bZPR1, issued by Backed Assets (JE) Limited, is a tokenized tracker certificate that gives onchain exposure to the market value of $ ZPR1 1-3 Month T-Bill, a U.S.-listed exchange-traded fund [S1][S2].

The token tracks the price of $ ZPR1 1-3 Month T-Bill (bZPR1) 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 senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

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 $ ZPR1 1-3 Month T-Bill (bZPR1) is a tokenized exposure to the underlying security issued by Backed Finance through Backed Assets (JE) Limited and distributed through Backed Finance AG with Alpaca Securities LLC, InCore Bank AG, and Maerki Baumann & Co. AG as broker.

Each token tracks one underlying share, carries no dividend entitlement, and carries no voting rights.

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

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 Jersey Financial Services Commission and the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Zug in Switzerland.

bZPR1 has been issued on public blockchains since December 2023 and is native to Ethereum, Base, Arbitrum One, and BNB Chain.

Backed $ ZPR1 1-3 Month T-BillbZPR1