GILTS, issued by Etherfuse Mx, S.A. de C.V., is a tokenized sovereign-debt instrument that grants the holder a credit right against the nominal value of short-duration United Kingdom government bonds held through regulated Mexican custodians [S1][S2].

Each GILTS token represents fractional exposure to a UK Government liability (Gilt), with yield sourced from the return on that underlying Financial Asset [S1]. Interest accrues to maturity through rising token price as a total-return mechanism rather than periodic distribution [S3]. Holders bear a variable fee tied to the underlying yield, ranging from 0.25% below 4.5% to 1.5% at or above 10%, a 0.5% Mexican withholding on interest, and a 10 basis point instant-redemption fee where liquidity exists [S1][S3].

Etherfuse Mx, S.A. de C.V., incorporated in Mexico under public deed 46,971 dated June 7, 2023, relies on Comisión Nacional Bancaria y de Valores (CNBV) Resolution P090/2024, which finds the Tokens "do not constitute Securities" and require no authorization [S2][S4]. The token conveys a claim right under a mercantile commission arrangement, not ownership of the underlying [S2][S5]. Access is barred from 23 jurisdictions including the United States, with KYC onboarding required [S1][S6]. Backing assets held at BBVA México, Actinver, and Kuspit are legally segregated and bankruptcy-remote, and redemption settles to USD Coin (USDC) via instant redemption or secondary DEXs [S2][S5][S3].

GILTS is issued natively onchain on Solana through Rust smart contracts audited by OtterSec on October 22, 2024, and made available via bridge across Stellar, Base, Polygon, and Monad [S4][S6][S3]. Tokens are minted when the bond is acquired through licensed brokerages using INDEVAL custody; purchases and redemptions settle in USDC, with yield disbursed via token-price accrual [S3].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://app.etherfuse.com/legal/stablebonds-overview" },
    { id: "S2", url: "https://app.etherfuse.com/legal/legal-qa" },
    { id: "S3", url: "https://app.etherfuse.com/bonds/cetes" },
    { id: "S4", url: "https://app.etherfuse.com/legal/compliance-and-audits" },
    { id: "S5", url: "https://app.etherfuse.com/legal/asset-security" },
    { id: "S6", url: "https://etherfuse.com/" },
  ]}
/>


# 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)

Tokenized funds

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Real-world asset (RWA) issuers

Etherfuse

Etherfuse GILTS (GILTS) is a tokenized fund share issued by Etherfuse through Etherfuse Liquid MX, S.A.P.I. de C.V.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in government debt in the United Kingdom, keeps its assets in a bankruptcy-remote structure, and locks up subscriptions for 0 months.

Its assets sit with Archax, with BHR México as auditor.

Retail investors and institutions can mint and redeem directly with Etherfuse in USDC and GBP after completing KYC, and holders have a right to redeem at net asset value.

Etherfuse Liquid MX, S.A.P.I. de C.V. is incorporated in Mexico, is offered under an SEC Regulation S exemption, and is structured under the Swiss DLT Act.

Holder terms are governed by the law of Mexico.

GILTS has been issued on public blockchains since October 2024 and is native to Solana, Polygon, Monad, Base, and Stellar.

Etherfuse GILTSGILTS