PHT, issued by APACX LTD., is a Philippine-peso-pegged stablecoin that holders mint against locked collateral through an overcollateralized vault system forking MakerDAO's Multi-Collateral Dai architecture with proprietary additions [S1][S2][S3].

PHT tracks the Philippine peso (PHP) and is generated when a minter deposits approved collateral into a vault held above a liquidation ratio [S1][S2]. In the current beta, all PHT is minted against apcxUSDT, a custodial collateral type backed 1:1 by Tether (USDT) held in a published reserve address [S4][S5][S6]. Minters accrue a continuously compounding variable Stability Fee on outstanding PHT debt, paid in PHT into protocol reserves, and a 13% liquidation penalty applies if collateralization falls below the liquidation ratio [S7][S8].

The issuing entity is APACX LTD., named as the Token Issuer in the PHT Terms and Conditions [S9][S10]. The holder's claim is the debt arising from an overcollateralized vault position, redeemable by repaying the PHT debt to release deposited collateral [S1][S3]. Buying or selling PHT for fiat requires onboarding and verification with fiat ramp partner MoneyBees, a certified VASP registered with the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC), which applies KYB and transaction monitoring [S11][S6][S12]. Risk controls include smart contract audits, a bug bounty program, overcollateralization, automatic liquidation, and emergency shutdown procedures [S13].

PHT is a fungible token deployed natively on Ethereum and Tron, with cross-chain transfers handled through LayerZero's Omnichain Fungible Token (OFT) standard [S1][S6][S14]. Minting requires creating a proxy, approving collateral spend, and confirming the transaction, with a 500 PHT minimum; redemption repays 25%, 50%, 75%, or 100% of debt to release collateral [S14]. Collateral pricing uses Chainlink oracles [S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.apacx.io/what-is-pht/pht-overview" },
    { id: "S2", url: "https://docs.apacx.io/what-is-pht/pht-overview.md" },
    { id: "S3", url: "https://docs.apacx.io/" },
    { id: "S4", url: "https://docs.apacx.io/technical-roadmap" },
    { id: "S5", url: "https://docs.apacx.io/faqs.md" },
    { id: "S6", url: "https://docs.apacx.io/transparency.md" },
    { id: "S7", url: "https://docs.apacx.io/what-is-pht/stability-and-yield.md" },
    { id: "S8", url: "https://docs.apacx.io/what-is-pht/multi-collateral-system.md" },
    { id: "S9", url: "https://docs.apacx.io/legal-compliance/terms-and-conditions.md" },
    { id: "S10", url: "https://docs.apacx.io/legal-opinion.md" },
    { id: "S11", url: "https://docs.apacx.io/what-is-pht/risk-management.md" },
    { id: "S12", url: "https://docs.apacx.io/user-guides/pht-onramp-and-offramp.md" },
    { id: "S13", url: "https://docs.apacx.io/what-is-pht/risk-management.md" },
    { id: "S14", url: "https://docs.apacx.io/user-guides/mint-redeem-and-bridge-pht" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

Stablecoins

PHT is backed by Philippine Peso reserves. Users can mint and redeem through the Apacx platform.

Apacx (formerly Phuture Finance) issues PHT, a fiat-backed stablecoin pegged to the Philippine Peso.

Apacx is a fintech company focused on emerging market stablecoins.

website

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Stablecoin issuers

Apacx

Apacx PHT (PHT) is a Philippine Peso stablecoin issued by Apacx through APACX LTD.

Holders can mint and redeem directly with Apacx in apcxUSDT.

PHT has been issued on public blockchains since February 2025 and is native to Ethereum, Tron, and Polygon.

Apacx PHTPHT