AUDX operates by maintaining fiat reserves backing the AUDX stablecoin across multiple blockchain networks. The platform leverages Ethereum, Polygon, and Conflux to provide interoperable payment infrastructure and generates revenue through issuance and redemption fees, facilitating seamless Australian Dollar transactions in the blockchain ecosystem.

The project issues the Aussie Dollar Token (AUDX), an AUD-pegged stablecoin deployed on Ethereum, Polygon, and Conflux. AUDX provides on-chain access to AUD-denominated stable value for DeFi applications, cross-border payments, and digital commerce in the Asia-Pacific region.

AUDX is an Australian Dollar-pegged stablecoin issuer.

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Stablecoin issuers

AUDX

# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

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

AUDX

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown