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HCR mint & burn mechanics · as of 2026-04-15

No supply curve. No pre-mine. No emissions schedule.

HCR supply is a flat function of axis-lift events on the network. There is no scheduled emission. There is no halving. There is no founder allocation. If clinical reality produces fewer axis-lift events in a quarter, fewer HCR are minted that quarter.

14,820,113
HCR in circulation
block 3,448,902
+2.84%
Quarter-on-quarter mint
Q1 2026 vs Q4 2025
0.42%
All-time burn rate
62,144 HCR retired
$0.00
Founder allocation
covenant article II

Issuance curve

Eight quarters of organic supply.

Each bar is a quarter; height is HCR minted; color is the dominant axis. Notice Q4 2024 — the dip after we tightened the noise threshold on Endurance. Real change in the rule, real change in the curve.

Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 2.4M 1.2M 0 ↓ ER threshold tightened

Distribution today

Who actually holds the supply.

ClassWallets% of supplyHCR heldCustody
Patients418,22173.0%10,818,683Non-custodial
Clinicians (documentation)14,80819.0%2,815,821Non-custodial
Coverdell Reserve (opt-in custody)16.0%889,206Institutional
Trust Council operating fund12.0%296,402Multisig 9/13
Conceptual Healthcare Corporation00.0%0Blocklisted

Mint pipeline.

The mint pipeline is deterministic. An encounter enters the pipeline only after both wallet signatures are present. The pipeline runs once per block (~12 seconds) and is publicly inspectable.

# Mint pseudocode — covenant Article III
function mint_request(encounter) {
  require(patient_signed(encounter));
  require(clinician_signed(encounter));
  require(license_valid_at(clinician, encounter.signed_at));
  instr = capture_instruments(encounter);
  require(len(instr) >= 1);
  axis = axis_math(encounter, instr, baseline=30);
  require(axis.lift >= threshold[axis.id]);
  return mint(patient_wallet, axis.lift);
}

Axis thresholds.

Each of the eight axes has its own minimum-detectable-change threshold, set by the Council's audit committee on advice from the academic seats and reviewed annually.

AxisCodeInstrument familyThresholdMints / 1k events
Physiological OptimizationPOHRV, BP, A1c, lipids+0.4σ trailing312
Nutritional MasteryNMFFQ, bloodwork, body comp+0.5σ204
Endurance & RecoveryERVO₂, FEV1, sleep+0.6σ188
Strength & CompositionSC1RM, DXA, grip+0.5σ221
Resilience & StressRSPSS, cortisol, HRV-night+0.4σ256
Emotional & SocialESPHQ, GAD, social-PRO+0.5σ198
Therapeutic AdherenceTAMPR, refill, biomarkers+0.3σ344
Preventive VigilancePVUSPSTF cadence, screens+0.4σ209

Burn classes.

Of the 62,144 HCR ever burned, distribution by reason:

  • Documentation reversal — clinician later corrected coding decision. 71% of all burns. The largest category by far.
  • Billing claw-back — payer audited and reversed the underlying claim. 18%.
  • Credential revocation — clinician was valid at signing, later suspended; events post-suspension are unwound. 8%.
  • Fraud finding — Council audit committee found intentional misuse. 3%. Forty-two findings all-time.

Coverdell reserve.

The Coverdell Reserve is an opt-in custody pool, not a peg-keeper. Patients who don't want to manage their own keys can elect to have their HCR held by the Coverdell Health Trust at our institutional custodian. The reserve is capped at 15% of supply by Article V; today it sits at 6%. It is attested quarterly by an external SOC-1 firm; see attestations.

Network fees.

Mint and burn transactions cost gas, denominated in HCC. Patient-side mints are gas-subsidised by the network — patients never pay to receive HCR. Clinicians pay nominal gas (currently 0.0042 HCC per documentation event) which is reimbursed quarterly by the Council operating fund as long as documentation accuracy stays above 98%.

Verify

Don't take our word.

Every number on this page is a chain query you can run yourself.