MXNe, issued by Brale Inc., is a stablecoin that maintains value alignment with the Mexican peso (MXN) [S1] and is issued in partnership with Etherfuse for onchain payments, remittances, and payroll across the Mexican economy [S2].

Holders receive a token referencing the Mexican peso (MXN), redeemable through Brale at a value equal to the reference currency [S2]. U.S. businesses onboarded to Brale may mint and redeem MXNe one-to-one against USD Coin (USDC) or Pax Dollar (USDP) directly from their Brale accounts [S2]. Brale holds the reserve assets backing the token and states that account holders are not entitled to returns earned on those assets [S3].

MXNe is issued by Brale Inc., a company governed by the laws of the State of Delaware [S3]. Brale states that it is not registered with the U.S. Securities and Exchange Commission and does not offer securities services [S3]. Accounts are available only to incorporated businesses registered and located in the United States where Brale is authorized to operate [S3]. Reserve assets are held in one or more accounts titled in the name of Brale [S3]. Digital assets held are not covered by Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protection, and Brale reserves the right to delay or halt redemptions [S3].

MXNe is issued onchain on the Solana and Stellar networks [S2], with the product page also listing Base [S1]. Minting occurs when users onboard with Brale, and redemption settles one-to-one against USDC or USDP [S2]. Brale reports stablecoin supply and reserve assets monthly, covering cash, cash equivalents, and U.S. Treasuries [S4].

<Sources
  retrievedAt="2026-06-30"
  items={[
    { id: "S1", url: "https://brale.xyz/stablecoins/MXNe" },
    { id: "S2", url: "https://brale.xyz/blog/introducing-mxne" },
    { id: "S3", url: "https://brale.xyz/legal/business-user-agreement" },
    { id: "S4", url: "https://brale.xyz/blog/our-approach-to-attestations" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

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

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Stablecoins

Users deposit fiat and receive the corresponding stablecoin at a 1:1 rate; Brale handles compliant issuance, custody, and redemption.

Brale (brale.xyz) is a stablecoin infrastructure company that issues and manages multi-currency fiat-backed stablecoins onchain.

Brale is a U.S.-based regulated stablecoin issuance and orchestration platform. It issues fiat-backed stablecoins including Real MXN (MXNe) and SBC.

website

twitter

Stablecoin issuers

Brale

Real MXN (MXNe) is a Mexican Peso stablecoin issued by Brale through Brale Inc.

Each token is a direct claim on the issuer.

Institutions can mint and redeem directly with Brale in USDC and USDP after completing KYC.

Holder terms are governed by the law of Delaware in the United States.

MXNe has been issued on public blockchains since May 2024 and is native to Solana and Base.

Real MXNMXNe