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Stablecoin issuers

# Cap Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of CUSD stablecoin tokens currently in circulation. This metric tracks the cumulative net issuance by calculating the difference between total mints (new tokens created) and total burns (tokens destroyed) over time. The calculation provides insight into the growth and adoption of the CUSD stablecoin by showing how much of the token supply remains actively circulating in the market.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain for the CUSD token contract at address `0xcccc62962d17b8914c62d74ffb843d73b2a3cccc`
- **Token metadata**: Token decimal precision and symbol information for proper amount normalization
- **End-of-day price feeds**: Daily token price data for USD conversion of outstanding supply values

## 3. Step-by-step calculation

### Component A: CUSD token mints
- **Purpose**: Identifies new CUSD tokens created and issued into circulation
- **Logic**: Filters Ethereum `Transfer` events where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`). This pattern indicates token minting since transfers from the null address represent new token creation rather than transfers between existing holders. Only includes non-removed events to ensure data quality.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `token_address` for CUSD identification, and transaction details for uniqueness

### Component B: CUSD token burns  
- **Purpose**: Identifies CUSD tokens that have been burned or destroyed, removing them from circulation
- **Logic**: Filters Ethereum `Transfer` events where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). These destinations indicate token burning since transfers to these addresses effectively remove tokens from the circulating supply. Only includes non-removed events.
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `token_address` for CUSD identification, and transaction details for uniqueness

### Component C: Daily aggregation and decimal correction
- **Purpose**: Combines mint and burn data into daily net supply changes with proper decimal normalization
- **Logic**: Unions mint data (positive amounts) with burn data (negative amounts) and truncates timestamps to daily boundaries. Applies decimal correction based on token metadata to convert raw blockchain values into human-readable token amounts. Groups transactions by day and sums the net amount changes.
- **Key fields**: `timestamp` truncated to day level, `amount` representing daily net supply change after decimal correction

### Component D: Cumulative outstanding supply calculation
- **Purpose**: Calculates the running total of outstanding supply over time
- **Logic**: Uses a cumulative sum window function partitioned by chain and token address, ordered by timestamp. This creates a running total where each day shows the cumulative net supply from the token's inception to that date. Forward-fills missing days to ensure a continuous time series without gaps.
- **Key fields**: `outstanding_supply` representing the cumulative total at each date

### Final aggregation
- **Combining components**: The daily supply changes flow directly into the cumulative calculation without additional joins
- **Currency conversion**: Converts outstanding supply amounts to USD using end-of-day token price feeds and the standard price conversion methodology
- **Time aggregation**: Data is aggregated at daily granularity with forward-fill strategy to handle missing days
- **Final calculation**: The final outstanding supply value represents the cumulative sum of all net token issuance (mints minus burns) from the token's inception through each given date, expressed in both token units and USD value

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

Circulating supply of stablecoins issued by the project.

Cap

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown