USDF, issued by Aster, is a fully collateralized stablecoin that maintains a 1:1 conversion rate with Tether USD (USDT) and is redeemable for the equivalent value in USDT on the Aster Earn platform [S1][S2].

Holders receive a token pegged 1:1 to the U.S. dollar (USD) and minted 1:1 against Tether USD (USDT), where 100 USDT mints exactly 100 USDF [S1][S3]. USDF itself does not accrue yield; holders stake USDF to receive asUSDF, a net asset value (NAV) accruing token whose returns, advertised up to approximately 30% APY, derive from delta-neutral hedging and are distributed weekly [S4][S5][S3]. Minting on Aster bears no fee, while redemption costs 0.1% [S5][S6].

The operator is identified only as Aster, an unregulated, privacy-focused decentralized exchange, with no named regulator or license regime; the product is offered as a DeFi product and is not issued by a single corporate entity claiming regulated status [S1][S7]. Governing law is that of Hong Kong, with disputes arbitrated by the Hong Kong International Arbitration Centre (HKIAC) [S7]. USDF is a redeemable claim against USDT backing, convertible 1:1 at any time, settling in 1 to 2 days and up to 7 days for large amounts [S2][S6]. Reserves are held by custodian Ceffu [S5][S3]. Access excludes the United States, Canada, United Kingdom, China and other jurisdictions [S7].

USDF and asUSDF are ERC-20 smart contracts deployed on BNB Chain [S6]. Minting deposits USDT, which routes to a Ceffu custodial wallet and into long-spot, short-futures positions executed via Binance, while redemption burns USDF for USDT [S5][S3]. asUSDF yield is distributed weekly to its contract and reflected in its NAV [S5][S3]. Audits were performed by PeckShield and Halborn [S6].

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://docs.asterdex.com/usdf-stablecoin/overview" },
    { id: "S2", url: "https://docs.asterdex.com/usdf-stablecoin/overview/maintaining-the-peg" },
    { id: "S3", url: "https://docs.asterdex.com/usdf-stablecoin/overview/how-usdf-works.md" },
    { id: "S4", url: "https://www.asterdex.com" },
    { id: "S5", url: "https://docs.asterdex.com/usdf-stablecoin/overview/faqs" },
    { id: "S6", url: "https://docs.asterdex.com/llms-full.txt" },
    { id: "S7", url: "https://docs.asterdex.com/resources/terms-and-conditions" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

Stablecoins

The platform utilizes smart contracts to automate trading processes and manage liquidity pools, where users can provide assets to earn trading fees. Aster generates revenue through transaction fees collected from trades executed on the platform, while liquidity providers earn yields from their contributed assets.

Aster operates as a decentralized exchange that enables users to trade cryptocurrencies without intermediaries through automated liquidity pools. The platform leverages blockchain technology to facilitate peer-to-peer trading while maintaining user custody of funds and eliminating the need for traditional order books.

Aster is a decentralized exchange (DEX) platform operating in the cryptocurrency ecosystem. The organization focuses on providing automated market maker (AMM) functionality for digital asset trading.

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Derivative exchanges

Aster

Aster USDF (USDF) is a U.S. dollar stablecoin issued by Aster.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Custody of the reserves rests with Ceffu.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Aster in USDT, and holders have a contractual right to redeem at par.

USDF has been issued on BNB Chain as an ERC-20 token since November 2024.

Aster USDFUSDF