Cardano Stablecoin Peg Tracker
Daily peg deviation for every Cardano stablecoin — DJED, USDM, iUSD, USDA, USDC and USDCx — read directly from on-chain liquidity pools. No exchange APIs, no oracles.
Peg by stablecoin
Implied price from each token's deepest ADA pool across Minswap and WingRiders, relative to the basket median. The USD estimate converts the on-chain ADA rate using the live ADA price (CoinGecko).
| Token | Issuer | ≈ USD | ADA per token | Relative peg | Deviation | Pool depth (ADA) |
|---|---|---|---|---|---|---|
| iUSD | Indigo | $0.987 | 5.5524 | 0.9883 | -1.17% · cheap | 421,626 |
| USDM | Moneta | $0.989 | 5.5674 | 0.9910 | -0.90% · cheap | 1,995,827 |
| USDA | Anzens | $0.998 | 5.6179 | 1.0000 | 0.00% · on peg | 1,840,951 |
| USDCx | Circle | $0.999 | 5.6238 | 1.0011 | +0.11% · rich | 498,965 |
| DJED | COTI | $1.004 | 5.6487 | 1.0055 | +0.55% · rich | 523,127 |
Deviation history
Daily deviation from the basket median, per stablecoin.
Price by DEX
Same stablecoin, different DEX: the canonical price comes from the deepest pool; smaller pools can drift until batchers close the gap. Cross-DEX divergence is a market-inefficiency signal.
| Token | DEX | ADA per token | Pool depth (ADA) | vs canonical |
|---|---|---|---|---|
| DJED | Minswap V2 | 5.6487 | 523,127 | canonical |
| WingRiders V2 | 5.6408 | 155,320 | -0.14% | |
| WingRiders V1 | 5.7142 | 28,783 | +1.16% |
Stable ↔ stable pools — all DEXes
Every live stable-to-stable pool on Cardano with ≥$25k TVL, identified on-chain by its pool NFT. In a stableswap the reserve ratio is not the price — the imbalance is the signal: a high share of the first token means it is being sold into the pool.
| Pair | DEX | Reserves | Balance | TVL |
|---|---|---|---|---|
| USDC/USDCx | Danogo CLMM | 13,559,908 USDC / 212,044 USDCx | 98.5% | $13.77M |
| USDC/DJED | Minswap Stable | 1,847,591 USDC / 18,788 DJED | 99.0% | $1.87M |
| USDC/iUSD | Minswap Stable | 1,759,072 USDC / 19,355 iUSD | 98.9% | $1.78M |
| USDM/USDCx | SundaeSwap Stable | 708,897 USDM / 112,836 USDCx | 86.3% | $0.82M |
| USDA/USDCx | Danogo CLMM | 109,501 USDA / 108,425 USDCx | 50.2% | $0.22M |
| USDM/USDA | Danogo CLMM | 113,764 USDM / 67,382 USDA | 62.8% | $0.18M |
| USDM/USDCx | Danogo CLMM | 125,849 USDM / 52,302 USDCx | 70.6% | $0.18M |
| USDM/USDCx | Danogo CLMM | 125,398 USDM / 46,287 USDCx | 73.0% | $0.17M |
| USDA/USDCx | Danogo CLMM | 88,277 USDA / 60,666 USDCx | 59.3% | $0.15M |
| DJED/USDCx | Danogo CLMM | 46,495 DJED / 29,300 USDCx | 61.3% | $0.08M |
| USDM/USDCx | — | 36,005 USDM / 24,850 USDCx | 59.2% | $0.06M |
| iUSD/DJED | WingRiders V2 Stable | 28,021 iUSD / 9,957 DJED | 73.8% | $0.04M |
Other DEX pools holding stablecoins
Stablecoins paired with non-stable tokens (and out-of-range CLMM liquidity) — inventory only, these pools don't feed the peg calculation. TVL assumes a balanced pool (2× the stable side).
| Pool | DEX | Stable side | TVL~ |
|---|---|---|---|
| NIGHT/USDCx | Minswap V2 (AMM) | 104,864 USDCx | $0.21M |
| MIN/USDM | Minswap V2 (AMM) | 87,341 USDM | $0.17M |
| ADA/USDCx | Danogo CLMM | 43,056 USDCx | $0.09M |
| NIGHT/USDCx | Danogo CLMM | 40,140 USDCx | $0.08M |
| fGLD/USDM | Minswap V2 (AMM) | 39,742 USDM | $0.08M |
| SNEK/USDCx | Minswap V2 (AMM) | 38,744 USDCx | $0.08M |
| ADA/USDC | Minswap V1 | 28,216 USDC | $0.06M |
Methodology
Prices are read on-chain from our own Cardano node (cardano-db-sync), not from exchange APIs. For each stablecoin we scan the main AMM DEXes (Minswap V1 and V2, WingRiders V1 and V2), identify each pool by its on-chain pool NFT policy, and compute the implied ADA-per-token rate from pool reserves. The canonical price comes from the deepest pool; pools under 25k ADA are excluded as stale-price risk.
Since every token in the basket targets $1, the median rate acts as the reference: each token's deviation from the median is its relative peg. A positive deviation means the token trades rich (above its peers); negative means cheap.
Stable-to-stable liquidity is covered separately: we enumerate every live pool holding two stablecoins across all DEXes (Minswap Stable, SundaeSwap Stable, WingRiders V2 Stable, Danogo CLMM, Minswap V2 AMM) and report each pool's imbalance — in a Curve-style pool the reserve ratio stays near $1 by design, so the imbalance, not the ratio, is the real signal of buy/sell pressure.
Data updates once per day. History starts 2026-06-05.