{ "source_url": "https://todayindefi.github.io/backing-monitor/data/usdat_backing.json", "as_of": "2026-10-14T03:45:41Z", "chain": "ethereum", "summary": { "supply_usd": 97317230.63, "backing_total_usd": 97317230.63, "backing_ratio": 1.0, "net_buffer_usd": 0.0, "backing_basis": "raw_token_holdings", "supply_scope": "ethereum_only", "supply_scope_note": "Supply and backing are both read on Ethereum. The rated ratio is an Ethereum statement. Global supply and the chains it spans are in asset_specific.multi_chain; the BSC leg exposes no backing accessor, so its backing is UNREAD, not absent.", "global_supply_usd": null, "global_supply_note": "Ethereum bridges by LockRelease and BSC by BurnMint, so Ethereum's totalSupply already contains the bridged portion and summing chains would double-count. See asset_specific.multi_chain for the locked balance and the per-chain figures that ARE measured.", "contract_total_assets_usd": 0.0, "accounting_divergence_usd": 97317230.63, "accounting_divergence_pct_of_supply": 100.0, "backing_assets_unpriceable": [], "peg_curve_usdc": 0.999832, "peg_deviation_pct": -0.0168, "paused": false, "implementation": "0x496a4A33b6181F4536203488d9a05AC1429E702c", "admin_role_holder": "0xfD5782E3BFF366601da3973aE30C583dE4F08A67", "admin_role_holder_kind": "timelock", "admin_eoa_nonce": 39 }, "asset_specific": { "composition": { "M": { "balance": 0.0, "pct_of_supply": 0.0, "address": "0x866A2BF4E572CbcF37D5071A7a58503Bfb36be1b", "verifiable": "onchain", "par_assumed": true, "declared_by_contract": true, "allowed_by_contract": false, "contract_asset_balance": 0.0 }, "PYUSDx": { "balance": 97317230.63, "pct_of_supply": 1.0, "address": "0xeBDB0942cE16386Ab90718C7BD10C91CDb66b14d", "verifiable": "onchain", "par_assumed": true, "declared_by_contract": true, "allowed_by_contract": false, "contract_asset_balance": 0.0 }, "USDC": { "balance": 0.0, "pct_of_supply": 0.0, "address": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48", "verifiable": "onchain", "par_assumed": true, "declared_by_contract": false, "allowed_by_contract": true, "contract_asset_balance": 0.0 }, "OTHER": [ { "symbol": "AIMevBot.com", "address": "0x06B9A0cf7dAEAEC447a36BE7b90baDA4B8c96EFE", "units": 1000.0, "flagged": false }, { "symbol": "AIFreeUse.cc", "address": "0x13F52241B2B6829401f459aE7219483D25fd96e2", "units": 1000.0, "flagged": false }, { "symbol": "AIFreeUse.cc", "address": "0x4A3f71219508B3b9033D21e99bA0443d691bbE8D", "units": 1000.0, "flagged": false }, { "symbol": "yRise", "address": "0x6051C1354Ccc51b4d561e43b02735DEaE64768B8", "units": 9e-05, "flagged": false }, { "symbol": "AIFreeUse.cc", "address": "0xb1c719FB5687e221f165AE617802FB6b7317Fd37", "units": 1000.0, "flagged": false }, { "symbol": "AIFreeUse.pro", "address": "0xd26B998b876dfdc12F1Ba486Ab06F8598FE27587", "units": 1000.0, "flagged": false }, { "symbol": "FiFaAI.cc", "address": "0xdf40b862465cB3C963FEab7e235519e37D9eB347", "units": 1000.0, "flagged": false }, { "symbol": "WorldCupAI.pro", "address": "0xE03ca22ee8EaF4FD1eF97286F2aD4F671e0aa1bF", "units": 1000.0, "flagged": false }, { "symbol": "AIMevBot.cc", "address": "0xf6D59AF673D6aa277e31d6FA765C6f3Bd0A74CB5", "units": 1000.0, "flagged": false } ] }, "secondary": { "curve_usdat_usdc": { "address": "0xf4d0cf32908b2c7f1021339c43df0f77f06896d7", "tvl_usd": 6670113.81, "vol_24h_usd": 533086.967568252, "implied_price": 0.999832, "deviation_pct": -0.0168 } }, "trust_stack": { "proxy_type": "TransparentUpgradeableProxy", "implementation": "0x496a4A33b6181F4536203488d9a05AC1429E702c", "implementation_published": "0x17cAC25c6d6bbcB592837feA083A5C8EB4d1E52E", "proxy_admin_contract": "0xcf1072DA5f0D127AEf99136489BAd08bFa3D1A7D", "proxy_admin_owner": "0xfD5782E3BFF366601da3973aE30C583dE4F08A67", "proxy_admin_owner_kind": "timelock", "proxy_admin_owner_is_eoa": false, "proxy_admin_owner_is_saturn_eoa": false, "upgrade_authority_path": "proxy_admin_owner", "admin_role_holder": "0xfD5782E3BFF366601da3973aE30C583dE4F08A67", "admin_role_holder_label": "timelock", "admin_role_holder_kind": "timelock", "admin_role_held": true, "admin_role_holder_resolved": true, "admin_role_holder_unresolved": false, "admin_role_holder_probe_incomplete": false, "admin_role_multiple_holders": false, "admin_role_holders": [ { "label": "timelock", "address": "0xfD5782E3BFF366601da3973aE30C583dE4F08A67" } ], "admin_role_candidates_tested": [ "0xfD5782E3BFF366601da3973aE30C583dE4F08A67", "0x610182581C93687Ca03F4a8E7f124f8cEC616820", "0xcf1072da5f0d127aef99136489bad08bfa3d1a7d" ], "admin_role_holder_is_eoa": false, "published_eoa_still_holds_admin": false, "timelock": true, "multisig": false, "admin_controller": { "kind": "timelock", "address": "0xfD5782E3BFF366601da3973aE30C583dE4F08A67", "code_size": 5497, "min_delay_seconds": 432000, "min_delay_days": 5.0, "self_administered": true, "operator_holds_timelock_admin": false, "execution_permissionless": true, "delay_binding": true, "operator_is_proposer": true, "operator_is_canceller": true, "operator_address": "0x610182581C93687Ca03F4a8E7f124f8cEC616820", "role_membership_enumerable": false }, "timelock_min_delay_seconds": 432000, "timelock_min_delay_days": 5.0, "timelock_delay_binding": true, "timelock_sole_operator_risk": true, "audits": [ { "firm": "Three Sigma", "id": "Audit #1" }, { "firm": "Certora", "id": "Audit #2" }, { "firm": "Certora", "id": "Audit #3" } ] }, "multi_chain": { "ethereum": { "address": "0x23238f20b894f29041f48d88ee91131c395aaa71", "supply": 97317230.63, "backing_usd": 97317230.63, "backing_readable_on_chain": true }, "bsc": { "supply": 189630.998121, "implementation": "0x65458213bb2398f968ca1760b806956966b9adac", "address": "0x0bB150dFA86ea5D7742f07feFcd8e8EdA81d64EF", "bridge": "ccip_burn_mint", "backing_readable_on_chain": false, "implementation_matches_baseline": true }, "ethereum_locked_in_bridge_pool": 54289416.96, "ethereum_locked_pct_of_supply": 55.786, "global_supply": null }, "holder_concentration": { "top_holders": [ { "address": "0xa0de671eb84de9dee1d311d996d25c41f63a0d86", "balance": 54289416.96, "pct_of_supply": 55.786, "role": "CCIP LockRelease bridge pool", "is_contract": true, "unlabelled_contract": false }, { "address": "0x7a7de491e1be5287874904e2b7c8488249a4d0a9", "balance": 28807243.75, "pct_of_supply": 29.6014, "role": "Pendle SY-USDat wrapper", "is_contract": true, "unlabelled_contract": false }, { "address": "0xecf9dea79f1df6fc4c28ed47e4b86f0d7cd4b4c3", "balance": 5000017.0, "pct_of_supply": 5.1379, "role": null, "is_contract": false, "unlabelled_contract": false }, { "address": "0xf4d0cf32908b2c7f1021339c43df0f77f06896d7", "balance": 3391809.17, "pct_of_supply": 3.4853, "role": "Curve USDC/USDat pool", "is_contract": true, "unlabelled_contract": false }, { "address": "0xd166337499e176bbc38a1fbd113ab144e5bd2df7", "balance": 2768317.35, "pct_of_supply": 2.8446, "role": "sUSDat vault", "is_contract": true, "unlabelled_contract": false }, { "address": "0xb3c29aa9196785f0aa5eca6cb0bcf1e92d83a468", "balance": 706251.73, "pct_of_supply": 0.7257, "role": null, "is_contract": false, "unlabelled_contract": false }, { "address": "0x8e3dc4ba65e37f759cb170fb91b1c334718c4ba0", "balance": 699305.16, "pct_of_supply": 0.7186, "role": null, "is_contract": false, "unlabelled_contract": false }, { "address": "0x4bc9fec04f0f95e9b42a3ef18f3c96fb57923d2e", "balance": 381610.4, "pct_of_supply": 0.3921, "role": null, "is_contract": true, "unlabelled_contract": true }, { "address": "0x0c944ef7ba8f75da6ae4499c5d1754fbc8bd5133", "balance": 352585.76, "pct_of_supply": 0.3623, "role": null, "is_contract": false, "unlabelled_contract": false }, { "address": "0x3dc0aa75a6fd01c3dcf9f6fdaf08308b6489f5b5", "balance": 247347.14, "pct_of_supply": 0.2542, "role": null, "is_contract": false, "unlabelled_contract": false } ], "holder_count": 1644, "top_1_pct": 5.1379, "top_5_pct": 7.3366, "top_10_pct": 7.5908, "structural_holders_excluded": [ "0xa0de671eb84de9dee1d311d996d25c41f63a0d86", "0x7a7de491e1be5287874904e2b7c8488249a4d0a9", "0xf4d0cf32908b2c7f1021339c43df0f77f06896d7", "0xd166337499e176bbc38a1fbd113ab144e5bd2df7" ], "unlabelled_contracts": [ { "address": "0x4bc9fec04f0f95e9b42a3ef18f3c96fb57923d2e", "pct_of_supply": 0.3921 } ] } }, "liquidity": { "total_tvl": 6670113.81, "total_2pct_depth": 2000000.0, "two_pct_depth_status": "bracketed", "two_pct_depth_bracket": [ 2000000.0, 5000000.0 ], "exit_mark": { "source": "kyberswap", "sell_into": "USDC", "fair_value": 0.999832, "fair_value_basis": "market", "quotes": { "1000": { "slippage_bps": -1.69, "output_usd": 999.83, "fill_ratio": 0.99983 }, "10000": { "slippage_bps": -1.74, "output_usd": 9998.26, "fill_ratio": 0.999826 }, "100000": { "slippage_bps": -2.28, "output_usd": 99977.18, "fill_ratio": 0.999772 }, "500000": { "slippage_bps": -4.78, "output_usd": 499760.82, "fill_ratio": 0.999522 }, "1000000": { "slippage_bps": -8.43, "output_usd": 999157.42, "fill_ratio": 0.999157 }, "2000000": { "slippage_bps": -21.39, "output_usd": 1995722.83, "fill_ratio": 0.997861 }, "5000000": { "slippage_bps": -3417.68, "output_usd": 3291161.93, "fill_ratio": 0.658232 } }, "slippage_bps_basis": "ALL-IN COST against notional: (output_usd - size) / size. Includes the venue's base spread, so it is not comparable rung-for-rung with a price-impact figure measured against a venue's own spot rung." }, "pools": [ { "venue": "curve", "chain": "ethereum", "pair": "USDat/USDC", "address": "0xf4d0cf32908b2c7f1021339c43df0f77f06896d7", "depth_usd": 6670113.81, "volume_24h": 533086.967568252, "implied_price": 0.999832 } ] }, "measurement_scope": "Retained dashboard observations. Contract calls, independent bytecode/source matching and primary redemption simulations were not rerun for this editorial refresh.", "block_number": 26188131, "interpretation_notes": { "date": "2026-10-14", "totalAssets": "Alternative assets only, excluding primary PYUSDx. Zero and isAllowedAsset(PYUSDx)=false are expected for an all-PYUSDx reserve.", "accounting_divergence_fields": "Archived producer calculations compare different scopes and do not establish an accounting defect or reserve shortfall.", "implementation_published_baseline": "Archived expected address is obsolete; the current repository names the live implementation and technical reassessment verifies source/runtime matching.", "current_verification_reference": "/evidence/saturn/usdat-reassessment-2026-10-14.json" } }