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You should not have to take Hamilton’s word for anything that can be checked. This page shows you how to check the most important things yourself on Etherscan, a free public website for reading Ethereum. You don’t need a wallet or an account.
How to read a contract on Etherscan. Open the contract’s page, press Contract, then Read as Proxy. You see a list of questions you can ask the contract, called functions. Press one to get the answer, live from the blockchain.
All addresses are on Contracts. Always check you are on the right address before you trust what you read.
1

How much USDh exists

Open the USDh token page. Max Total Supply is every USDh in existence. USDh is only created when money comes in, so supply only grows when it does.On the same page, Holders lists every wallet holding USDh, and Transfers shows every mint, redemption and transfer.
2

That nobody can quietly change the rules

Every admin change must be scheduled through the timelock contract at least 48 hours before it can run.
  • On the timelock’s Events tab, a CallScheduled line is a pending change. It shows what will change, on which contract, and when it can run.
  • Under Read Contract, getMinDelay returns 172800. That is 48 hours, in seconds.
If a change is scheduled that you don’t like, you have at least 48 hours to act before it takes effect.
3

Who holds which power

Each power on the contract is a “role”, held by one address.To check a row: on the USDh contract under Read as Proxy, read the role’s name (for example PAUSER_ROLE) to get its ID. Paste that ID and the address into hasRole. true means that address holds the power. The account that deployed the contract holds no role at all.
4

The current settings

On the USDh contract, under Read as Proxy:
  • paused: false means the system is running normally.
  • frozen: enter any address to see if it is frozen.
  • supportedStables: the stablecoins accepted for minting today.
  • mintCap and mintCapRemaining: the 24-hour limit on wire minting, and how much is left in the current window.
  • totalStableBacking: the stablecoins in the treasury wallet right now. This is only one part of the reserves.
5

What backs USDh

Reserve holdings are published by Hamilton on the Transparency page in the Hamilton app. They have not been checked by an independent firm yet. See Reserves.

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What you can’t check on the blockchain yet

Being clear about the limits is part of the point:
  • Most of the reserves are cash and Treasury bills held off the blockchain, so Etherscan can’t show them.
  • No independent reserve report or contract audit has been published yet.
Both are listed on Risks for that reason. Last updated: 10 November 2026