USTRY, issued by Etherfuse Mx, S.A. de C.V., is a tokenized government bond, a Stablebond representing a credit right against the nominal value of U.S. Treasury Notes held through regulated custodians [S1][S2].

Each USTRY token grants the holder a right to claim the nominal value of the backing U.S. Treasury Notes and their accessories upon maturity [S1]. Yield derives from the underlying instrument and accrues through rising token price rather than periodic distribution, with rates adjusting automatically to market conditions [S1][S3]. Etherfuse charges a variable fee tied to the underlying yield (Y), ranging from a fixed 0.25% below 4.5% to a fixed 1.5% at or above 10% [S1].

Etherfuse Mx, S.A. de C.V., incorporated in Mexico in 2023, issues the tokens; Etherfuse Liquid Mx, S.A.P.I. de C.V. obtained the regulatory resolution [S2]. Under Mexico's Comisión Nacional Bancaria y de Valores (CNBV) Resolution P090/2024, the tokens "do not constitute Securities" and require no authorization [S2][S4]. The holder's claim arises under a mercantile commission (comisión mercantil) arrangement, not ownership of the bond [S2][S5]. Access is barred from 23 jurisdictions including the United States [S1][S4]. Customer assets are held in administration, segregated and bankruptcy-remote under Mexican and Swiss law [S2][S5]. Redemption is instant to USDC where liquidity exists, at 10 basis points [S3].

Stablebonds are issued natively on Solana as audited Rust smart contracts and made available on Stellar, Base, Polygon, and Monad via bridge [S4][S6][S3]. Backing bonds are acquired through licensed brokerages, the tokens are minted onchain, and yield disburses through the smart contract via token-price accrual; holders purchase and redeem in U.S. dollar (USD) stablecoin USDC [S3]. Reserves are reconciled through periodic third-party Proof of Reserves attestations [S7].

<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/" },
    { id: "S7", url: "https://app.etherfuse.com/legal/proof-of-reserves" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Tokenized funds

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Real-world asset (RWA) issuers

Etherfuse

Etherfuse USTRY (USTRY) 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 U.S. government debt, keeps its assets in accounts segregated within a bankruptcy-remote structure, and locks up subscriptions for 0 months.

Its assets sit with Surus Trust Company, LLC and Spiko, with BHR México as auditor.

Retail investors and institutions can subscribe and redeem in USDC, with a USDC 1 minimum after completing KYC, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

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.

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

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