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Stablecoin issuers

Anzen

# Anzen Circulating asset market cap Methodology

## 1. Overview

Anzen's asset market cap circulating metric represents the total USD value of Anzen USDz stablecoin tokens currently in circulation across all supported blockchain networks. For Anzen's stablecoin product, the circulating market cap is equivalent to the outstanding supply, as all issued tokens are considered to be in circulation. The metric tracks the net cumulative issuance of Anzen USDz tokens by monitoring mint and redemption events on Ethereum, Base, and Blast networks, then converting the token amounts to USD values using end-of-day price feeds.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Blockchain events**: Parsed ERC20 `Transfer` events from Anzen USDz token contracts deployed on Ethereum (`0xa469b7ee9ee773642b3e93e842e5d9b5baa10067`), Base (`0x04d5ddf5f3a8939889f11e97f8c4bb48317f1938`), and Blast (`0x52056ed29fe015f4ba2e3b079d10c0b87f46e8c6`) networks
- **Transaction data**: Blockchain transaction logs containing token transfer event data with transaction hashes, log indices, block timestamps, and transfer details
- **External data**: End-of-day USD price feeds for Anzen USDz token valuation and token metadata containing decimal precision information
- **Special addresses**: Null address (`0x0000000000000000000000000000000000000000`) and dead address (`0x000000000000000000000000000000000000dead`) used to identify mint and redemption events

## 3. Step-by-step calculation

### Component A: Anzen USDz mint event extraction
- **Purpose**: Identifies all token minting events where new Anzen USDz tokens are created and issued to users
- **Logic**: Extracts `Transfer` events from Anzen USDz token contracts across all three supported chains where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`). These events represent newly minted tokens being transferred from the zero address to user addresses. Only non-removed events are included to ensure data quality. Each mint event captures the block timestamp, transaction hash, log index, recipient address, token contract address, chain identifier, and raw token amount
- **Key fields**: `block_timestamp` for timing, `to_address` for recipient identification, `value` for raw token amount, `token_address` for contract identification, and `chain` for network specification

### Component B: Anzen USDz redemption event extraction  
- **Purpose**: Identifies all token redemption events where Anzen USDz tokens are burned or destroyed
- **Logic**: Extracts `Transfer` events from Anzen USDz token contracts where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). These events represent tokens being removed from circulation by sending them to addresses where they become permanently inaccessible. Similar to mints, only non-removed events are processed to maintain data integrity
- **Key fields**: `block_timestamp` for timing, `from_address` for sender identification, `value` for raw token amount being burned, `token_address` for contract identification, and `chain` for network specification

### Component C: Net supply change calculation
- **Purpose**: Combines mint and redemption events to calculate daily net changes in token supply
- **Logic**: Unions the mint and redemption datasets, treating redemption amounts as negative values to represent token destruction. Events are grouped by day using timestamp truncation to daily boundaries, and amounts are aggregated by chain, token contract, and date. Decimal correction is applied using token metadata to convert raw blockchain integer values to proper decimal amounts. The result shows daily net change in token supply for each chain and token contract combination
- **Key fields**: `timestamp` truncated to day level, `amount` representing net daily change (positive for net mints, negative for net redemptions), `chain`, `token_address`, and various business classification fields

### Component D: Cumulative outstanding supply calculation
- **Purpose**: Calculates the running total of tokens outstanding from genesis to each date
- **Logic**: Applies window functions to calculate cumulative sum of daily net changes, partitioned by chain and token address, and ordered by timestamp. This produces a time series showing total outstanding token supply for each day. Forward-fill logic is then applied to ensure no gaps exist in the time series, carrying forward the last known value for any missing dates
- **Key fields**: `outstanding_supply` representing cumulative tokens in circulation, maintained separately for each chain and token contract combination

### Final aggregation
- **Combining components**: The outstanding supply values from all chains and token contracts are maintained at the chain level while being prepared for final metric output. Cross-chain aggregation occurs naturally through the metric finalization process
- **Currency conversion**: Outstanding token amounts are converted to USD using end-of-day price feeds for Anzen USDz. Since Anzen USDz is a stablecoin typically pegged to USD, this conversion primarily serves to standardize the output format and apply any minor price variations
- **Time aggregation**: Daily boundaries are established using timestamp truncation, with forward-filling ensuring complete time series coverage from the first mint date through the current date
- **Final calculation**: The asset market cap circulating equals the outstanding supply in USD terms, as all issued Anzen USDz tokens are considered to be in active circulation. The metric applies standardized finalization logic including schema validation, ID verification, and chain availability filtering to produce the final daily time series values

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

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

AnzenANZ

Circulating asset market cap

Circulating asset market cap

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