The dollars exchanges hold in stablecoins on Ethereum, rebuilt from every transfer of their wallets and checked against a direct read of the chain.
$58.67B the stablecoins we read on these exchanges' known Ethereum addresses on Oct-22 2026, the last day in this build, measured and published by askthetape.com.
We count stablecoins on mapped exchange addresses, including separately identified Binance-Peg collateral. On 2026-10-22 they came to $58.67B on Ethereum, sitting in 11,251 addresses we label as exchange wallets under 402 names. Binance $42.00B, OKX $9.49B, MEXC $1.91B, Bybit $1.78B. USDT is 86.4% of it and USDC 12.5%; PYUSD and FDUSD add $564M. Over the last thirty days the pile moved −$3.26B. 🩸 THIS IS NOT AN ESTIMATE, and that is the point of the page. An ERC-20 balance changes only when the token emits a Transfer event, so adding up every transfer of those addresses rebuilds the balance itself. We check that rather than assert it: the same addresses were read straight off the chain at two blocks, 2026-08-12 and 2026-09-11, and the rebuilt level and the chain's own balances differ by $10.53 on $61.19B, or 0.00000002 %. 🩸 ONE ADDRESS IS A QUARTER OF THE LINE. 0xf977814e… is Binance's peg reserve — the collateral that backs Binance-Peg tokens on BNB Chain — and it carries $16.13B, 27.5% of the whole series. It is a Binance wallet on Ethereum and belongs here by construction, but read as «cash waiting to buy» the line without it is a different number, so we draw it apart. 🩸 ETHEREUM ONLY. The Tron leg of USDT alone is $92.9B on the same day — larger than everything on this page put together. This is one chain of a pile that lives on many, and the level says so rather than hiding it. No forecast is drawn here.
| leg | our own rebuild: every ERC-20 Transfer of 11,251 exchange addresses on Ethereum, 9 stablecoins, 2025-09-13 → 2026-10-22, 405 days with 0 gaps. Address labels come from four dated pulls merged into one union of 11,285 addresses — a merged map of three public label sets (file dated 2026-07-19 15:24Z), a public adapters repository @dcfc0d20ddbe read 2026-09-12 16:19Z, the exchanges' own proof-of-reserve endpoints (Bybit, Binance, Bitstamp, HTX) read 2026-09-12 16:19Z, and a public exchange-label set @c73960e read 2026-09-11. 34 of them are dropped from the published line: a public label set groups them under «Bitfinex», but 100.0 % of its balance is the Tether Treasury (0x5754…B949) — an issuer, not an exchange wallet. We run no node for it. |
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| cadence | daily, one row per UTC day; the carrier rebuilds the closed day at 06:07Z and the showcase copies it, so between midnight and that run the last closed day is legitimately two days old — that, not a guess, is the freshness allowance of this page |
| since | 2025-09-13 — twelve months of transfers is what was scanned; earlier history is a separate scan and is not bought yet, so the line starts there rather than pretending to reach 2019 |
| 🩸 what the anchor proves | level anchored to on-chain balances of the SAME address set at two blocks: 2026-08-12 (block 25,742,366) and 2026-09-11 (block 25,957,605). That is what the check proves and all it proves — the cumulative of transfers agrees with the balance the chain itself reports for those addresses, and on the check day the two differ by $10.53 on $61.19B, or 0.00000002 %. What it does NOT prove is coverage: the address list is ours, so an exchange wallet we never labelled is missing from both sides of the check and no arithmetic here would notice. |
| 🩸 one address, a quarter of the line | 0xf977814e… (Binance-Peg reserve, collateral for Binance-Peg tokens on BNB Chain) holds $16.13B = 27.5 % of the series Its own line is drawn in the second view, 405 days of it, between $14.08B and $28.21B over the year — so what is left for everything else is $42.54B today. That line is not a derivation: it is 405 daily balance reads of that one address straight off an archive node (owner of the series, 2026-09-12 18:21–18:25Z), and the balance behind it actually moves on 159 of its 404 day-steps.. Two more known non-wallets were found in the union and handled: the Tether Treasury is excluded outright, and the BUSD token contract itself (0x4fabb1…) was taken out on 2026-09-12 — a contract is not an exchange wallet. Its stock, $244,054.72, is removed as a constant from every day while its transfers stay inside the Binance line, and the owner of the series measured what that leaves behind: $11.29 over the whole year, because that balance barely moves. sUSD left the sum the same day: its transfer-only rebuild went negative on 285 days, which is impossible for an ERC-20 and means the token moves balance outside Transfer — so «exactly» could not honestly be said about it. |
| 🩸 where it is thinner | Ethereum leg only. Tron is not covered and it is not a rounding error: the Tron leg of USDT alone is $92.9B on 2026-10-22 against $58.67B for this whole page. The line is therefore a level for ONE chain. Second: 10 of the 402 entities we label carry 96.8 % of the level on the last day; the other 392 entities are the rest. |
| 🩸 a dollar here is face value | every number on this page counts TOKENS and calls each one a dollar: 1 USDT = $1, 1 USDC = $1. There is no price oracle in this series, so a day when a stablecoin traded at $0.97 still prints at par here. That is a deliberate choice — the page answers «how many dollar-tokens sit on exchanges», not «what would they fetch» — and it is the reason the level is exactly reproducible from transfers. |
| rebuilt, not trusted | the three files rebuild deterministically from the raw daily transfer sums plus the two chain anchors plus the Binance-Peg chain history (owner of the series, 2026-09-12 19:2xZ). Two independent checks on top of the anchor: the balance read was repeated through a DIFFERENT RPC endpoint with no disagreement on the 20 addresses sampled, and the block heights behind the Binance-Peg column matched on 7 spot-checked days. The price of keeping the line alive is named too: continuing it costs 0.47–0.48 GiB of archive scanning a day (dry-run measurement), and that is why the window is twelve months and not seven years. |
| policy | no backfill · read it here · export: whole history |
| this build | data to Oct-22 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-23 2026 21:24Z.
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