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Stablecoin issuers

Coinshift

# Coinshift Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric for Coinshift represents the total USD value of outstanding stablecoin tokens in circulation. This metric tracks the circulating supply of Coinshift's stablecoins (csUSDL and csUSDC) and converts it to USD to provide market capitalization. The calculation methodology identifies mint and burn events from Ethereum blockchain data, maintains a running total of outstanding supply, and converts the result to USD using end-of-day price feeds. For Coinshift, the asset market cap circulating is equivalent to the outstanding supply of their stablecoin tokens valued in USD.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum token transfer events**: ERC-20 `Transfer` events for Coinshift's stablecoin tokens (csUSDL at `0xbeefc011e94f43b8b7b455ebab290c7ab4e216f1` and csUSDC at `0x7204b7dbf9412567835633b6f00c3edc3a8d6330`)
- **End-of-day token price feeds**: Price data used to convert outstanding supply amounts to USD values
- **Token metadata**: Decimal precision information for proper amount normalization and processing

## 3. Step-by-step calculation

### Component A: Mint event identification
- **Purpose**: Identify when new stablecoin tokens are created and added to circulation
- **Logic**: Extract Ethereum `Transfer` events where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`) for csUSDL and csUSDC tokens. These transfers represent newly minted tokens being issued to users. Filter out any removed or invalid log entries to ensure data quality. Include key transaction metadata such as `block_timestamp`, `transaction_hash`, `log_index`, and recipient information.
- **Key fields**: `amount` represents the number of tokens minted, `to_address` identifies the recipient, `token_address` specifies which stablecoin was minted, `block_timestamp` provides timing information

### Component B: Burn event identification  
- **Purpose**: Identify when stablecoin tokens are destroyed and removed from circulation
- **Logic**: Extract Ethereum `Transfer` events where the `to_address` equals the null address for csUSDL and csUSDC tokens. These transfers represent tokens being burned or redeemed from circulation. Apply the same data quality filters as mint events to exclude removed or invalid entries. Capture the same transaction metadata for consistency.
- **Key fields**: `amount` represents the number of tokens burned, `from_address` identifies who burned the tokens, `token_address` and `block_timestamp` provide the same context as mint events

### Component C: Supply change aggregation
- **Purpose**: Combine mint and burn events to calculate net daily supply changes for each token
- **Logic**: Union mint events with positive amounts and burn events with negative amounts to create a complete record of supply changes. Apply decimal correction using token metadata to normalize amounts to standard units. Truncate timestamps to day boundaries and group by date, chain, and token to aggregate all supply changes within each day. Sum all positive and negative amounts to get net daily supply change for each token.
- **Key fields**: `timestamp` (daily), `product_id` (csusdl or csusdc), `amount` (net supply change), `token_address`, `token_symbol`

### Component D: Outstanding supply calculation
- **Purpose**: Track the cumulative outstanding supply of each stablecoin token over time
- **Logic**: Use window functions to calculate a running sum of daily supply changes, partitioned by chain, token address, and token symbol, ordered by timestamp. This creates a cumulative outstanding supply value that represents the total tokens in circulation at any given day. Apply a cutoff date filter to only include data from January 1, 2025 onwards. Use forward-filling logic to ensure continuous daily data by carrying the last known outstanding supply value forward for any missing dates.
- **Key fields**: `outstanding_supply` (cumulative token count), `timestamp` (daily), `product_id`, `token_address`

### Final aggregation
- **Combining components**: The outstanding supply values for each token are processed individually and maintained separately by product ID (csusdl and csusdc)
- **Currency conversion**: Convert outstanding supply amounts to USD using end-of-day price feeds, applying appropriate decimal corrections during the conversion process
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling to ensure no gaps in the time series
- **Final calculation**: The outstanding supply in USD directly becomes the asset market cap circulating value. The metric represents the total USD value of stablecoin tokens outstanding in the market, calculated as the cumulative supply of tokens multiplied by their USD price.

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Coinshift

Circulating asset market cap

Circulating asset market cap

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