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 USDT outstanding supply Methodology

## 1. Overview

USDT outstanding supply on Aptos measures the total amount of USDT tokens in circulation, excluding tokens held in Tether's treasury. This metric tracks the net supply available to the market by monitoring all mint and burn events while adjusting for treasury holdings that are not in active circulation. The calculation provides a real-time view of USDT liquidity on the Aptos blockchain.

## 2. Data sources

- **Aptos blockchain events**: Event logs from Aptos blockchain containing mint, burn, and treasury operations
- **USDT contract events**: Parsed `Mint` and `Burn` events from USDT contract `0xf73e887a8754f540ee6e1a93bdc6dde2af69fc7ca5de32013e89dd44244473cb`
- **Treasury balance events**: `Deposit` and `Withdraw` events from fungible asset contract `0x1::fungible_asset` targeting Tether's treasury store
- **End-of-day price feeds**: Daily USD price data for USDT
- **Token metadata**: USDT token configuration including 6-decimal precision and contract address `0x357b0b74bc833e95a115ad22604854d6b0fca151cecd94111770e5d6ffc9dc2b`

## 3. Step-by-step calculation

### Component A: USDT mint tracking
- **Purpose**: Captures all new USDT tokens created on Aptos
- **Logic**: Extract mint events from Aptos event logs where `event_type` equals `0xf73e887a8754f540ee6e1a93bdc6dde2af69fc7ca5de32013e89dd44244473cb::usdt::Mint`. Parse the `amount` field from event data and convert from raw units to token units by dividing by 10^6 (6 decimals). Group events by day and sum total minted amounts.
- **Key fields**: `block_timestamp`, `amount` (scaled for 6 decimals), `token_address`

### Component B: USDT burn tracking  
- **Purpose**: Captures all USDT tokens permanently removed from circulation
- **Logic**: Extract burn events from Aptos event logs where `event_type` equals `0xf73e887a8754f540ee6e1a93bdc6dde2af69fc7ca5de32013e89dd44244473cb::usdt::Burn`. Parse the `amount` field from event data and convert from raw units by dividing by 10^6. Group events by day and sum total burned amounts.
- **Key fields**: `block_timestamp`, `amount` (scaled for 6 decimals), `token_address`

### Component C: Treasury balance tracking
- **Purpose**: Monitors USDT tokens held in Tether's treasury that are not in active circulation
- **Logic**: Track deposits and withdrawals to/from Tether's treasury store address `0x634bbdee57ea5ed5e553f1d654715588ec635d06e178a96e567a32b92479f2f8`. Extract `Deposit` and `Withdraw` events from the fungible asset contract. Deposits increase treasury balance (positive), withdrawals decrease treasury balance (negative). Calculate running cumulative treasury balance over time.
- **Key fields**: `event_type` (Deposit/Withdraw), `amount` (scaled for 6 decimals), treasury `store` address

### Component D: Daily supply calculation
- **Purpose**: Combines mint and burn data to calculate net daily supply changes
- **Logic**: For each day, calculate net supply change as total mints minus total burns. Union mint events (positive amounts) with burn events (negative amounts) and aggregate by day. Calculate cumulative outstanding supply as running sum of daily net changes over time.
- **Key fields**: `outstanding_delta` (daily net change), `outstanding_supply` (cumulative total)

### Final aggregation
- **Combining components**: Outstanding supply equals cumulative supply from mints/burns minus current treasury balance. The treasury balance is subtracted because tokens held in treasury are not in circulation.
- **Gap filling**: Apply forward fill to ensure continuous daily time series with no missing dates
- **Currency conversion**: Convert final amounts to USD using end-of-day price feeds through the `convert_to_usd_and_correct_decimals` macro
- **Standardization**: Map Aptos chain data to standardized Ethereum identifiers and USDT token address `0xdac17f958d2ee523a2206206994597c13d831ec7` for cross-chain consistency
- **Final calculation**: Outstanding USDT supply = (Cumulative mints - Cumulative burns) - Treasury balance, converted to USD and validated through the finalization macro

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

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USDT outstanding supply

USDT outstanding supply

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