Users mint and redeem TUSD through platforms integrated with TrueUSD’s ecosystem, where USD is held in escrow accounts managed by third-party trust companies, and TUSD is minted or burned at a 1:1 rate.

TrueUSD is the first USD-pegged stablecoin to deploy daily attestations for its underlying reserves by independent third-party institutions. It's also the largest stablecoin on Tron.

Archblock is a private company with investors like BlockTower Capital, a16z etc. As of December 2020, Techteryx had acquired ownership and management of TUSD.

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TrueUSD

# TrueUSD Circulating asset market cap Methodology

## 1. Overview

The Archblock asset market cap circulating metric represents the total outstanding supply of TUSD (TrueUSD) stablecoin tokens in circulation, expressed in USD. For stablecoins, the asset market cap circulating is equivalent to the outstanding supply since all issued tokens are considered to be in active circulation. This metric tracks the net result of all TUSD mint and redemption events across multiple blockchain networks to calculate the total circulating supply at any given point in time.

## 2. Data sources

- **Token transfer events**: Parsed `Transfer` events from Ethereum, BSC, and Avalanche blockchains for TUSD token contracts
- **Blockchain transaction logs**: Event logs containing mint and burn transactions for TUSD tokens across multiple contract addresses
- **End-of-day price feeds**: Token price data used for USD conversion of outstanding supply amounts  
- **Token metadata**: Contract information including token decimal precision and standardized addresses across chains

## 3. Step-by-step calculation

### Component A: TUSD mint event extraction
- **Purpose**: Identifies and extracts all TUSD token minting events across supported blockchains
- **Logic**: Filters token transfer events where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`), indicating new token creation. Processes transfers from four different TUSD contract addresses across Ethereum (including legacy contract), BSC, and Avalanche networks. Standardizes the `token_address` field to use the main Ethereum TUSD address for consistency across chains, except for BSC which retains its native address. Extracts key transaction details including `block_timestamp`, `transaction_hash`, `log_index`, and `amount` values
- **Key fields**: `block_timestamp`, `amount`, `token_address`, `from_address`, `chain`

### Component B: TUSD redemption event extraction  
- **Purpose**: Identifies and extracts all TUSD token burn/redemption events across supported blockchains
- **Logic**: Filters token transfer events where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or dead address (`0x000000000000000000000000000000000000dead`), indicating token destruction. Uses the same contract addresses and chain standardization logic as mint events. Converts burn amounts to negative values to represent supply reduction when combined with mint data
- **Key fields**: `block_timestamp`, `amount`, `token_address`, `to_address`, `chain`

### Component C: Daily supply change aggregation
- **Purpose**: Combines mint and burn events to calculate net daily changes in TUSD supply
- **Logic**: Unions mint events (positive amounts) with redemption events (negative amounts) into a single transaction stream. Groups transactions by day using `timestamp_trunc` function and aggregates the sum of `amount` values for each chain and token address combination. This produces daily net supply changes that can be positive (net minting) or negative (net redemption)
- **Key fields**: `timestamp`, `chain`, `token_address`, `amount` (net daily change)

### Component D: Cumulative supply calculation
- **Purpose**: Calculates running outstanding supply over time using cumulative sum of daily changes
- **Logic**: Applies window function with cumulative sum over daily net changes, partitioned by `real_chain` and `token_address` and ordered by `timestamp`. This creates a running total that represents the outstanding supply at each date. The calculation assumes zero initial supply and builds the total from the first observed mint event
- **Key fields**: `outstanding_supply` (cumulative sum), `timestamp`, `chain`

### Component E: Time series completion
- **Purpose**: Ensures complete daily time series by forward-filling missing dates
- **Logic**: Uses forward-fill logic to propagate the last known `outstanding_supply` value to dates where no transactions occurred. This creates a complete daily time series without gaps, ensuring the outstanding supply value is available for every date within the data range
- **Key fields**: `outstanding_supply`, `timestamp` (continuous daily series)

### Final aggregation
- **Combining components**: Takes the forward-filled outstanding supply values and applies final transformations including USD conversion and decimal correction
- **Currency conversion**: Converts outstanding supply amounts from native token units to USD using end-of-day price feeds and adjusts for token decimal precision
- **Time aggregation**: Maintains daily granularity with complete time series coverage through forward-filling
- **Final calculation**: The asset market cap circulating equals the outstanding supply in USD, as all issued TUSD tokens are considered to be in active circulation. The final metric represents the total USD value of all TUSD tokens that have been minted but not yet burned across all supported blockchain networks

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

TrueUSD

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown