Entities that meet the requisite criteria can directly purchase FDUSD from First Digital Labs.

First Digital Labs is a financial technology company that is the principal architect of FDUSD - full-reserve fiat stablecoin that bring US dollar liquidity on-chain.

First Digital Labs is a subsidiary of First Digital Group that is incorporated in Hong Kong.

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Stablecoin issuers

First Digital Labs

# First Digital Labs Outstanding supply Methodology

## 1. Overview

Outstanding supply is calculated as the total circulating supply of First Digital USD issued by First Digital Labs. Stablecoins that are authorized but not issued, or those held within the issuer’s treasury, are excluded from this measurement. This metric is utilized as a proxy for the revenue-generation capacity of the protocol, as the collateral backing the outstanding assets is typically invested in yield-bearing instruments such as U.S. Treasuries.

## 2. Data sources

- **Blockchain events**: `Mint` and `Burn` events from `First Digital USD` contracts on Ethereum
- **External data**: End-of-day price feeds for First Digital USD

## 3. Step-by-step calculation

### Component A: First Digital USD issuance and redemption tracking

- **Purpose**: To identify all instances of asset creation and destruction for the First Digital USD product.
- **Logic**: `Mint` and `Burn` events are parsed from `First Digital USD` contracts on Ethereum. Issuance amounts from `Mint` events are recorded as positive values, while redemption amounts from `Burn` events are recorded as negative values. Transactions marked as removed by the blockchain node are excluded from the dataset.
- **Key fields**: `amount` (quantity of assets), `block_timestamp` (event timing), `token_address` (contract identification)

### Component B: Cumulative supply aggregation

- **Purpose**: To calculate the total amount of First Digital USD in circulation at any given time.
- **Logic**: Daily net changes in supply are determined by summing the positive issuance and negative redemption values. A cumulative sum is then applied to these daily net changes across the historical time series to calculate the total outstanding balance. All asset quantities are normalized by decimal precision.
- **Key fields**: `amount` (net daily change), `outstanding_supply` (cumulative balance)

### Component C: USD conversion and forward-filling

- **Purpose**: To value the outstanding supply in USD and ensure a continuous daily time series.
- **Logic**: The total outstanding supply is multiplied by end-of-day price feeds sourced for the First Digital USD asset. For days where no on-chain issuance or redemption events occur, the most recent outstanding balance is carried forward to maintain a daily record. The final values are zero-filled for any dates prior to the initial issuance of the asset.
- **Key fields**: `outstanding_supply` (unit balance), `price_usd` (valuation)

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

Circulating supply of stablecoins issued by the project.

First Digital Labs

Outstanding supply

Outstanding supply

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