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Stablecoin issuers

Anzen

# Anzen Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total circulating volume of Anzen USDz issued across supported blockchains. The metric reflects the total amount of stablecoins currently held by users, excluding assets that have been authorized but not yet issued or those held in the issuer’s treasury. Because the collateral backing Anzen USDz is typically invested in yield-bearing assets such as U.S. Treasuries, this metric serves as a key proxy for the revenue-generation capacity of the protocol.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from Anzen USDz contracts, covering Ethereum, Base, and Blast
- **External data**: Asset metadata for decimal normalization and end-of-day price feeds

## 3. Step-by-step calculation

### Component A: Anzen USDz minting activity

- **Purpose**: Identify and quantify the creation of new Anzen USDz assets.
- **Logic**: ERC-20 `Transfer` events are parsed from Anzen USDz contracts. Minting operations are identified by filtering for transactions where the sender address is the null address.
- **Key fields**: `from_address` (sender), `value` (quantity), `token_address` (asset identification)

### Component B: Anzen USDz redemption activity

- **Purpose**: Identify and quantify the removal of Anzen USDz assets from circulation.
- **Logic**: ERC-20 `Transfer` events are parsed from Anzen USDz contracts. Redemptions (burns) are identified by filtering for transactions where the recipient address is either the null address or the designated dead address.
- **Key fields**: `to_address` (recipient), `value` (quantity), `token_address` (asset identification)

### Component C: Net supply and decimal normalization

- **Purpose**: Calculate the net change in supply and adjust for token-specific precision.
- **Logic**: Minted amounts and redemption amounts (treated as negative values) are aggregated. All quantities are normalized by decimal precision using asset metadata.
- **Key fields**: `amount` (normalized quantities)

### Component D: Cumulative aggregation and USD conversion

- **Purpose**: Generate the total outstanding supply and convert the value to USD.
- **Logic**: The daily net change in supply is summed cumulatively over time to determine the total outstanding balance. These balances are multiplied by end-of-day price feeds to determine the USD-denominated value. A forward-fill mechanism is applied to ensure the most recent supply balance is carried forward for days where no minting or redemption events occur.
- **Key fields**: `outstanding_supply` (cumulative total), `price_usd` (valuation)

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

Circulating supply of stablecoins issued by the project.

AnzenANZ

Outstanding supply

Outstanding supply

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