# Synthetic Dollars: Supply, Peg and Backing

> Synthetic dollars such as USDe, USR and USDf compared: supply by chain, on-chain peg, mints and redemptions, staked share and the backing visible on-chain.

Markdown copy of https://voltfincrypto.com/apps/synthetic-dollars-supply-peg

**Question:** How large are synthetic dollars like USDe, and are they holding their peg on-chain?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Stablecoins](https://voltfincrypto.com/topics/stablecoins)
- Chains: Multi-chain, Ethereum, Arbitrum, Base, BNB Chain, Plasma
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

A synthetic dollar holds its value through a hedged trading position rather than a bank deposit. Most hold crypto collateral such as ETH, BTC or staked ETH and open an equal short position in perpetual futures, so a fall in the collateral's price is offset by a gain on the short. Ethena's USDe, Resolv's USR and Falcon's USDf are built along these lines, each with its own mix. This dashboard compares them on supply, peg and backing.

Their risks sit in different places. The hedge depends on funding rates that can turn negative and on the exchanges and custodians that hold the positions, most of which report off-chain. So the dashboard separates what can be read on-chain (supply, mints and redemptions, pool prices and reserve or insurance balances) from what the issuers report, which is shown as cited and dated.

Several synthetic dollars lost their peg in late 2025, when Stream Finance's xUSD and Elixir's deUSD failed after losses at an outside fund manager. Those coins stay in the history with their depegs, so a reader can see what a failure looked like on-chain, from the first pool imbalance to the redemptions that followed.

## Blueprint

### Compare

Supply, peg and staked share for each synthetic dollar.

- **Synthetic dollar supply** (USD): Supply of every tracked synthetic dollar across chains at the latest day-end reads.
- **Lowest price today** (USD): The lowest on-chain price among tracked coins on the latest day, and which coin it was.
- **Staked share** (%): The share of the selected coin's supply held in its staked version.
- **Redeemed, 7 days** (USD): Redemptions of the selected coin through its issuer over the last 7 days.
- **Synthetic dollars side by side**: Each coin with supply, 30-day change, latest price, daily low, staked share, chains and type of backing.
- **Supply by coin** (USD): Supply of each synthetic dollar by day.

### Backing and history

What can be checked on-chain, and every recorded depeg.

- **Backing readable on-chain** (%): The share of the selected coin's reported backing that sits at addresses readable on-chain.
- **Reserve or insurance fund** (USD): The selected coin's reserve or insurance fund balance at its disclosed addresses.
- **Funding on the hedged assets** (%): Funding rates on the assets the selected coin hedges, by day, as context for its yield.
- **Every recorded depeg**: Each depeg with coin, start, lowest price, length and the redemptions during it, failed coins included.

Filters: Coin (All coins, or one of USDe, USR, USDf and every other tracked synthetic dollar); Period (Last 30, 90 or 365 days).

## How it will be measured

- Supply is each synthetic dollar's totalSupply() at the last block of the day on every chain it is issued on, with bridged copies matched to their locked or burned source.
- The on-chain peg is each coin's price in its deepest DEX pools against USDC and USDT, weighted by depth, with the day's lowest price kept as well as the close.
- Mints and redemptions come from each issuer's minting contract events, and the staked share is the staked token's totalAssets() over supply.
- Reserve and insurance balances are read where they sit at disclosed on-chain addresses; custodian and exchange positions are recorded from issuer attestations with their date.
- Funding rates on the hedged assets are read from on-chain perpetual venues as context for each coin's yield, never as a forecast.

## Data it needs

- `stablecoin_supply_daily` (published): Native supply of each USD and EUR stablecoin on each covered chain at the chain's last block of each day, from totalSupply() reads, with bridged copies kept apart.
- `stablecoin_pegs_daily` (to build): How far each stablecoin trades from its peg, from DEX pool prices and on-chain oracle feeds, with the deepest deviation of each day.
- `stablecoin_flows_daily` (to build): Stablecoin mints, burns, transfer volume and active addresses per stablecoin and chain per day.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- `treasury_balances_daily` (to build): Balances of DAO, protocol and multisig treasuries per asset at day end, and their inflows and outflows.
- Source: totalSupply() of USDe, USR, USDf and other synthetic dollars at day-end blocks on each chain
- Source: Curve and Uniswap pool prices against USDC and USDT
- Source: Each issuer's minting and redemption contract events
- Source: Staked token totalAssets() and convertToAssets() for sUSDe, stUSR and sUSDf
- Source: Reserve fund and insurance tranche balances at disclosed addresses
- Source: Issuer custody and hedge attestations, recorded with their date
- Source: Funding rates from on-chain perpetual venues

## Questions

### What is a synthetic dollar?

A token designed to hold one dollar of value through a hedged position rather than cash reserves. A typical design holds crypto and an equal short in perpetual futures, so the position's dollar value stays roughly fixed while it earns the funding that long traders pay.

### How is a synthetic dollar different from USDC or USDT?

USDC and USDT are backed by cash and government debt held by their issuers. A synthetic dollar is backed by crypto collateral and derivative positions, so its stability depends on the hedge, the funding rate and the venues that hold the positions.

### Can synthetic dollars lose their peg?

Yes. A coin can trade below a dollar if holders rush to redeem, if the hedge loses money or if a venue or manager holding its assets fails. Several did in late 2025, and the history page shows each depeg's depth and length from on-chain pool prices.

### What backs USDe, USR and USDf?

USDe holds crypto collateral hedged with short perpetuals plus some stablecoins. USR holds hedged ETH and BTC, with a junior pool that takes losses first. USDf is minted against stablecoins one to one and against other assets with extra collateral. The backing page shows how much of each can be checked on-chain.

### Why does the staked share matter?

Staked versions such as sUSDe, stUSR and sUSDf receive the yield, so the staked share shows how many holders are there for it. Changes in that share show how holders respond when the yield moves, which is why it sits beside supply.

## Glossary

- **Delta-neutral**: A position whose value does not move with the price of its collateral, because a short hedge offsets it.
- **Funding rate**: The periodic payment between long and short traders of perpetual futures, which keeps the perp price near spot.
- **Insurance fund**: A reserve an issuer keeps to absorb losses, such as negative funding, before holders bear them.

## Related apps

- [Ethena USDe Supply and sUSDe Yield](https://voltfincrypto.com/apps/ethena-usde-supply-susde-yield)
- [Stablecoin Peg Tracker and Depeg History](https://voltfincrypto.com/apps/stablecoin-peg-depeg-tracker)
- [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared)
- [CDP Stablecoins: GHO, crvUSD and BOLD Supply](https://voltfincrypto.com/apps/cdp-stablecoins-gho-crvusd-bold)
- [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding)
- [Stablecoin Market Cap and Total Supply](https://voltfincrypto.com/apps/stablecoin-market-cap)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F