eEUR, issued by ARYZE BVI Ltd, is a Euro-pegged stablecoin that represents a 1:1-backed claim redeemable for equivalent fiat value, branded by ARYZE as Digital Cash and characterized as a full-reserve asset [S1][S2][S3].

Each eEUR token tracks the Euro (EUR) at a 1:1 peg and is backed by highly liquid, low-risk assets such as cash, U.S. Treasury bills, and European government bonds, which ARYZE states it overcollateralizes [S1][S2][S4]. The sourced material describes eEUR as a price-stable, peg-tracking instrument rather than a yield-bearing one, with no holder-level yield, NAV accrual, or coupon pass-through; price stability is maintained by market makers arbitraging on exchanges [S2].

ARYZE BVI Ltd, a British Virgin Islands company, mints and issues the token, while ARYZE ApS, the Danish parent, acts as reserve and fund manager under a fund-management agreement and operates under Danish Financial Supervisory Authority (Finanstilsynet) supervision [S5][S3]. Each token is a claim against ARYZE BVI, treated as a digital currency rather than a security under BVI SIBA per a cited legal opinion [S3]. Reserves are held with Bank Frick, Britannia Financial Group, and ONE Financials [S1][S2]. ARYZE does not sell directly to retail or corporate users; issuance flows through authorized resellers and whitelisted platforms enforcing KYC and AML, and tokens are redeemable for equivalent fiat value [S2][S6].

eEUR is an ERC-20 token deployed across multiple EVM networks including Ethereum, Polygon, Linea, BNB Chain, Arbitrum, and Base [S4][S7]. Minting occurs via the ARYZE Orders API to a specified wallet and chain, gated to authorized resellers, and redemption removes tokens from circulation; cross-chain transfers use the burn-and-mint reForge engine with Chainlink oracles for FX rates [S2][S7][S8].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://aryze.io" },
    { id: "S2", url: "https://docs.aryze.io/en/company/backing-and-solvency" },
    { id: "S3", url: "https://docs.aryze.io/en-us/company/entities" },
    { id: "S4", url: "https://docs.aryze.io/en/technical-overview/stablecoin-architecture" },
    { id: "S5", url: "https://docs.aryze.io/en/company/legal-framework" },
    { id: "S6", url: "https://docs.aryze.io/en/our-services/quick-start-guide" },
    { id: "S7", url: "https://docs.aryze.io/en/technical-overview/reforge-fx-engine" },
    { id: "S8", url: "https://docs.aryze.io/en/api/aryze-orders-api/get-started" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

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

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Stablecoins

ARYZE operates as a licensed electronic money institution, issuing stablecoins backed 1:1 by fiat currency reserves. Revenue is generated through minting/redemption fees and treasury yield on reserves.

The project issues electronic money tokens including eEUR (EUR-pegged) and eGBP (GBP-pegged) deployed on Ethereum, Polygon, and BSC. ARYZE stablecoins are fully backed by fiat reserves held with regulated financial institutions.

ARYZE is a Danish fintech company that issues fiat-backed stablecoins for major currencies.

website

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Stablecoin issuers

ARYZE

ARYZE eEUR (eEUR) is a euro stablecoin issued by ARYZE through ARYZE (BVI) Ltd.

Reserves are held in accounts segregated from the issuer's own funds, attested monthly by Grant Thornton.

ARYZE (BVI) Ltd is incorporated in the British Virgin Islands.

eEUR has been issued on public blockchains since April 2022 and is native to Ethereum and Polygon.

ARYZE eEUReEUR