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 Total value locked Methodology

## 1. Overview

Fidelity's Total Value Locked (TVL) represents the total capital deployed in Fidelity's asset management products, specifically measured through the outstanding supply of FDIT tokens. This metric answers the business question: "How much capital is currently managed by Fidelity's on-chain asset management products?" The calculation approach treats each FDIT token as representing $1 of managed capital, tracking the net supply through mint and burn events on Ethereum.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events for the FDIT token contract on Ethereum, specifically tracking transfers to and from the zero address to identify mints and burns
- **Token metadata**: Token decimal information used for proper scaling of raw transfer amounts from blockchain events

## 3. Step-by-step calculation

### Component A: FDIT mint tracking
- **Purpose**: Identifies when new FDIT tokens are created (minted), representing new capital inflows
- **Logic**: Extracts Ethereum `Transfer` events where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is any non-zero address, for the FDIT token contract (`0x48ab4e39ac59f4e88974804b04a991b3a402717f`). Each mint event indicates new capital being deployed into Fidelity's asset management product
- **Key fields**: `block_timestamp`, `value` (raw token amount), `token_address`, transaction identifiers for deduplication

### Component B: FDIT burn tracking  
- **Purpose**: Identifies when FDIT tokens are destroyed (burned), representing capital withdrawals
- **Logic**: Extracts Ethereum `Transfer` events where the `to_address` is the zero address and `from_address` is any non-zero address, for the same FDIT token contract. Each burn event indicates capital being withdrawn from Fidelity's product
- **Key fields**: `block_timestamp`, `value` (raw token amount), `token_address`, transaction identifiers for deduplication

### Component C: Net supply calculation
- **Purpose**: Calculates the running outstanding supply of FDIT tokens over time
- **Logic**: Combines mint and burn events, treating mints as positive amounts and burns as negative amounts. Applies decimal corrections to convert raw blockchain amounts to proper token units. Aggregates all transfers by day, then calculates a cumulative running sum partitioned by chain and token address, ordered by timestamp. Forward-fills values to ensure continuous daily coverage even when no transfer activity occurs
- **Key fields**: `outstanding_supply` (cumulative net tokens), `timestamp` (daily grain)

### Component D: Capital deployed conversion
- **Purpose**: Converts outstanding FDIT token supply to USD value representing capital deployed
- **Logic**: Takes the outstanding FDIT supply and multiplies by 1, implementing a hardcoded 1:1 USD conversion rate. This assumes each FDIT token represents exactly $1 of managed capital. No external price feeds are used since FDIT is designed as a stable representation of deployed capital
- **Key fields**: `capital_deployed` (outstanding supply in USD terms)

### Final aggregation
- **Combining components**: Sums the `capital_deployed` values across all product dimensions (chain, product ID, version) to get the total capital managed by Fidelity
- **Currency conversion**: Uses hardcoded 1:1 USD conversion (FDIT supply * 1) rather than external price feeds
- **Time aggregation**: Maintains daily timestamp boundaries with forward-filling to ensure continuous coverage
- **Final calculation**: The TVL equals the sum of outstanding FDIT supply across all dimensions, where each token represents $1 of total value locked in Fidelity's asset management products

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Fidelity

Total value locked

Total value locked

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