HONEY, issued by the Berachain Protocol smart contracts under the governance of $BGT tokenholders, is a multi-collateral crypto-collateralized stablecoin soft-pegged to the U.S. dollar (USD) and fully collateralized by a basket of whitelisted USD-pegged stablecoins [S1][S2].

Holders receive a price-stable token soft-pegged 1:1 to the U.S. dollar (USD), backed by a basket of whitelisted stablecoins comprising USDC, BYUSD, USDT0, and USDe [S1]. HONEY does not accrue native yield, rebase, or pass through dividends or coupons to holders [S1][S3]. The protocol charges a per-asset mint and redeem fee, with USDC and USDe redemptions at 0.05% and USDT0 and byUSD mints at 0.1%, plus network gas paid in $BERA; these rates are configurable by $BGT governance [S1][S3][S2].

HONEY is issued by permissionless smart contracts, the HoneyFactory and per-asset collateral vaults, rather than by a single named corporate entity [S1]. The economic claim is a redemption right against the onchain collateral basket held in the vault contracts, redeemable for the underlying collateral assets, not a claim against a corporate balance sheet [S1]. The mint and redeem mechanism is permissionless and onchain without contract-level eligibility gating; Berachain website terms separately require that users are not Restricted, Sanctioned, or Blocked Persons [S1]. Collateral is segregated onchain in dedicated per-asset vaults, with the HoneyFactory custodying the corresponding vault shares [S1].

HONEY is an ERC-20 token with EIP-2612 permit and EIP-3009 transferWithAuthorization extensions, deployed natively on Berachain mainnet and the Bepolia testnet [S1][S4]. Users mint by depositing whitelisted collateral through the HoneyFactory and redeem by burning HONEY for collateral; under Basket Mode a proportional share of all collateral is returned [S1]. Settlement is onchain and atomic per transaction [S1].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.berachain.com/learn/pol/tokens/honey" },
    { id: "S2", url: "https://docs.berachain.com/learn/governance/" },
    { id: "S3", url: "https://docs.berachain.com/general/help/faqs" },
    { id: "S4", url: "https://docs.berachain.com/developers/contracts/honey-token" },
  ]}
/>


# 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

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Blockchains (L1)

Berachain

Berachain Honey (HONEY) is a U.S. dollar stablecoin issued by Berachain.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Berachain in USDC, BYUSD, USDT0, and USDE, and holders have a contractual right to redeem at par.

HONEY has been issued on Berachain as an ERC-20 token since January 2025.

Berachain HoneyHONEY