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 75,961,621,872.000000 USD, as of 2026-05-29 and USDC in circulation of 75,885,403,148.000000 USDC, 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:
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 2026-07-19; the board's figure routes withhold themselves if the
served document ever differs from the reviewed one.