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keel
Ledger
65,276,596
Methodology
1.0.8-draft
Age
4s

EURC against USDC — what depth stands behind this price?

All assets

EURC / USDC

GAQR…Z7NM

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
7.26 USDC (shortened; full value 7.262714301939783296895463490484409427409291044372 USDC)Limited by liquidation depth
Depth within 5%
buy0.95 USDC (shortened; full value 0.9518017047844122693181410775 USDC)sell9.19 USDC (shortened; full value 9.19277844801831876365210820488257171697634451152 USDC)
Cost to move +50%
172.40 USDC (shortened; full value 172.40617655663263985464146 USDC)Reachable through the order book
Checks
4 triggered3 not evaluated

History

Window
Resolution
Source

Collateral ceiling

The most this asset could back at each reading: the lower of the liquidation and manipulation limits.

Higher at the end of the window than at its start

Lowest
24.90 USDC (shortened; full value 24.9075824460471445517894175 USDC)
Highest
38.77 USDC (shortened; full value 38.7762483019623326535271696285293378857896120063 USDC)
2026-10-04T01:53:37Z — 2026-10-24T21:08:38Z
Max safe collateral
34.47 USDC (shortened; full value 34.47518420826544823320741135382442507580227657005 USDC)
501 readings from horizon, with no gaps reported. One source per chart.

Checks

What fires now, how long it has been firing across the window above, and what could not run.
Cheap to move the pricenowMANIPULATION_CHEAPthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout
Nothing tradable within 2%nowZERO_DEPTH_2PCT141 of 501

Not evaluated3

  • No genuine trade in 30 days
  • No genuine trade in 7 days
  • Volume may be wash traded

Evidence

The figures behind the verdict, as the engine served them.

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.

7.26 USDC (shortened; full value 7.262714301939783296895463490484409427409291044372 USDC)

Limited by liquidation depth

Liquidation termbinds
7.26 USDC (shortened; full value 7.262714301939783296895463490484409427409291044372 USDC)

Sell-side depth at the liquidation delta, times the haircut.

Manipulation term
43.10 USDC (shortened; full value 43.101544139158159963660365 USDC)

Order-book-only manipulation cost at the critical delta, times the safety margin.