CRCLb, issued by BTech Holdings Limited, is a tokenized certificate over shares that provides price-tracking economic exposure to a single listed U.S. equity while conferring no direct ownership of, or affiliation with, the underlying company. [S1]

CRCLb tracks the price of Circle Internet Group, Inc. (CRCL) common stock, with each token backed 1:1 by a corresponding underlying share held with a regulated custodian. [S1] Corporate actions such as stock splits and dividend-related adjustments are processed automatically, so holders maintain continuous exposure without manual action. [S1] Users convert between the underlying equity and CRCLb at a 1:1 ratio with zero conversion fees, except during corporate actions or platform maintenance, and fractional access starts from as little as $5. [S1]

BTech Holdings Limited, a Binance group affiliate, offers bStocks through an Approved Prospectus in the Abu Dhabi Global Market (ADGM), following approval by the Financial Services Regulatory Authority (FSRA), which classifies them as Certificates representing certain Financial Instruments under paragraph 92, Schedule 1 to FSMR. [S1] Tokens are Certificates over shares, not stocks or shares, and confer no direct ownership. [S1] They are available only to eligible non-U.S. users in permitted jurisdictions on a secondary-market basis; holders must warrant they are not U.S. persons. [S1] Tokens are convertible to and from the underlying equity at 1:1 through broker-dealer Nest Trading Limited, with underlying shares held by a regulated custodian. [S1]

CRCLb is issued as a BEP-20 token on BNB Chain (BNB Smart Chain), compatible with BNB Chain wallets and onchain applications. [S1] Minting and redemption follow the issuer's bStocks Minting and Redemption Product Terms, with 1:1 conversion between the underlying equity and the token; tokens are self-custodiable and corporate actions are handled automatically onchain. [S1]

<Sources
  retrievedAt="2026-07-02"
  items={[
    { id: "S1", url: "https://www.adgm.com/public-registers/fsra/approved-prospectuses" },
  ]}
/>


# 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

Tokenized stocks

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terms

Real-world asset (RWA) issuers

Binance bStocks

Circle Internet Group (bStocks Tokenized Stock) (CRCLb) is a token tracking CRCL shares, backed by dedicated collateral, issued by Binance bStocks through Btech Holdings Ltd, and distributed through Binance bStocks with Nest Trading Limited and Alpaca Securities LLC as broker.

The underlying security is listed in the financials sector in North America.

Each token tracks one underlying share, entitles holders to dividends, which are distributed as additional tokens, carries no voting rights, and carries an annual fee of 0%.

The collateral assets are held by Alpaca Securities LLC in accounts segregated from the issuer's own funds.

Residents of the United States and jurisdictions under applicable sanctions cannot mint or redeem with Binance bStocks.

Btech Holdings Ltd is incorporated in the United Arab Emirates, is regulated in Abu Dhabi's ADGM, and is supervised by the Financial Services Regulatory Authority.

Holder terms are governed by the law of the United Arab Emirates.

CRCLb has been issued on BNB Chain as an ERC-20 token since June 2026.

Circle Internet Group (bStocks Tokenized Stock)CRCLb