First Digital Labs

The asset market cap circulating metric measures the total USD value of First Digital USD stablecoin tokens currently in circulation. For stablecoins, the circulating market cap equals the outstanding supply converted to USD, representing the total value of tokens that have been minted minus those that have been burned (redeemed). This metric answers the business question: "What is the total USD value of First Digital USD tokens currently available in the market?" The calculation tracks all mint and burn events on the Ethereum blockchain, maintains a running total of outstanding tokens, and converts this supply to USD value to determine the circulating market cap.Learn more