happened, or whether it will persist.
Backing claim	What the issuer or product says backs the token.	USDA 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.

normalized reference stress321 bps below reference

below reference$1.0000above reference

Circulating USD market value

$84.17M

Price

$0.9679

Instrument

Fixed USD peg

Mechanism

fiat-backed

How to read USDA

Circulating USD market value

$84.17M of USDA is reported as current USD market value in the currentopen-data list read. The separate history has 6 validated token-unit observations in this view. The two units are not spliced or converted through reference-currency FX.

Current reference price

USDA trades at $0.9679, 321 basis points below its normalized USD reference.

Mechanism

The source lists USDA with a USD reference and fiat-backed mechanism. The valuation method is usd reference price.

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 USDA on its reference in this snapshot?

USDA trades at $0.9679, 321 basis points below its $1 reference.

What circulating value is reported for USDA?

USDA has $84.17M 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 USDA?

USDA is classified as a fixed usd peg with a USD reference and fiat-backed mechanism in the open stablecoin dataset.

What does USDA 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 USDA

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

BSC depth Stablecoin stress index Peg Stress Depeg Collateral All stablecoins

Taking the sounding

← the cash layer

USDAUSDA

$84.17Mcirculating USD market value$0.9679

USDA trades 321 basis points below its $1 reference in this open-data snapshot. The gap cleared the stress threshold, which is a warning to investigate, not a verdict about backing.

What this page answers

Stablecoin peg monitor Stablecoin supply tracker What a depeg means

State: Reference stress observed
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: 2026-07-11 16:47 UTC

Three strongest drivers

Normalized reference drift-321 bps$0.9679 versus $1.0000 in USD quote terms.
Circulating USD market value$84.17MThe 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 changeWithheldThe token-unit history does not yet reconcile to the requested seven-day window.

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

What changed

A seven-day token-unit change is withheld until the history reconciles to the requested window.

6 observations currently support this view.

Is it unusual

Token-unit unusualness is not assigned yet.

At least seven daily observations across six days are required before percentile, persistence, or volatility is assigned.

How it compares

USDA ranks #55 of 410 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

Reference drift is a reason to investigate persistence, liquidity, and redemption access, not proof of insolvency.

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 stress call changes when absolute normalized drift is below 50 basis points in two consecutive validated snapshots.

Measured byAbsolute normalized reference drift in basis points, with a 50 basis-point threshold.

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/405Source observation: 2026-07-11 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.

Formula

reference drift bps = (market price USD - reference target USD) / reference target USD * 10,000

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: 2026-07-11 16:47 UTC
Ingested: 2026-07-11 16:47 UTC
Method version: stablecoin-reference-2026-07-11.2 / taxonomy-2026-07-11.3Fixed USD peg. The source lists a USD reference with a fiat-backed mechanism.

Missing inputs

Issuer reserve composition and bank balances
Holder-specific redemption eligibility, timing, and limits
Enough token-unit history for a historical percentile

USDA proof blocks

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

claim

USDA is classified as fixed usd peg with a USD reference.

Live sourceObserved

0.9678668295209222USD

USDA is priced at $0.9679, 321 basis points below its $1.00 USD reference.

Caveat: Market price distance is a stress reading. It does not prove reserve quality or redemption access.

DeFiLlama Stablecoins APIOpen API · 2026-07-11T16:47:14.172Z

claim

Circulating USD market value is observable open data.

Live sourceObserved

84172714.96271634USD

USDA has $84,172,715 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.

DeFiLlama Stablecoins APIOpen API · 2026-07-11T16:47:14.172Z
DeFiLlama peggedassets-server implementationOpen API · 2026-07-11T16:47:14.172Z

claim

Peg mechanism is context, not proof.

Live sourceClaimed

The source lists USDA with fiat-backed mechanism.

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

DeFiLlama Stablecoins APIOpen API · 2026-07-11T16:47:14.172Z

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.	$84.17M of circulating USD market value is reported for USDA 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.	Fixed USD peg. The source lists a USD reference with a fiat-backed mechanism.	That the classification guarantees backing, liquidity, or redemption access.
Reference price	Whether the token is trading near its normalized fixed reference.	USDA trades at $0.9679.	That every holder can redeem at the reference value.
Reference stress	How far the token trades from its normalized fixed reference.	321 basis points below its $1 reference.	Why the drift happened, or whether it will persist.
Backing claim	What the issuer or product says backs the token.	USDA 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.

normalized reference stress321 bps below reference

below reference$1.0000above reference

Circulating USD market value

$84.17M

Price

$0.9679

Instrument

Fixed USD peg

Mechanism

fiat-backed

How to read USDA

Circulating USD market value

Current reference price

USDA trades at $0.9679, 321 basis points below its normalized USD reference.

Mechanism

The source lists USDA with a USD reference and fiat-backed mechanism. The valuation method is usd reference price.

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 USDA on its reference in this snapshot?

USDA trades at $0.9679, 321 basis points below its $1 reference.

What circulating value is reported for USDA?

What backs USDA?

USDA is classified as a fixed usd peg with a USD reference and fiat-backed mechanism in the open stablecoin dataset.

What does USDA 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 USDA

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

BSC depth Stablecoin stress index Peg Stress Depeg Collateral All stablecoins