Fidelity-issued tokens are deployed on regulated tokenization platforms (e.g., Sygnum Desygnate) and represent fractional interests in underlying money-market and treasury portfolios, with NAV mechanics managed by Fidelity Asset Management.

Fidelity issues tokenized money-market and digital-asset products through Fidelity International and Fidelity Digital Assets, including the USD Digital Liquidity Fund (FILQ) and the Fidelity Digital Dollar stablecoin.

Fidelity Investments is one of the world's largest financial services providers, managing over $14 trillion in assets for institutional and retail clients globally.

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Fidelity

# Fidelity Circulating asset market cap Methodology

## 1. Overview

The Fidelity asset market cap circulating metric represents the total market value of circulating FDIT (Fidelity Digital Assets Index Token) tokens. This metric measures the dollar value of tokenized assets that are actively circulating in the market, as opposed to assets held in reserve or treasury. For Fidelity's tokenized fund structure, the circulating market cap equals the total value locked (TVL) since each FDIT token represents $1 of underlying assets and all issued tokens are considered circulating.

## 2. Data sources

The calculation relies on these primary data sources:
- **Ethereum token transfer events**: Parsed `Transfer` events for the FDIT token contract on Ethereum blockchain
- **Token metadata**: Contract information including decimal places for proper amount calculation
- **End-of-day price feeds**: Used implicitly through Token Terminal's standardization macros for validation and consistency

## 3. Step-by-step calculation

### Component A: FDIT mint identification
- **Purpose**: Identify when new FDIT tokens are created (minted)
- **Logic**: Extract token transfer events from Ethereum logs where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is any non-zero address. These represent new token creation events for the FDIT token contract (`0x48ab4e39ac59f4e88974804b04a991b3a402717f`). Each mint event captures the `block_timestamp`, `transaction_hash`, `log_index`, recipient address, and transfer `value`.
- **Key fields**: `block_timestamp` for timing, `value` for minted amount, `to_address` for recipient, `token_address` for FDIT contract identification

### Component B: FDIT burn identification  
- **Purpose**: Identify when FDIT tokens are destroyed (burned)
- **Logic**: Extract token transfer events from Ethereum logs where the `to_address` is the zero address and `from_address` is any non-zero address. These represent token destruction events where tokens are sent to the zero address to remove them from circulation. The same FDIT token contract is monitored for burn events.
- **Key fields**: `block_timestamp` for timing, `value` for burned amount, `from_address` for burner address, `token_address` for FDIT contract identification

### Component C: Outstanding supply calculation
- **Purpose**: Calculate the net outstanding supply of FDIT tokens over time
- **Logic**: Combine mint and burn events into a unified dataset where mints have positive values and burns have negative values (burn amounts multiplied by -1). Apply decimal correction transformations to ensure proper token amount representation. Aggregate all transfer events by day, summing the net change in token supply for each day. Calculate a cumulative running sum partitioned by chain and token address, ordered by timestamp, to determine the total outstanding supply at each point in time.
- **Key fields**: `amount` representing net daily change, `outstanding_supply` as cumulative total, `timestamp` for daily boundaries

### Component D: Capital deployed conversion
- **Purpose**: Convert outstanding token supply to USD value
- **Logic**: Take the outstanding supply of FDIT tokens and multiply by a hardcoded value of $1 per token. This reflects Fidelity's fund structure where each FDIT token represents exactly $1 of underlying asset value. Apply forward-filling to ensure continuous daily time series data with no gaps.
- **Key fields**: `outstanding_supply` in token units, `capital_deployed` in USD equivalent

### Final aggregation
- **Combining components**: Sum the capital deployed values across all dimensions (chain, product, version) to calculate total value locked (TVL) at the product level
- **Currency conversion**: FDIT tokens use a fixed $1 USD conversion rate, hardcoded into the calculation logic
- **Time aggregation**: Data is aggregated to daily boundaries using day truncation of block timestamps
- **Final calculation**: The TVL value is used directly as the asset market cap circulating since all issued FDIT tokens are considered part of the circulating supply. The metric represents the total dollar value of FDIT tokens that are actively circulating in the market, calculated as the outstanding token supply multiplied by the $1 per token value.

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Fidelity

Circulating asset market cap

Circulating asset market cap

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