Dollars printed and shredded on the chains we decode ourselves. USDT shows Tether's treasury; USDC shows every mint and burn on Ethereum.
$1.00B USDT treasury, net on Aug-21 2026, the last event in this build, checked through Oct-25 2026, measured and published by askthetape.com.
Stablecoins are printed and shredded on-chain, and the events are public. USDT: Tether's treasury-level mints and burns on Tron since 2019 and Ethereum since 2024. USDC: every mint and burn on Ethereum since we started listening on Jul-17 2026. Two different lenses, so they are two separate series.
| leg | own event decode — we run no node for it: Tether Issue/Redeem (Tron 2019-04-18 →, Ethereum 2024-08-13 →) · USDC Mint/Burn on Ethereum 2026-07-17 → |
|---|---|
| cadence | daily net in USD |
| since | 2019-04-18 (USDT treasury) · 2026-07-17 (USDC) |
| policy | the two legs are different instruments and are never added: USDT is TREASURY-level and event-driven — 390 prints in seven years, the last on 2026-08-21, so a silent stretch is silence and not a gap in the capture; USDC is every mint and burn on Ethereum since we started listening. · export: whole history |
| hourly window | prod stable_mint_burn, our own chain decode by the hour of the confirming block (event stream) · since 2025-09-22 15:00Z by data, 2,454 hours with data inside a 9,570-hour span → 2026-10-26 08:00Z (the newest 400 days of an hourly record that starts 2019-04-18; the Tape and Desk windows draw these 400 days) · USDC by the hour since 2026-07-17 08:00Z: 2,425 hours with data inside a 2,425-hour span · captured 2026-10-26T08:22:47Z |
| 🩸 why there is no 3-month window on the USDC view · [22.09 VIEWS1] | a window pill is offered only where it is SHORTER than the series behind it, so that the frame it draws is not mostly empty. The USDT treasury line runs from 2019-04-18 and carries 1M, 3M, 1Y, 3Y and ALL. The USDC line started on 2026-07-17 and is 102 days old on this build, so 92 days is longer than the line itself: the 3M pill is not drawn and ?w=3M on that view answers NO SUCH WINDOW rather than a frame with nothing in it. On present arithmetic the USDC view earns its 3M pill on 2026-10-21. Until then the whole line IS the ALL window. |
| this build | data to Aug-21 2026 |
| policy | no backfill · read it here · export: whole history |
The chart itself is drawn in the browser: turn JavaScript on to hover a day, pick a window and draw your line. The numbers above come from the last build, Oct-26 2026 08:25Z.
What the tape says today · what's new · all 111 metrics