Every ticker on Vorepo is backed by its own USDC pool. Buys add to the pool, sells draw from it — the platform never takes the other side of your trade. This page shows live coverage at the snapshot timestamp below.
All USDC reserves live on this single Solana address. Public block explorers below show the live on-chain balance — no platform-side number can hide what's not in the wallet.
Daily snapshot at 00:15 UTC publishes a SHA-256 Merkle root of every active user's balance leaf (user_id|balance|timestamp). Each user can re-hash their own leaf locally and check it appears in this root — without seeing anyone else's balance.
The number above is the sum of every active reserve_pool.balance in our database, joined against current prices to compute "circulating value" — what every share is worth right now if held to spot.
A coverage ratio of 1.00 means every share could be redeemed at the current mark. Bonding-curve mechanics keep this property by construction (sells settle at the same curve as buys), but we publish it live so you can verify it independently.
Per-user balance Merkle proofs are live as of 2026-04-27. Every user can verify their own balance is in the published root by re-hashing SHA-256(user_id|balance|salt) and walking the tree. The full snapshot — leaves, root, salt, on-chain custody address — is served at /api/proof-of-reserves/latest.