Parity board · USD Stablecoins
Dollar cross board
Two tokens that both claim to be a dollar should exchange at one. This board reads that claim directly from the pools where stablecoins price each other, cross by cross.
| Pair | Rate · delayed | vs par | Pools | Chains | Feed |
|---|---|---|---|---|---|
| ▸ DAI/USDC | 1.0001 | +0.01% | 19 | 7 | DAI/USD → |
| ▸ crvUSD/USDC | 0.9996 | -0.04% | 4 | 4 | crvUSD/USD → |
| ▸ crvUSD/USDT | 1.0004 | +0.04% | 3 | 3 | crvUSD/USD → |
| ▸ GHO/USDC | 0.9991 | -0.09% | 8 | 3 | GHO/USD → |
| ▸ PYUSD/USDC | 1.0005 | +0.05% | 8 | 3 | PYUSD/USD → |
| ▸ USDe/USDT | 1.0003 | +0.03% | 12 | 6 | USDe/USD → |
| ▸ USDf/USDT | 0.9974 | -0.26% | 3 | 2 | USDf/USD → |
What a cross reads that a dollar quote can miss
Most published stablecoin prices are compositions: several markets folded into one dollar figure. Useful, but composition smooths. A cross is a single relationship with nothing folded in. When DAI trades against USDC in a pool, the rate that comes out is the market's direct answer to one question: do these two dollars still trust each other? That directness is why the crosses on this board move first when something is wrong and sit still when nothing is.
Different by design
Two crosses on our feed are not built to sit at one. They belong on the board with their design stated, not forced into a par frame.
| Pair | Type | Rate · delayed | Pools | Chains | Feed |
|---|---|---|---|---|---|
| ▸ sUSDe/USDT Yield-bearing dollar: the cross climbs by design | Accruing | 1.2448 | 5 | 3 | sUSDe/USD → |
| ▸ EURC/USDC Tracks the euro, so the cross moves with it | Euro cross | 1.1686 | 11 | 4 | EURC/USD → |
Depegs leave a record in the crosses
The history of stablecoin failures is written in the crosses. In March 2023 USDC traded near ninety cents over a weekend while questions about reserves at a failed bank worked themselves out, then recovered as redemptions resumed. Earlier collapses went the other way and never came back. The order of events is not fixed: stress can start in the pools, or on an order book while the pools stay close to par. A cross records either case as it happens.
Most days this board is the least dramatic page on the site: a column of numbers a few hundredths from one. That quiet is the measurement working. A peg monitor earns its keep on the one day the column stops being boring.
Dollar cross FAQ
What is a stablecoin depeg?
A depeg is a stablecoin trading meaningfully away from its target value on real markets, below it as a discount or above it as a premium. The crosses on this board are where that shows: two dollars priced against each other should read close to one.
What does a cross below par mean?
The base token is fetching less than the quote token in the pools where they trade directly. A small persistent discount usually reflects yield or redemption friction. A widening discount means holders are paying to exit faster than redemption absorbs.
Why measure stablecoins against each other instead of the dollar?
A dollar quote for a stablecoin is usually assembled from several markets, which can smooth over early stress. A cross is read straight from pools where the two tokens price each other. Nothing is assembled, so there is less room for a wobble to hide.