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keel
Ledger
65,295,145
Methodology
1.0.8-draft
Age
7s

USDT against USDC — what depth stands behind this price?

All assets

USDT / USDC

GCQT…TG6V

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
0 USDCLimited by manipulation cost
Depth within 5%
buy10.65 USDC (shortened; full value 10.6565220772034865047724518547 USDC)sell10.86 USDC (shortened; full value 10.860975380623220761285466168004323134140905099528 USDC)
Cost to move +50%
0 USDCReachable at no cost: nothing stands in the way
Checks
7 triggered3 not evaluated

Price

The midpoint the engine read at each scan. It says what the market quotes, not what it can absorb.

Lower at the end of the window than at its start

Lowest
0.10500005 USDC
Highest
0.11927588 USDC (shortened; full value 0.1192758826407624 USDC)
2026-10-05T03:54:27Z — 2026-10-25T22:54:23Z
Mid price
0.11061959 USDC (shortened; full value 0.1106195960282288 USDC)
500 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
Cheap next to real tradingnowMANIPULATION_RATIO_LOWthroughout
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout
Price sources disagreenowPRICE_SOURCE_CONFLICT418 of 500
Extreme spreadnowSPREAD_EXTREME418 of 500
Nothing tradable within 2%ZERO_DEPTH_2PCT82 of 500

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.

Concentration and wash trading bound how much of the depth is real.

Largest holder
84.7809 % (shortened; full value 84.78091957597723138943896674 %)
Top ten holders
94.0101 % (shortened; full value 94.0101853689944819049446977 %)
Concentration index
7,202.21 (shortened; full value 7202.2132930662964453481571848942221854903571540915643068)

Herfindahl–Hirschman, over the holder distribution

Volume excluded as not genuine
not computed

the newest trade reading is anchored more than 48h0m0s ago, so it was not used

Volume to supply, 30 day
not computed

the newest trade reading is anchored more than 48h0m0s ago, so it was not used

Last genuine trade
not computed

the newest trade reading is anchored more than 48h0m0s ago, so it was not used