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keel
Ledger
64,751,947
Methodology
1.0.8-draft
Age
6s

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
25.32 USDC (shortened; full value 25.3273317945414914146638975 USDC)Limited by manipulation cost
Depth within 5%
buy8.92 USDC (shortened; full value 8.9291892382736292610626761739 USDC)sell134.01 USDC (shortened; full value 134.016458887738900181525870032851771485783829494584 USDC)
Cost to move +50%
101.30 USDC (shortened; full value 101.30932717816596565865559 USDC)Reachable through the order book
Checks
3 triggered3 not evaluated

Collateral ceiling

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

Lower at the end of the window than at its start

Lowest
24.78 USDC (shortened; full value 24.7897952634321914146638975 USDC)
Highest
25.85 USDC (shortened; full value 25.8594488101921814146638975 USDC)
2026-09-26T16:50:56Z — 2026-10-03T16:23:37Z
Max safe collateral
25.32 USDC (shortened; full value 25.3273316854915514146638975 USDC)
169 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%ZERO_DEPTH_2PCT9 of 169

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.

25.32 USDC (shortened; full value 25.3273317945414914146638975 USDC)

Limited by manipulation cost

Liquidation term
69.77 USDC (shortened; full value 69.77692085574628941845863467632318285567008204486 USDC)

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

Manipulation termbinds
25.32 USDC (shortened; full value 25.3273317945414914146638975 USDC)

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