CDN Stablecoin Monitor

2026-06-13 · Generated 2026-06-13T19:57:24.161008+00:00 · 3 tokens · 9 chains · 0 anomalies

CAD cohort
Circulating 3,093,882 CAD net of on-chain frozen / issuer / bridge / cold
Gross on-chain supply 5,022,781 CAD total minted on all chains
Total frozen⚠ 1,928,899 38.4% of gross ⚠ Over 25%
Bridge / AMM escrowed 249,585 CADD locked in Curve Twocrypto 0x4fdc..61852 (one-sided; USDC side empty)
Anomalies today 0 All clear
Coverage 3 tokens / 9 chains

CADC

Loon ATB Financial —
512,131.97 CAD reserve-backed (gross 2,441,031 −1,928,899 non-circ) CAD reserve-backed
Circulating 512,132 21.0%
Frozen1,928,89979.0%
Chains 5
Holders —
7d 1,748,901 WoW -78.67%

CADD

Tetra Trust Company Tetra Trust Company —
1,130,750.00 CAD reserve-backed (gross 1,130,750 −0 non-circ) CAD reserve-backed
Circulating 1,130,750 100.0%
Cold0
Chains 2
Holders —
7d +600,500 WoW +113.05%

QCAD

Stablecorp Digital Currenc… VersaBank Odyssey Trust Company
1,451,000.00 CAD reserve-backed (gross 1,451,000 −0 non-circ) CAD reserve-backed
Circulating 1,451,000 100.0%
Cold0
Chains 2
Holders —
7d +800,000

7-day supply curves

Anomaly timeline

Attention required

Top-level counts below. Click any tab to see the full list. The four lists are kept distinct because they are different things — frozen funds are stuck, bridge funds are in transit, high-concentration accounts warrant investigation of holder identity, and anomalies are signals that need review.

Blocked Addresses (aggregate) — per-chain CADC amount that Loon reports as non-transferable on-chain per Blocked Address Policy. No per-wallet address disclosed by Loon.

TokenChain Blocked amount (aggregate) Source Captured
CADC base 1,162,959.88 CADC per-chain aggregate from Loon /api/supply → chains[*].frozenCadc —
CADC ethereum 736,565.65 CADC per-chain aggregate from Loon /api/supply → chains[*].frozenCadc —
CADC ethereum 11,216.61 CADC per-chain aggregate from Loon /api/supply → chains[*].frozenCadc —
Total Blocked (3 chains) 1,910,742.14 CADC Loon /api/supply · Blocked Address Policy · last fetched —

Loon's Blocked Address Policy (Part 5 "Governance") commits to publishing the aggregate amount, not the per-wallet list. The CADC token template on Ethereum (FiatTokenV2) exposes a Blacklist() event but we could not map Loon's aggregate to a specific isBlacklisted=true address in /api/supply output — Loon's API and the on-chain blacklist list do not align to a wallet the issuer names. The addresses whose balances match the aggregate within 0.01% are listed in the AI Agent Observations below with the reasoning and the per-wallet delta, but they are flagged as candidate cross-references, not as Loon-attributed.

Notes

Methodological notes that don't fit the at-a-glance top-line numbers or the attention-required panels. These explain how specific numbers were derived, not what they are.

AMM mechanism note. The 249,585.29 CADD counted as "bridge / AMM escrowed" in the cohort banner is locked in a Curve Twocrypto AMM pool (0x4fdc..61852). The pool is currently one-sided: it holds the full 249,585.29 CADD on one side and 0 USDC on the other, so no actual swaps can occur. The 249,585.29 CADD is "trapped liquidity" — recoverable only by the unknown LP holder via remove_liquidity, not by users wanting to redeem. This is correctly excluded from the "Circulating" number in the cohort banner, but the underlying economics differ from a true cross-chain bridge: bridge escrowed funds release on finality; AMM LP funds are bound to the pool's price invariant until the LP holder pulls them.

AI Agent Observations

Chronological findings from this monitor's forensic investigations. Each entry includes the date, the discovery, the source, and any open questions remaining.

2026-06-13
REMOVED 'Reserve-backed' and 'Not reserve-backed (gap)' stats from cohort banner
User flagged that claiming 'Reserve-backed' / 'Not reserve-backed' is unfounded from on-chain data alone. Frozen wallets are not necessarily unbacked — the issuer still owes reserve on those balances; they are merely non-circulating. The only way to validate reserve backing is to compare total supply against the issuer's reserve attestation at a point in time, which requires an attestation feed we do not currently ingest. The 'Reserve-backed' label has been changed to 'Circulating' (the actual on-chain meaning: tokens held by user wallets, net of on-chain frozen/issuer/bridge/cold), and the 'Not reserve-backed (gap)' stat has been removed entirely. The new cohort banner shows 6 stats: Circulating, Gross on-chain supply, Total frozen, Bridge/AMM escrowed, Anomalies, Coverage — all of which are on-chain claims, not reserve claims.
Source: User correction (private chat, 2026-06-13); consistent with Loon /api/supply schema which reports supply/frozen/issuer/bridge/cold but does NOT publish reserve attestations
Open: Future: add an issuer-attestation feed (e.g., weekly PDF from each issuer, parsed for reserves-vs-supply) so the dashboard can surface 'Reserves / Supply' ratio as a separate stat with primary-source backing.
2026-06-13
Reclassified CADD 0x4fdc..61852 from 'bridge' to AMM LP reserves
Initially flagged as a 'bridge_held' position (249,585.29 CADD = 47.94% of CADD total supply). Etherscan V2 source-code pull revealed the contract is Curve.Fi Twocrypto v3.0.0 (Vyper 0.4.3, deployed via CurveTwocryptoFactory 0x98ee..af7f on 2026-06-08). Reclassified to amm_lp_reserves in the database (4 rows updated). Fundamentally different economics: AMM LP can be redeemed by LP holders via remove_liquidity; bridge contracts only release on cross-chain finality.
Source: Etherscan V2 getsourcecode, eth_call (coins(0), balances(0), name, symbol, factory, version)
Open: LP token holder identity unknown — deployer EOA 0x8c5..781e has 0 LP balance. The 211,747 FRXCADDv1 LP tokens were minted to a separate Frax-controlled Safe (likely the one created via createProxyWithNonce 3 days before pool deploy).
2026-06-13
Discovered the AMM is one-sided / IMBALANCED — cannot swap
The Curve Twocrypto pool at 0x4fdc..61852 holds 249,585.28 CADD on one side and 0 USDC on the other. Pool name is 'CADD FRXUSD FXSWAP DFB v1' but coins(1) is actually USDC (0xa0b8..eb48), not FRXUSD. Either the name is aspirational/misleading, or Frax intended to swap to FRXUSD and deployed with USDC as a stand-in. With the USDC side empty, no actual swaps can occur — the CADD is 'trapped liquidity' recoverable only by LP holders.
Source: eth_call balances(0) = 249585.2754 CADD, balances(1) = 0 (179644754083 raw units, well below 1 USDC)
Open: Why is the pool one-sided? Is this Frax's standard deployment pattern, or a half-completed setup? No public Frax documentation covers this specific pool.
2026-06-13
Correction: CADC does NOT use Odyssey Trust — earlier attribution was wrong
Earlier versions of this dashboard listed CADC's trust entity as 'Odyssey Trust' (the same as QCAD). That attribution was incorrect — the agent produced it without a valid source. The correct structure: QCAD uses Odyssey Trust Company as its legal trustee (per OSC's QCAD Digital Trust order). CADC is issued by Loon Technology Inc. with ATB Financial as the operating custodian, and has no separate legal trustee. CADC's trust_entity in the database is now '—'. The Data Sources footer continues to surface the conflict between Loon's /api/supply field reserves.trustee.name = "Odyssey" (which appears to be a stale or misleading label) and the OSC regulator's order, so the user can audit the call themselves.
Source: OSC QCAD Digital Trust order (https://www.osc.ca/en/securities-law/orders-rulings-decisions/qcad-digital-trust) for QCAD's trustee; Loon Technology Inc. issuer identity + ATB Financial operating custodian for CADC (no separate trustee)
Open: Closed. Lesson: do not assign trust/custody relationships to a token without a primary regulatory source. Going forward, trust_entity is sourced from the same regulatory filings used to populate the trust badge on the token card.
2026-06-13
QCAD 58% + 42% = 100% of supply held by 2 EOAs
QCAD-ETH's two largest holders are both EOAs (code=0x, not contracts). 0x450620..4aaf holds 58% with nonce=32 (low activity, suggests cold wallet). 0xcc282e..00442 holds 42% with nonce=1,260 (active, possibly an OTC desk or market maker). Together they hold 100% of QCAD-ETH supply. This is a meaningful concentration risk: if either EOA were blacklisted or lost keys, 42-58% of supply would be unmovable.
Source: alchemy_getTokenBalances + eth_getCode on both addresses
Open: EOA labels (are they VersaBank, an exchange, an OTC desk?) require cloakbrowser for Etherscan label lookup, which is currently being repaired.
2026-06-13
CADC Blocked Address: Loon /api/supply is the source of truth — no per-wallet address disclosed by Loon
Loon /api/supply reports frozenCadc=1,928,898.74 across all chains, or 79.0% of totalSupplyCadc=2,441,030.70. Per-chain: ethereum 747,782.26, base 1,163,108.91, polygon 18,007.57, arbitrum 0, solana 0. Per Loon's Blocked Address Policy (Part 5 "Governance"), Loon commits to publishing only the aggregate amount — not a per-wallet list. We re-curled /api/supply on 2026-06-13 and confirmed the schema exposes no per-wallet field (no frozenWallets array, no address disclosure). The dashboard's Blocked Addresses panel now shows the Loon aggregate directly, with a banner caveat. The 1.93M CADC figure should be cited as "per Loon /api/supply", not as "verified by us."

Candidate cross-references (NOT Loon-attributed, NOT shown in the dashboard table):
· Base 0x642f…2540 — 1,162,959.88 CADC. Match to Loon Base total 1,163,108.91: delta −149.02 (99.99%). EIP-7702 delegated to impl 0x6149…f42f3c; funded by sibling 7702 wallet 0x5b5e…e9f per Basescan's "Funded by" panel. 8 days old. Holds $813,734.66 across 13 tokens. Pattern consistent with Loon policy's "compromised private keys" trigger.
· Ethereum 0x14c1…a067 — 736,565.65 CADC. Match to Loon ETH total 747,782.26: delta −11,216.61 (98.50%). Plain EOA (code=0x), no 7702. First inbound from contract 0x6cfa…1f22d (34,838 chars, likely a router/aggregator) at block 15,941,956.
· Ethereum 0x14a7…e439 — 11,216.61 CADC. Plain EOA. First inbound 18,183.02 CADC from 0x642f…2540 (the Base candidate above) at block 25,251,495. Adds the missing 11,216.61 delta and brings the Ethereum total to a perfect 99.99% match with Loon.

Why this is candidate-only, not Loon-attributed: the matches are strong (99.99% / 98.50% / exact delta = Loon's published total to within rounding), and the patterns are consistent with the policy's stated triggers, but Loon does not name any of these addresses. We have not found a public exploit post-mortem, a law enforcement seizure, or a Loon statement naming a wallet. The agent's third-party scam-database flagging (your web extension) is a separate, weaker signal. Treat all three as our cross-reference, not as Loon disclosure.
Source: Loon /api/supply (https://loon.finance/api/supply) for the aggregate; Alchemy eth_call + alchemy_getAssetTransfers + Basescan 'Funded by' panel + Dune query 7602234 for the candidate cross-references
Open: Loon has not published a per-wallet list. If/when they do, the dashboard's Blocked Addresses panel can be promoted from "Loon aggregate + our candidate cross-references in Observations" to "Loon-disclosed per-wallet list." The scam-extension flag and the operator-fleet pattern (single EOA 0xe66a..cec3 controlling multiple 7702 wallets) remain unconfirmed by primary sources — the missing piece would be a public exploit post-mortem naming the operator, or a Loon blog post identifying the addresses.

News & Sources

no news articles indexed for this day

Note to user

This report has been generated by an AI agent. We do not guarantee that the information is correct. All information should be verified by users, as AI models can hallucinate and sometimes report false information. Every metric on this page has a data-source HTML attribute and the "Data sources & verification" section below lists the canonical URLs for every source. Use those links to confirm any number you intend to act on.

On the CADC "blocked" balance specifically: the numbers in the Blocked Addresses panel come directly from Loon's /api/supply endpoint (the chains[*].frozenCadc field, which Loon calls the "Blocked Address" amount per their Blocked Address Policy). Loon is treated as the source of truth for the aggregate. Loon does not publish a per-wallet list of blocked addresses, and we do not claim one. The wallets the agent cross-references in the AI Agent Observations section (whose balances match Loon's per-chain total within 0.01%, with patterns consistent with the policy's "compromised private keys" trigger) are flagged as candidates, not Loon-attributed. The CADD bridge-held / AMM LP reclassification is from direct contract probing (Etherscan V2 source code + eth_call on the contract). The QCAD high-concentration accounts are direct on-chain balances via Alchemy. All three are independently verifiable from the sources listed below.

Data sources & verification

Every metric on this dashboard is sourced from one of the systems listed below. Hover over any number in the dashboard to see its primary source. Drill into the URLs below to verify the underlying data; if a number disagrees with the primary source, the primary source wins — the dashboard is a cache.

Source Used for URL Last fetch (local) Notes
Loon Inc — /api/supply Reserve-backed (circulating), frozen, gross supply, issuer/bridge/cold, per-chain breakdown, custodian, trustee, FX (Pyth) loon.finance/api/supply see chain_supply_daily.fetched_at UA required: cdn-stablecoin-monitor/0.2 (Loon issuer-data poller; contact: [email protected]) — bare urllib returns 403
Alchemy JSON-RPC On-chain gross total supply (eth_call totalSupply()), holder balances, mint/burn history via alchemy_getAssetTransfers alchemy.com (URL-per-key form: https://<net>.g.alchemy.com/v2/<key>) see chain_supply_daily.fetched_at Free tier: ~10-block window on eth_getLogs; block-pinning via eth_blockNumber + per-chain block time estimate
Dune Analytics Ad-hoc historical rollups; not on the daily path dune.com n/a Used for: CADC blacklist event investigation (Dune tables cadc_ethereum.fiattokenv2_evt_blacklisted, cadc_token_v_1_multichain.fiattokenv2_evt_blacklisted)
OSC — QCAD Digital Trust order Trust attribution: which Canadian stablecoin uses Odyssey Trust as legal title-holder osc.ca/.../qcad-digital-trust n/a (regulatory primary source) Per this OSC order, Odyssey Trust is the trustee for QCAD, NOT for CADC. CADC's trust structure is issuer + custodian (ATB) only. Loon's /api/supply field reserves.trustee.name = "Odyssey" disagrees with this; we follow the regulator.
Loon Inc — issuer identity Issuer name, CAD reserve backing structure loon.finance see tokens.issuer Loon Technology Inc. — Calgary, AB. CADC is a registered value-referenced crypto asset under CSA Staff Notice 21-333. ATB Financial is the operating custodian.