How ReserveBeat measures stablecoin reserves: a methodology deep-dive
ReserveBeat measures stablecoin reserves from two primary sources: on-chain token supply read from Ethereum contracts through a byte-for-byte RPC quorum with storage proofs where possible, and issuer-published attestation reports captured and hash-anchored before parsing. Coverage ratios divide only figures the same document states at the same as-of date, and absence renders as absence.
Every figure on the coverage board was measured under one
reviewed methodology document, and this post walks through
how that measurement actually works — including what it refuses to do.
Nothing here is a solvency claim about any issuer: tracked tokens are
subjects of public data, and no tracked issuer is a customer of ours.
On-chain supply: proven where possible, labeled where not
Supply is snapshotted at finalized Ethereum blocks through a quorum of
independent RPC providers that must agree byte-for-byte. Each figure
carries a provenance tier. The stronger tier, STORAGE-PROVEN, means the
total-supply storage slot was read via eth_getProof[2] and the proof verified
locally against the block's state root. The board prints the tier beside
every supply figure — see the source-tier glossary
entry for the weaker QUORUM ETH-CALL tier.
If quorum legs diverge, the snapshot blocks: the divergent responses land
as evidence, an incident opens, and nothing publishes from a disputed read.
Attestation parsing: capture first, refuse on drift
Issuer reserve reports are captured and hash-anchored before parsing.
Parsing runs against pinned per-issuer templates that refuse on layout
drift: a document that does not cross-foot, or whose section anchors moved,
lands nothing beyond the captured source. Line labels are stored verbatim —
normalization never discards what the issuer actually said. Issuer reissues
and parser upgrades are both handled by
restatement: a new parse supersedes the old row,
and the old row stays independently verifiable.
Coverage ratios: the honesty core
A coverage ratio only ever divides two
figures from the same issuer attestation at the same as-of date.
Circle's May 2026 USDC report states total reserve assets of
75,961,621,872.000000USD, as of 2026-05-29 and USDC in
circulation of 75,885,403,148.000000USDC, as of 2026-05-29,
a ratio of 1.001004 at that date. On-chain measurements never enter a
ratio. USDC's stored ratios inside the public window:
Fewer than two USDC points fall in the 30-day public window, so no line is drawn.
Reports whose stated scope is a consolidated group — one redemption value
across every token an issuer issues — yield no per-token ratio unless
the document itself itemizes the token. That is why the board's USDT page
shows a consolidated figure and its
stated scope instead of a ratio.
The evidence chain behind every figure
Every artifact behind the board — quorum logs, storage proofs, captured
PDFs, parsed reports, the methodology document itself, and the
pre-publication review — lands on an append-only, tamper-evident hash
chain, Merkle-anchored to external timestamping services nightly. The
methodology served today is the artifact with SHA-256
08cbdb46beed306a430b35c4d6d5e1a03d2a1d1d29bfef65fa5105cf53820381,
uploaded 2026-07-12; the board's figure routes withhold themselves if the
served document ever differs from the reviewed one.
What to take away — and what we deliberately don't do
Get alerted when a tracked stablecoin's next attestation drops
Double opt-in: an address becomes active only after a confirmation click, every email includes a one-click unsubscribe link, and the address is used for these attestation alerts only — never shared.
Last updated: Timestamps reflect the underlying data — when a figure was captured or a report was published — never when a page was built.
Frequently asked questions
What does the STORAGE-PROVEN source tier mean?
▾
The token contract's total-supply storage slot was read with eth_getProof and the Merkle-Patricia proof was verified locally against the block's state root. The slot was pinned only after a probe found exactly one slot equal to totalSupply(), and that equality is re-verified on every snapshot.
Why does ReserveBeat never divide reserves by on-chain supply?
▾
A ratio of figures from different sources at different instants manufactures precision the underlying documents never stated. A coverage ratio here only ever divides two figures the same issuer attestation states at the same as-of date; on-chain supply serves as an independent cross-check, not a ratio input.
Can the board show a figure its review has not covered?
▾
No. Every figure route checks that a pre-publication review artifact covers the exact methodology document being served; if the served and reviewed methodology hashes differ, the routes withhold their figures rather than render anything unreviewed.