aHTZ, issued by Anchored Capital Ltd, is a tokenized stock providing economic exposure only to a single underlying U.S.-listed equity, backed 1:1 by real shares held through a licensed U.S. broker-dealer [S1][S2][S3].

The token tracks the price of Hertz Global Holdings Inc (HTZ) common stock. If the underlying issues a dividend or distribution and eligibility requirements are met, holders receive a corresponding amount passed through in USD Coin (USDC), automatically and net of taxes, fees and operational costs [S2][S4]. Holders bear a deposit fee of 0 bps, a buy or mint fee of 10 bps, and a withdrawal fee of 21 bps [S5]. Tokens confer no voting rights [S6][S7].

Anchored Capital Ltd is incorporated in the British Virgin Islands, with underlying assets ring-fenced inside Anchored Finance SPC, a Cayman Islands segregated portfolio company registered with the Cayman Islands Monetary Authority; Anchored Advisors Ltd operates as a British Virgin Islands Financial Services Commission (FSC) Approved Manager [S1][S8][S2]. Each token represents economic exposure only, not the underlying shares, with no direct legal claim [S8][S6]. Access is restricted to non-U.S. professional or qualified investors under Regulation S following KYC and KYB, excluding U.S. persons and listed jurisdictions [S9]. Assets are held bankruptcy-remote in a segregated portfolio, though holders receive no direct security interest [S8][S7]. Holders redeem onchain, burning tokens for USDC [S10].

aHTZ is an ERC-20 token with 18 decimals, deployed natively on Arbitrum, Base, Ethereum and Monad using the same contract address on every supported network [S11][S2]. Minting occurs in USDC after the relevant fill and settlement authorization; redemption burns tokens and returns USDC [S10]. Trading operates 24/5 [S12]. Reserves are attested by Accountable and refreshed roughly every 15 minutes [S3].

<Sources
  retrievedAt="2026-09-09"
  items={[
    { id: "S1", url: "https://anchored.finance/" },
    { id: "S2", url: "https://docs.anchored.finance/general/faqs" },
    { id: "S3", url: "https://docs.anchored.finance/general/trust-and-transparency.md" },
    { id: "S4", url: "https://docs.anchored.finance/getting-started/corporate-actions.md" },
    { id: "S5", url: "https://docs.anchored.finance/getting-started/fees-and-taxes.md" },
    { id: "S6", url: "https://docs.anchored.finance/getting-started/quickstart" },
    { id: "S7", url: "https://docs.anchored.finance/" },
    { id: "S8", url: "https://anchored.finance/terms" },
    { id: "S9", url: "https://docs.anchored.finance/getting-started/eligibility.md" },
    { id: "S10", url: "https://docs.anchored.finance/getting-started/investment-and-redemption.md" },
    { id: "S11", url: "https://docs.anchored.finance/getting-started/anchored-tokens.md" },
    { id: "S12", url: "https://docs.anchored.finance/getting-started/trading-hours.md" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized stocks

Shares backing the tokens are bought and custodied through a licensed U.S. broker-dealer, which Anchored does not name in its public documentation, and Accountable publishes a proof-of-reserves feed against those holdings that refreshes every 15 minutes. Distribution runs through the app.anchored.finance front end and DEX venues on the four supported chains. Anchored Capital Ltd, the issuing entity, holds no disclosed securities-issuance licence or MiCA authorization; the regulated custody and execution leg sits with the broker-dealer.

Anchored issues aStocks — ERC-20 tokens that track the price of a single underlying stock, ETF or exchange-traded product on a 1:1 basis. Each token is deployed as a BeaconProxy from a single factory contract at the same deterministic address on Ethereum, Base, Arbitrum and Monad, so one aStock is one address across all four chains. Tokens are explicitly not the underlying shares and carry no voting or dividend rights; eligible onboarded users hold a redemption right against the issuer. The catalog spans large-cap US equities, sector and thematic ETFs, leveraged and inverse ETFs, precious-metal and oil trusts, and pre-IPO names.

Anchored is a tokenization platform issuing on-chain trackers of US-listed equities and exchange-traded products, branded aStocks. The group splits four entities across the British Virgin Islands and the Cayman Islands: Anchored Capital Ltd is the token issuer and operates the Anchored dApp; Anchored Finance SPC is the fund vehicle, which the issuer describes as a CIMA registered segregated portfolio company; Anchored Advisors Ltd is a BVI FSC Approved Manager, confirmed on the regulator's public register; and Anchored Labs Ltd provides technology and services and operates the anchored.finance website. Each entity carries a different regulatory status, so the entity behind a given product is set by that product's documentation.

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Real-world asset (RWA) issuers

Anchored

Hertz Global Holdings Inc aStock (aHTZ) is a token tracking HTZ shares, backed by dedicated collateral, issued by Anchored through Anchored Capital Ltd, and distributed through Anchored Capital Ltd with Alpaca Securities LLC as broker.

The underlying security is listed in the industrials sector in North America.

Each token entitles holders to dividends, which are distributed in cash and carries no voting rights.

The collateral assets are held by Alpaca Securities LLC in segregated accounts within a bankruptcy-remote structure and Accountable as auditor.

Professional investors, accredited investors, qualified investors, and institutions worldwide can mint and redeem directly with Anchored in USDC after completing KYC.

Residents of Afghanistan, Algeria, Canada and other jurisdictions the issuer restricts cannot mint or redeem with Anchored.

Anchored Capital Ltd is incorporated in the British Virgin Islands and is offered under an SEC Regulation S exemption.

aHTZ has been issued on public blockchains since October 2026 and is native to Monad, Arbitrum One, Base, Ethereum, and Robinhood Chain.

Hertz Global Holdings Inc aStockaHTZ