ASULF, issued by Archax Ltd, is a tokenized money market fund interest representing beneficial ownership in the State Street USD Liquidity LVNAV Fund, with each token tracking the underlying fund's net asset value (NAV) [S1][S2].

Holders gain economic exposure to the State Street USD Liquidity LVNAV Fund, a low-volatility net asset value money market fund whose portfolio comprises short-term debt investments including U.S. Treasury bills and related securities [S1][S2]. The token provides the stability and yield characteristics typically associated with money market funds, derived from these underlying short-term instruments [S1][S2]. A money market fund is not a guaranteed investment; principal can fluctuate and any loss is borne by the investor [S1].

The issuing entity is Archax Ltd, registered in England and Wales under company number 11302455, authorised and regulated by the UK Financial Conduct Authority (FCA), Firm Reference Number 838656 [S3][S4][S5]. The token is a beneficial ownership token issued by Archax that represents the investor's holding in the underlying fund [S1][S2]. It is offered to professional and institutional clients only, in the jurisdictions in which the fund is registered [S1][S6]. Archax acts as regulated custodian, holding client assets under FCA custody permissions with CASS client asset segregation compliance [S2][S7].

Beneficial ownership tokens are issued onchain, with the State Street offering made available initially on Hedera Hashgraph, XRPL and Arbitrum [S6]. Archax's chain-agnostic tokenisation engine mints, burns and manages tokens via smart contracts, enabling near-instantaneous intraday transfer of fund shares alongside traditional subscription and redemption [S8][S1].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://archax.com/insights/archax-increases-tokenised-money-market-fund-offerings" },
    { id: "S2", url: "https://archax.com/insights/federated-hermes-partners-with-archax-to-offer-tokenised-ucits-money-market-funds" },
    { id: "S3", url: "https://archax.com/about-us" },
    { id: "S4", url: "https://archax.com/regulatory-permissions" },
    { id: "S5", url: "https://archax.com/businesses/regulated_exchange" },
    { id: "S6", url: "https://archax.com/insights/archax-adds-state-street-fidelity-international-lgim-offerings-to-regulated-digital-platform" },
    { id: "S7", url: "https://archax.com/businesses/regulated_exchange" },
    { id: "S8", url: "https://archax.com/businesses/tokenisation" },
  ]}
/>


# Asset transfer count methodology

## 1. Overview

Asset transfer count is defined as the number of user transactions that move assets between addresses. It is utilized to reflect how frequently assets are used for payments, trading, or other onchain activity. The metric is calculated daily for each tracked asset across all supported blockchains. By aggregating these transfer events, a comprehensive view of onchain utility and transactional velocity is provided.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token transfers
- **Other blockchain events**: Token transfers, withdrawals, and mint events across non-EVM chains (Solana, Aptos, Near, Polkadot Asset Hub, Stellar, and others)
- **Asset metadata**: Token addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract and count raw transfer events

- **Purpose**: Identify and count individual token transfer events on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, ERC-20 token transfers are parsed and counted. On Solana, SPL token transfers are parsed and counted. On Aptos, Near, and Ripple, token transfers and withdrawals are parsed and counted. On Stellar, classic token withdrawals and Soroban token transfers are aggregated. On Sui, token withdrawals and token mint events are aggregated. On Cardano, UTXO withdrawals and token mint events are aggregated. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed.
- **Key fields**: `token_address`: The unique identifier of the token contract or asset. `block_timestamp`: The timestamp of the transaction block.

### Component B: Daily aggregation and zero-filling

- **Purpose**: Aggregate the daily transfer counts per asset and ensure continuous time-series data.
- **Logic**: The extracted transfer counts are aggregated daily for each token address on its respective chain. For days where no transfer activity is recorded for a tracked asset, the time series is filled with zero values to ensure a continuous daily record.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The daily count of transfers per token on a specific chain.

### Component C: Final aggregation

- **Purpose**: Combine the daily transfer counts across all supported chains for each asset.
- **Logic**: The daily transfer counts from all individual chains are combined. Token addresses are mapped to unique asset identifiers using asset metadata. The final daily asset transfer count is then aggregated across all chains for each asset.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The total aggregated daily transfer count for the asset.

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

Number of transfer transactions involving the asset.

Asset transfer count

Tokenized funds

Archax is an FCA-regulated digital asset exchange, custodian, and broker that tokenizes traditional financial instruments. The platform enables institutional access to tokenized money market funds from BlackRock, Fidelity, and State Street on multiple blockchains.

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Real-world asset (RWA) issuers

Archax

State Street USD Liquidity LVNAV Fund (ASULF) is a tokenized fund share issued by Archax through Archax Ltd.

Each token is a direct claim on the issuer.

The fund invests in money market instruments.

Professional investors and institutions can subscribe and redeem.

Archax Ltd is incorporated in the United Kingdom.

ASULF has been issued on public blockchains since February 2025 and is native to XDC Network and Hedera.

State Street USD Liquidity LVNAV FundASULF