USDai is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chains it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | C · 47/100 · provisional, D to A |
|---|---|
| Type | Token |
| Class | Other |
| Backing | Non-backed |
| Market capitalisation | $157M |
| Price | $0.9992 |
| Circulating supply | 157,460,676 USDAI |
| Issued on | 4 chains |
Market data rebuilt every six hours; this build 10 November 2026. Live prices on the ranking.
C — 47 out of 100, provisional (from 7 of 10 criteria, 10 November 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 33 to 63 (D to A).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 1.8 | group average, 1 of 2 measured |
| Host chain | — | Issued on arbitrum-one, not a graded chain (a layer 2 or a platform without its own grade) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 6.7 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 0 | USDai is minted against deposits through Permian Labs contracts, with issuer-set mint caps (a $500M cap was reported). From Q2 2026, direct mint and redeem are restricted to whitelisted, KYC'd market makers.; no fixed maximum supply source |
| Premine (pre-issued at launch) | 10 | 0% of supply pre-issued at launch. No supply was pre-issued; every USDai is minted when collateral is deposited and burned on redemption. source |
| Fundraising | 10 | No sale, no investor allocation source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 5.7 | group average |
| Supply (21 million scores 10) | 9.1 | no fixed maximum; 157 million in circulation |
| Demand (7 measures) | 2.3 | average of 3 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 1.5 | $53,311 traded in 24 hours; #1832 by volume |
| Turnover (volume ÷ market cap, 5% a day: 10) | 0 | 0.03% of its market cap a day |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | – | no order book on the nine exchanges read |
| Market cap ($1M 0, $10B or more 10) | 5.5 | $157M, 5.5 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | – | not measured |
| Wallet support (wallets that hold it, 10 or more: 10) | – | not yet counted: no wallet in the directory lists it |
| Conduct (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
| Pre-issued at launch | 0% of supply |
|---|---|
| To team, investors and treasury | 0% of supply |
| Sold to the public or to investors | 0% of supply |
| Who can mint more | An issuer, foundation, multisig or admin key can mint more |
| Fundraising | No sale and no investor round |
No supply was pre-issued; every USDai is minted when collateral is deposited and burned on redemption.
The token was not sold to raise money. The issuer, Permian Labs, raised ~$13.4M in company equity (Aug 2025, led by Framework Ventures, with Dragonfly, Arbitrum Foundation and Flowdesk).
USDai is minted against deposits through Permian Labs contracts, with issuer-set mint caps (a $500M cap was reported). From Q2 2026, direct mint and redeem are restricted to whitelisted, KYC'd market makers.
A stablecoin, so the launch-economics fields mostly don't apply. Contract admin and upgradeability were not inspected directly. Sources describe the reserve variously as PYUSD, wM or T-bills over time.
Sources: defillama.com · diadata.org · governance.aave.com · finder.techleap.nl. Researched 2026-10-23, medium confidence.
It is issued on 4 chains, which means 4 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.