⌘K

Live evidencecounted 9m ago

1.41days of PURR volume to unwind the crowd98%of the XMR book on one side, across 27 vaults$1.68Bunder one key with no guardian, 103 of the 491 vaults whose control we have read$233.2Mwhose control we have never read, across 3,350 vaults$1.96Bsitting in vaults and not lent out$11.67Bunder 3,841 vaults we read$4.69Bin 335 vaults where we saw automated execution, nothing declared2,230vaults declared or on a venue built to run software, holding $1.08M337software-run vaults scored, 13% of them457operators identified behind them26networks where we read capital, from Ethereum to Cardano32,195,106deposits and withdrawals read from chain181changes recorded in the last day1,646,509ERC-8004 agent registrations read+10.71/ 30 days1,395,381distinct owners behind those registrations204,556registrations carrying a readable card, 12%3,406,256paid requests on the Olas rail (deliveries are counted apart)−0.4/ 30 days88suppliers delivering that work413,082agent-to-agent jobs read on Base+0.54/ 30 days$1.0Msettled between agents, all time1,177suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,882escrows between Cardano agents since Jun 2025, 156 still open75%of every agent payment we read comes from 3,179 addresses that never stop351,892addresses paid once and never came back, of 605,095 that ever paid4,908of those payers are an agent we can name, 0.811% of them345agent hosts answered when we asked, of 2,607 probed17,118agents sit behind a host that answers nothing at all408msmedian answer from the 702 hosts that answer38%of all agent ratings were written by ten addresses, of 795,539 ratings read133,949rated agents have exactly one rater, of 151,959 rated at all126,722service endpoints declared across 54,429 agent cards we read1.41days of PURR volume to unwind the crowd98%of the XMR book on one side, across 27 vaults$1.68Bunder one key with no guardian, 103 of the 491 vaults whose control we have read$233.2Mwhose control we have never read, across 3,350 vaults$1.96Bsitting in vaults and not lent out$11.67Bunder 3,841 vaults we read$4.69Bin 335 vaults where we saw automated execution, nothing declared2,230vaults declared or on a venue built to run software, holding $1.08M337software-run vaults scored, 13% of them457operators identified behind them26networks where we read capital, from Ethereum to Cardano32,195,106deposits and withdrawals read from chain181changes recorded in the last day1,646,509ERC-8004 agent registrations read+10.71/ 30 days1,395,381distinct owners behind those registrations204,556registrations carrying a readable card, 12%3,406,256paid requests on the Olas rail (deliveries are counted apart)−0.4/ 30 days88suppliers delivering that work413,082agent-to-agent jobs read on Base+0.54/ 30 days$1.0Msettled between agents, all time1,177suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,882escrows between Cardano agents since Jun 2025, 156 still open75%of every agent payment we read comes from 3,179 addresses that never stop351,892addresses paid once and never came back, of 605,095 that ever paid4,908of those payers are an agent we can name, 0.811% of them345agent hosts answered when we asked, of 2,607 probed17,118agents sit behind a host that answers nothing at all408msmedian answer from the 702 hosts that answer38%of all agent ratings were written by ten addresses, of 795,539 ratings read133,949rated agents have exactly one rater, of 151,959 rated at all126,722service endpoints declared across 54,429 agent cards we read

Real-world exposure

What the capital we read is exposed to outside crypto. Held instruments, stablecoin reserves, and the part we have not classified, as separate figures, because they answer different questions.

These are never added together. A tokenised Treasury bill is a claim on a named instrument; a USDC balance is a claim on a stablecoin whose issuer says it holds bills, at a size the issuer chooses and reports on its own schedule. One headline covering both would overstate the named position roughly thirty-fold.

Whose reserve the stablecoin capital passes through

A pass-through, not a holding: the vault holds the stablecoin, the issuer holds the reserve. What the reserve is made of is the issuer’s own description, summarised; who vouches for it and how often is recorded where we know it and left blank where we do not.

Issuer	Capital	Vaults	Tokens	Reserve, as the issuer describes it	Attested by	Latest report
Circle	$5.29B	682	EURCUSDC	USDC (USD): US dollar cash at banks and short-dated US Treasuries and repo, largely via the Circle Reserve Fund · $5.28B · source EURC (EUR): euro deposits at banks, reported on its own tab and not part of USDC’s reserve · $13.01M · source	Deloitte & Touchemonthly	2026-10-22 (3 days ago)as-of date of the reserve composition, updated weekly; the monthly Deloitte assurance report is a separate, later document; we read it today
Ripple	$715.99M	4	RLUSD	US dollar deposits, short-dated US Treasuries and cash equivalents	not recordedmonthly	2026-07-31 (86 days ago)monthly attestation report (an independent CPA, per NYDFS guidance); newest report listed on the transparency page was the July 2026 attestation, recorded by hand on 2026-09-17 · recorded by hand 2026-09-17
Paxos, for PayPal	$665.90M	7	PYUSD	US dollar deposits, US Treasuries and cash equivalents	KPMG LLPmonthly	2026-07-31 (86 days ago)monthly attestation report (KPMG LLP); newest report listed on the transparency page was the July 2026 attestation, recorded by hand on 2026-09-17 · recorded by hand 2026-09-17
Tether	$515.43M	61	USDTUSDT0USDt	USDT: US Treasuries, repos and money-market funds, with gold, bitcoin and other assets · $438.32M USDT0: USDT locked on Ethereum, one for one; the reserve is Tether’s · $60.16M USDt: as USDT; a chain-specific ticker for the same token · $16.95M	BDOquarterly	2026-06-30 (117 days ago)period end of the latest BDO assurance report (ISAE 3000R), from the transparency page’s own data file; we read it today
Société Générale-FORGE	$158.23M	5	EURCV	euro cash held at the issuing bank	not recordedcadence not recorded	not readable · issuer page
Sky (formerly MakerDAO)	$47.17M	8	DAIUSDS	USDS: on-chain collateral, part of it tokenised real-world assets held through the protocol’s own vaults · $44.78M DAI: as USDS; the older ticker for the same collateral · $2.40M	not recordedcontinuous	not readable · issuer page
Ethena	$848.2k	2	USDtb	tokenised Treasury fund holdings (BlackRock BUIDL) and stablecoins	not recordedcadence not recorded	not readable · issuer page

What we read at all: the perimeter. Synthetic exposure, meaning perpetuals on equities, commodities and FX, is indexed at venue level: $71.40M across Ostium and Veranta (formerly Avantis), shown above. It is not part of the capital-held figure and none of it is attributed to an agent: these are the venues’ own open positions, not holdings we can trace to a machine-managed vault.