bCSBGC3, issued by Backed Assets (JE) Limited, is a tokenized tracker certificate that gives onchain exposure to the market value of Swiss Domestic Government Bond 0-3, a U.S.-listed exchange-traded fund [S1][S2].

The token tracks the price of Swiss Domestic Government Bond 0-3 (bCSBGC3) and is fully collateralized 1:1 by the underlying asset, which Backed purchases via a broker and holds with a licensed third-party custodian [S3][S1][S4]. If the underlying issues a dividend or distribution and eligibility requirements are met, the corresponding economic value accrues to the tokenholder; holding a token conveys economic exposure rather than shareholder or voting rights [S3][S1]. No management, minting, or redemption fee schedule is disclosed [S1].

The certificates are issued by Backed Assets (JE) Limited, incorporated in Jersey, while the tokenization platform is operated by Backed Finance AG of Zug, Switzerland, with Swiss law applying [S3][S1][S4]. They are bankruptcy-remote tracker certificates issued under a Base Prospectus approved in Liechtenstein by the Financial Market Authority [S1][S2]. They are offered only to Qualified Investors, not to U.S. persons or UK clients, subject to KYC and AML onboarding [S1][S5]. Eligible holders may redeem tokens for the cash value of the underlying, and assets are held segregated with regulated custodians [S3][S4].

The tokens are issued natively on Avalanche, Base, Arbitrum, Ethereum, Gnosis, Polygon and Sonic [S2]. When a user buys a token, Backed orders the underlying from its broker, holds it with the custodian, and issues the token, usually within minutes [S4][S6]. Proof of reserves is provided through Chainlink Proof of Reserve with independent auditor The Network Firm, and reserve data is published onchain [S6].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://assets.backed.fi/" },
    { id: "S2", url: "https://assets.backed.fi/legal-documentation" },
    { id: "S3", url: "https://backed.fi" },
    { id: "S4", url: "https://backed.fi/news-updates/introducing-backed-finance" },
    { id: "S5", url: "https://assets.backed.fi/products" },
    { id: "S6", url: "https://backed.fi/news-updates/chainlink-proof-of-reserve-is-now-active" },
  ]}
/>


# 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 stocks

The platform operates through a comprehensive infrastructure that includes Chainlink oracles for verified price data, Chainlink Proof of Reserve for transparent collateral verification, and Chainlink CCIP for cross-chain bridging capabilities. Backed Finance provides both retail products through partnerships with major exchanges like Kraken and Bybit, and institutional tokenization services that allow funds and financial institutions to create custom tokenized investment products within weeks. The business model encompasses both direct token issuance and a turnkey tokenization platform for enterprise clients seeking to digitize their investment strategies and fund structures.

Backed Finance creates tokenized representations of real-world assets (RWAs) including stocks, ETFs, and bonds as ERC-20 tokens called bTokens and xStocks that are fully composable with DeFi protocols. Each token is backed 1:1 by the underlying asset held by licensed third-party custodians, allowing users to gain exposure to traditional financial markets within the decentralized finance ecosystem. The platform offers multichain support and enables users to bridge assets across different blockchains while maintaining full redeemability for the underlying asset's cash value.

Backed Finance is a Swiss-based fintech company that specializes in bringing traditional financial assets onto blockchain infrastructure through tokenization. The company operates under a compliant regulatory framework based on the Swiss DLT Act to provide institutional-grade tokenized securities.

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Real-world asset (RWA) issuers

Backed Finance

Backed Swiss Domestic Government Bond 0-3 (bCSBGC3) is a tokenized exposure to the underlying security issued by Backed Finance through Backed Assets (JE) Limited and distributed through Backed Finance AG with Maerki Baumann & Co. AG, InCore Bank AG, and Alpaca Securities LLC as broker.

Each token tracks one underlying share, entitles holders to dividends, carries no voting rights, and carries an annual fee of 0.25%.

The underlying shares are held by Maerki Baumann & Co. AG, InCore Bank AG, Alpaca Securities LLC, and GTN Europe Financial Services Limited in accounts segregated from the issuer's own funds.

Backed Assets (JE) Limited is incorporated in Jersey, is offered under an SEC Regulation S exemption, is offered under an EU-approved prospectus, is issued under Jersey Financial Services Commission consent, and is supervised by the Financial Market Authority Liechtenstein and the Jersey Financial Services Commission.

Holder terms are governed by the law of Jersey.

bCSBGC3 has been issued on public blockchains since July 2025 and is native to Base, Arbitrum One, and Ethereum.

Backed Swiss Domestic Government Bond 0-3bCSBGC3