Everything you need to read EthStable Explorer with confidence — what the three stablecoins are, how balances and USD values are worked out, and how to make sense of each page.
EthStable Explorer is a read-only window into three wrapped stablecoins that live on an Ethereum-compatible blockchain.
It lets anyone verify token movements without needing a wallet, an account, or any technical setup.
Every time one of the tokens is moved, that movement is written permanently to the blockchain. The explorer reads those records,
organises them, and presents them as pages you can search and share. Nothing here can be edited or reversed — the explorer only
reflects what already happened on-chain.
There are three kinds of page you will use most often: a token page listing every transfer for
a coin, a transaction page
showing the detail of a single movement, and an address page
showing what a particular wallet holds and has done. The rest of this guide explains each of them.
The three stablecoins
All three tokens follow the ERC-20 standard, which is the common format for tokens on Ethereum-compatible chains. Each one is a “wrapped”
representation of a real-world currency, meaning one token is intended to stand for one unit of that currency.
Because the three coins are denominated in different currencies, their raw token amounts are not directly comparable — one million W1RUR
is worth far less than one million W1USDT. To make them comparable, the explorer also shows a US-dollar value for every amount,
explained in the next section.
How USD values work
Every transfer amount and wallet balance on this site is shown twice: once in the token's own units, and once converted to US dollars.
This lets you compare activity across all three coins on a single scale.
W1USDT — a direct peg
W1USDT is pegged one-to-one to the US dollar, so no conversion is needed. A transfer of 69,860.51 W1USDT is simply $69,860.51.
The token amount and the dollar amount are always identical.
W1RMB and W1RUR — a reference rate
W1RMB and W1RUR represent the renminbi and the ruble, so their dollar value depends on an exchange rate. The explorer multiplies the token amount
by a reference rate recorded at the time each page is indexed:
Token
Reference rate
Example
U W1USDT
1 = $1.0000
10,000 → $10,000.00
R W1RMB
1 = $0.1396
10,000 → $1,396.00
R W1RUR
1 = $0.01268
10,000 → $126.80
These rates are indicative. They are reference values used to make amounts comparable, not
a live trading price or an offer to exchange. Market rates move continuously, so the dollar figure for a renminbi
or ruble transfer is an approximation of its value at indexing time.
Tip: the current reference rates are always shown in the dark bar at the very top of every page,
next to each coin's ticker.
Transfers vs mints
Token movements on this chain come in two flavours, shown as a coloured label on every list:
Transfer — tokens moving from one wallet to another. This is the everyday case and the vast majority of records.
Mint — brand-new tokens being created and issued into circulation, typically when more real-world currency
is deposited with the issuer. A mint increases the total supply of that coin.
Both types are recorded the same way and both show a “from”, a “to”, and an amount. The difference is only in where the tokens originate:
a transfer moves existing tokens, while a mint brings new ones into existence.
Reading a transaction
A transaction page
shows the full detail of a single token movement. Here is what each field means:
Transaction Hash — the unique fingerprint of the transaction. Use it to link to or look up this exact record.
Status — whether the transaction was included and executed successfully.
Block — the block that contains it, followed by the number of later blocks (confirmations) built on top of it.
Timestamp — when it happened, shown as time-ago, a UTC date, and a raw Unix value.
Tokens Transferred — the sender, the recipient, the token, and the amount in both token units and US dollars.
Value / Transaction Fee / Gas — the native-coin figures. On this network these are always zero
(see Why there are no fees).
Transaction Type, Position in Block, Nonce — technical details, revealed under “Click to see More”.
Reading a wallet address
An address page summarises
a single wallet: what it holds now and everything it has sent or received.
Balance & USD value — the wallet's current holding of the coin, in tokens and in dollars.
Token Holdings — a list of the coins the wallet holds that this explorer indexes.
IN / OUT — a small tag on each row showing direction relative to the wallet you are viewing.
IN means the wallet received tokens;
OUT means it sent them.
First / last transfer — the dates of the earliest and most recent activity indexed for the wallet.
How balances are derived. A wallet's balance is the sum of everything it has received minus
everything it has sent. Because every transfer is public, you can add up the rows yourself and arrive at
the same figure the explorer shows.
Blocks & confirmations
Transactions are grouped into blocks, and blocks are produced one after another in a fixed order. A block's number (also called its height) tells you its position in that sequence.
“Confirmations” is simply how many blocks have been produced since the one containing your transaction. A higher number means the transaction is buried deeper in history and is therefore more settled. A transaction in block 4,919,462 when the latest block is 4,921,215 has 1,753 confirmations.
Why there are no fees
On many blockchains you pay a “gas” fee to have a transaction processed. This network does not charge gas, so every transaction shows a gas price of 0 Wei and a fee of 0.
To keep the layout familiar to anyone used to other explorers, those fields are still displayed — they simply always read zero. There is no hidden cost that the explorer is leaving out.
Searching & exporting
Searching
The search box in the header accepts three kinds of input: a wallet address, a transaction hash, or a block number. Paste any of them to jump straight to the matching page.
Exporting
Token pages and address pages include a Download CSV button. The export contains the same rows shown in the table — hashes, dates, sender, recipient, and both the token and US-dollar amounts — so you can open the data in a spreadsheet for your own records or accounting.
What we don't track
This explorer is deliberately focused. It indexes the W1USDT, W1RMB and W1RUR token contracts and nothing else. That means you will not find:
NFT collections or ownership
Decentralised-exchange trades, liquidity pools or swaps
Price charts, market caps or trading analytics
Gas-fee markets or validator rewards
These are common features on general-purpose explorers, but they fall outside the scope of three fiat-backed stablecoins. Keeping the explorer narrow means every figure you see is something the underlying data genuinely supports.
Glossary
Stablecoin
A token designed to hold a steady value by tracking a real-world currency such as the dollar, renminbi or ruble.
Wrapped token
A token that stands in for another asset one-for-one. Here, each token represents one unit of its underlying currency.
ERC-20
The standard set of rules an Ethereum-compatible token follows, so that wallets and explorers can handle it consistently.
Address / wallet
A unique on-chain identifier, beginning with 0x, that can hold and move tokens.
Transaction hash
A unique code identifying one transaction, used to look it up or share it.
Block
A batch of transactions recorded together; blocks are numbered in the order they are produced.
Mint
The creation of new tokens, increasing a coin's total supply.
Peg
The fixed value a stablecoin aims to hold — for W1USDT, exactly one US dollar.
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