| Risk factor | Finding | Evidence | Date |
|---|---|---|---|
| Sellable | Yes | Transfer simulation | 25 Aug 2026 |
| Buy tax | 0% | Contract | 25 Aug 2026 |
| Sell tax | 0% | Contract | 25 Aug 2026 |
| Admin mint | Not present | Contract | 25 Aug 2026 |
| Transfers pausable | Not present | Contract | 25 Aug 2026 |
| Address blacklist | Not present | Contract | 25 Aug 2026 |
| Upgradeable proxy | Yes | Contract | 25 Aug 2026 |
| Source verified | Yes | Block explorer | 25 Aug 2026 |
| Top-10 holders | 27.6% | Holder distribution | 25 Aug 2026 |
| Holders | 8719633 | Token contract | 25 Aug 2026 |
This automated check found that USD Coin sits behind an upgradeable proxy contract, meaning the underlying logic governing the token can be replaced by whoever controls the upgrade keys. In practice, this means the rules that define how the token behaves today are not necessarily the rules that will apply tomorrow — a proxy upgrade could, in theory, introduce new functionality that does not exist in the current code. No admin mint function was detected on the date of this check, no transfer-pausing mechanism was detected, and no address blacklist function was detected, which means that, as the contract currently stands, no built-in mechanism was found that would let an owner freeze a specific wallet, mint new tokens at will, or halt transfers outright. Buy and sell tax were both read as 0%, and a transfer simulation indicated the token is sellable, so no honeypot behaviour was detected. Holder concentration shows the top 10 addresses controlling 27.6% of supply, which is a data point worth noting on its own merits, separate from the contract mechanics.
It is worth being clear about what this score does not cover. This check reads only the mechanics written into the contract and proxy: what functions exist, whether transfers simulate successfully, and how tokens are distributed across addresses on the date checked. It says nothing about who is behind the project, how the proxy's upgrade keys are held or governed, whether any multisig or timelock protects upgrades, the token's broader economic design, or any legal or regulatory standing. An upgradeable proxy is common among large, established tokens for legitimate maintenance reasons, but the same mechanism is also what would be used if control were ever misused — the contract code alone cannot tell you which is more likely here, because that depends on governance and intent, not bytecode.
Before treating this score as reassurance, it is worth looking into who controls the proxy's upgrade function and whether that control sits with a multisig, a timelock, or a single private key, since that detail shapes how much the "no admin mint" or "no blacklist" findings can be relied upon going forward. It is also worth checking the addresses behind that 27.6% top-10 concentration to see whether they are exchange wallets, treasury or reserve addresses, or unidentified individual holders, and looking at independent sources — audits, attestations, or issuer disclosures — for context this contract-only check cannot provide. None of the above should be read as investment advice or a recommendation to buy or sell.
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