FXD, issued by the Fathom Protocol smart contracts under the governance of FTHM tokenholders, is a USD-soft-pegged stablecoin that users mint by locking collateral into over-collateralized Collateralized Debt Position vaults on the XDC network [S1][S2].

FXD targets a soft peg of approximately one U.S. dollar (USD) per token and is created when a borrower deposits collateral, initially XDC, into a smart-contract vault and draws FXD against it at 133.33% over-collateralization, equivalent to a 75% Loan-to-Value ratio [S1][S2]. Borrowers pay a stability fee, an interest-like charge accruing over time on outstanding FXD debt and collected per collateral pool to maintain system solvency [S3]. FXD itself is not inherently yield-bearing [S4].

Fathom Labs operates as a decentralized finance ecosystem governed by the Fathom DAO, with no traditional corporate issuer holding fiat reserves and no named legal entity or jurisdiction of incorporation [S4][S2]. The protocol claims no license; its Terms of Service state it is not registered with the U.S. Securities and Exchange Commission as a national securities exchange or in any other capacity, and disclaim that FXD may not be fully or adequately collateralized [S5]. Access is non-custodial and permissionless via self-connected wallets; users must represent they are 18 or older, not sanctioned, and not residents of comprehensively U.S.-sanctioned jurisdictions [S5]. Collateral is held non-custodially in smart contracts [S2][S5].

FXD adheres to the ERC-20 standard with Fathom-specific functionality and operates on the XDC network [S6][S2]. Minting is restricted to the StablecoinAdapter during loan issuance and burning during repayment [S6]. Borrowers repay FXD debt plus accrued stability fee to reclaim collateral, while the peg relies on price oracles, the StableSwapModule near a 1:1 ratio, and arbitrage [S1][S7].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.fathom.fi/fxd-stablecoin" },
    { id: "S2", url: "https://docs.fathom.fi/whitepaper/version-1.0" },
    { id: "S3", url: "https://docs.fathom.fi/fxd-stablecoin/interfaces/stabilityfeecollector" },
    { id: "S4", url: "https://fathom.fi/" },
    { id: "S5", url: "https://docs.fathom.fi/terms-of-service" },
    { id: "S6", url: "https://docs.fathom.fi/fxd-stablecoin/interfaces/fxd" },
    { id: "S7", url: "https://docs.fathom.fi/fxd-stablecoin/soft-pegging-to-the-us-dollar" },
  ]}
/>


# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Stablecoins

website

twitter

github

Stablecoin issuers

Fathom

Fathom Dollar (FXD) is a U.S. dollar stablecoin issued by Fathom.

Each token tracks one U.S. dollar and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors and institutions can mint and redeem directly with Fathom in XDC.

FXD has been issued on XDC Network as an ERC-20 token since April 2023.

Fathom DollarFXD