For $eUSD by @reserveprotocol, here is how anyone can check it's fully backed:
1) go to eUSD's page or do any redeem/mint transaction to find the smart contract handling the funds. In Reserve's system it's called Backing Manager. $eUSD's one is 0xF014FEF41cCB703975827C8569a3f0940cFD80A4.
2) Under the contract, it holds Reserve's wrapper contracts for 5,808,194 Compound USDC units, 6,346,713 USDT units and 0.000005892703144258 Aave USDC units.
3) These wrapper contracts can do the wrap/unwrap via write contract function. Or just look at the latest transaction for the prices. Then use them to multiply the number of tokens in step 2.
4) I got 6,785,505 Compound USDC, 6,785,394 Compound USDT, and 6,785,601 USDC. All these are 1 USDC/USDT.
5) Sum up, assuming all from step 4 is $1, I got $20,356,500. This backs the circulation of $eUSD of 20,324,683.
If you see something i do not see, please let me know~
2.14K
7
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.