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Binance bStocks

# Binance Outstanding supply Methodology

## 1. Overview

Outstanding supply is measured as the total circulating amount of stablecoins issued by Binance, specifically Binance-Peg BUSD and BSC-USD. The net balance of assets remaining in circulation is tracked by accounting for all minting and redemption activity. This metric is utilized as a proxy for the protocol's scale and revenue-generation capacity, as the collateral backing the outstanding supply is typically invested in yield-bearing assets.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events for Binance-Peg BUSD and BSC-USD contracts, covering BNB Chain
- **External data**: End-of-day price feeds for stablecoin assets

## 3. Step-by-step calculation

### Component A: Stablecoin issuance and redemption tracking

- **Purpose**: Captures the raw volume of assets entering and exiting circulation
- **Logic**: ERC-20 `Transfer` events are parsed for the Binance-Peg BUSD and BSC-USD contracts on BNB Chain. Transfers involving the null address are identified to distinguish between newly issued assets (mints) and destroyed assets (redemptions). Data is filtered to exclude any removed transaction logs.
- **Key fields**: `from_address`, `to_address`, `value`, `token_address`

### Component B: Normalization and daily net change calculation

- **Purpose**: Standardizes asset volumes and determines daily supply fluctuations
- **Logic**: All transfer amounts are normalized by the decimal precision of the respective asset. Daily net changes are calculated for each product by aggregating the normalized minting volumes and subtracting the corresponding redemption volumes.
- **Key fields**: `amount` (normalized), `product_id`, `block_timestamp`

### Component C: Cumulative supply aggregation and USD conversion

- **Purpose**: Calculates the total outstanding balance and converts it to a standard currency
- **Logic**: Daily net changes are summed chronologically to determine the cumulative outstanding supply for each asset. A forward-fill mechanism is applied to ensure supply values are maintained for days where no on-chain minting or redemption activity occurs. The resulting daily balances are multiplied by end-of-day price feeds to calculate the USD-denominated outstanding supply.
- **Key fields**: `outstanding_supply`, `price_usd`, `timestamp`

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

Circulating supply of stablecoins issued by the project.

Binance bStocks

Outstanding supply

Outstanding supply

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