Stablecoin peg, watched live on-chain

Is the dollar
still a dollar?

PegWatch reads a curated set of fiat-backed stablecoins on Solana straight from the chain and shows how tightly each one holds its peg — live price, the deviation from $1.00 in basis points, circulating supply, holder concentration and how busy the mint is. Price is live from Jupiter; supply, concentration and activity are keyless on-chain reads. Nothing here is minted, traded, custodied or signed.

Open the peg board How the peg is read

Read-only concept. Price comes live from Jupiter and deviation is computed as (price − 1) × 10,000 bps. Supply, holder concentration and mint activity are read live from a public Solana RPC (same-origin, no key); liquidity and volume from DexScreener. The tracked set is a curated sample of four stablecoins, not an exhaustive list. Not financial advice.

The peg board

Four dollars, measured in bps

A curated sample of fiat-backed stablecoins on Solana. Each needle sits at the live price; the number beneath is how far that price sits from $1.00, in basis points. A hundred basis points is one cent. Green is tight, amber is drifting, red is a notable deviation.

Reading prices, supply and on-chain activity…

Price per stablecoin comes from Jupiter's live quote; deviation = (price − 1) × 10,000 basis points. Supply is getTokenSupply, holder concentration is the top-10 token accounts over supply via getTokenLargestAccounts, and the mint-activity figure counts recent signatures on the mint account. A tight on-screen peg is not a solvency guarantee — reserves, redemption and issuer risk are off-chain and not measured here. Not financial advice.

Under one needle

Open a stablecoin

Tap a card above to pin it here: a bigger peg gauge, the full deviation history of the last read, where supply sits, how concentrated the holders are, and the most recent transactions that touched the mint account.

No stablecoin pinned yet. Pick one from the peg board above to read it in full.

The activity feed lists the most recent signatures on the mint account, newest first — not decoded as mints or burns, which needs full instruction decoding. Open any one on Solscan to see exactly what happened.

Under the hood

How the peg is read

Four real reads against public, keyless endpoints. The only interpretation — the on-peg / drift / off-peg bands — is a transparent rule stated right here, not a black box.

  1. 01

    Quote the price

    Jupiter's live price endpoint returns each stablecoin's USD price. Deviation is (price − 1) × 10,000 basis points — positive above the dollar, negative below.

    …

  2. 02

    Read the supply

    getTokenSupply returns the mint's live circulating supply and decimals, straight from the chain over the same-origin RPC — the dollars actually on Solana.

    …

  3. 03

    Weigh the holders

    getTokenLargestAccounts gives the biggest token accounts; their combined share of supply is the concentration — how few wallets hold how much.

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  4. 04

    Time the mint

    getSignaturesForAddress on the mint account shows how recently and how often it is touched — a rough cadence of mint, burn and admin activity.

    …

Straight answers

Questions

What exactly is a basis point here?

One basis point is one hundredth of one percent. For a dollar peg, 100 bps is one cent: a price of $0.9975 is −25 bps, $1.0012 is +12 bps. We compute it directly from the live price as (price − 1) × 10,000, so the number on screen is just the distance from a perfect dollar, nothing modelled.

Where does the price come from?

Jupiter's keyless price endpoint, which aggregates Solana liquidity into a single USD quote per mint. We also pull liquidity and 24-hour volume from DexScreener for context. A thin market can make a quote jumpy, so a small deviation on a low-liquidity coin means less than the same deviation on a deep one — the liquidity figure on each card is there to judge that.

Does a tight peg mean the stablecoin is safe?

No. PegWatch measures the on-chain market price and supply — not reserves, redemptions, attestations or issuer solvency, all of which live off-chain. A coin can trade at a perfect dollar right up until it doesn't. Treat the peg as one live signal among many, not a seal of safety, and never as financial advice.

What is "holder concentration"?

The combined balance of the ten largest token accounts, as a share of total supply, from getTokenLargestAccounts. For stablecoins these top accounts are usually exchange, bridge and protocol treasuries rather than individuals, so high concentration is normal — it's shown for transparency, not as a red flag by itself.

Which stablecoins are tracked, and why only four?

USDC, USDT, PYUSD and Ethena's USDe — a curated sample of fiat-referencing stablecoins that trade with real liquidity on Solana. It's deliberately small so every figure can be verified by hand; it is not an exhaustive list and not an endorsement of any of them. This is an LST-free board: no staked-SOL or yield tokens, only dollar pegs.

Can I trade or redeem anything here?

No. PegWatch is read-only. There's no order, no custody, nothing is minted, traded or redeemed, and connecting a wallet is optional, read-only and never asks you to sign. It's a lens on public data — data live, model transparent. Not financial advice.

What this is, plainly

PegWatch is a read-only concept that turns live Solana data into a clear picture of how four fiat-backed stablecoins hold their dollar. Price is live from Jupiter, supply and holder concentration and mint activity are keyless on-chain reads, and the deviation is simple arithmetic shown in the open — data live, model transparent. The tracked set is a labelled curated sample. Nothing here connects a wallet for signing, places a trade, holds funds, mints, burns or redeems a token. A peg on screen is a market price, not a solvency guarantee. Not financial advice.