Validators process transactions and receive fees from users (supply-side fees).

Aptos is a smart contract platform for decentralized applications (a blockchain). Aptos was founded by Mo Shaikh and Avery Ching and launched in 2022.

APT token holders own and govern the protocol. They currently don’t take a cut of the total transaction fees paid by users (revenue). Aptos’ investors include Binance Labs, Jump Crypto, Apollo, etc.

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# Aptos USDC outstanding supply Methodology

## 1. Overview

USDC outstanding supply on Aptos measures the total amount of USDC tokens that have been minted and are currently in circulation on the Aptos blockchain. This metric tracks the net supply by monitoring Circle's official treasury minting and burning activities. The calculation aggregates daily supply changes from Circle's treasury events and maintains a cumulative running total, providing insight into USDC adoption and usage on Aptos.

## 2. Data sources

- **Circle treasury events**: Parsed `Mint` and `Burn` events from Circle's treasury smart contracts on the Aptos blockchain
- **Token metadata**: USDC token contract information including the specific token address and decimal precision
- **End-of-day price feeds**: USD price data for currency conversion and standardization
- **Blockchain timestamps**: Aptos block timestamps for daily aggregation and time series construction

## 3. Step-by-step calculation

### Component A: Treasury event processing
- **Purpose**: Extract and standardize Circle's official USDC minting and burning activities
- **Logic**: The system identifies treasury `Mint` events from Circle's contracts and treats them as positive supply changes, while `Burn` events are treated as negative supply changes (burns reduce outstanding supply). All events are filtered to the specific USDC token address on Aptos. The `amount` values are converted to appropriate numeric format for calculation
- **Key fields**: `block_timestamp` for timing, `amount` for quantity changes, `token_address` for USDC identification

### Component B: Daily supply aggregation  
- **Purpose**: Aggregate all minting and burning activities within each calendar day
- **Logic**: Events are grouped by truncated daily timestamps, and all positive mint amounts and negative burn amounts within each day are summed together. This creates a daily net supply change value that represents the total increase or decrease in outstanding USDC supply for that specific day
- **Key fields**: `timestamp` (daily), `outstanding_delta` representing net daily supply change

### Component C: Cumulative supply calculation
- **Purpose**: Calculate the total outstanding USDC supply at each point in time  
- **Logic**: Using a running sum window function, the system calculates cumulative outstanding supply by adding each day's net supply change to all previous changes. This creates a time series showing total USDC in circulation, partitioned by chain and token address to ensure accurate tracking across different tokens and networks
- **Key fields**: `outstanding_supply` representing the cumulative total at each date

### Component D: Time series completion
- **Purpose**: Ensure continuous daily time series without gaps
- **Logic**: The system applies forward filling to propagate the most recent outstanding supply value to any missing dates. This ensures the metric provides a complete daily time series even when no minting or burning activities occurred on specific days
- **Key fields**: Continuous `timestamp` series with forward-filled `outstanding_supply` values

### Final aggregation
- **Combining components**: The processed daily outstanding supply values flow through the calculation pipeline sequentially
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day price feeds and corrected for USDC's decimal precision (typically 6 decimals)
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation to day level
- **Final calculation**: The final metric represents the total USD value of USDC tokens outstanding on Aptos at each daily timestamp, calculated as the cumulative sum of all historical minting minus burning activities, converted to USD and adjusted for proper decimal scaling

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

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USDC outstanding supply

USDC outstanding supply

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