XTBT, issued by Open Trade Technology Ltd, is a tokenized-fund vault that gives professional lenders onchain exposure to the strategy tracking Flexible Term USD Vault [S1][S2].

The vault references Flexible Term USD Vault (XTBT) as eligible loan collateral funding a fully collateralised secured loan to the borrower [S3][S4]. Return accrues through an appreciation model rather than rebasing, so the token's exchange rate against the stablecoin rises daily as interest accrues [S5][S4]. Fees are borne by the borrower and netted from the benchmark, producing a Loan Fee Rate after advisor, platform, liquidity, and spread components [S5].

Open Trade Technology Ltd, registered in England and Wales, operates the platform as a technology provider and is not a party to the loans [S6][S7]. The borrower is OpenTrade SPC, a bankruptcy-remote Cayman Islands segregated portfolio company whose portfolio is managed by Five Sigma Finance Ltd., an FCA-regulated firm [S8][S9]. The tokenholder is a lender under a Master Lending Agreement, Loan Confirmations, and a Security Trust Deed, holding a secured claim [S10][S2]. Access is restricted to professional, institutional, and high-net-worth clients after KYC and AML screening, with sanctioned jurisdictions excluded [S11][S7]. Mulvaney Trustees (UK) Ltd holds a perfected security interest in collateral at regulated UK and Swiss custodians [S12][S3].

Vault tokens follow the ERC-20 standard within ERC-4626 vaults issued natively on Avalanche and Ethereum [S2][S13][S14]. Tokens are minted when a stablecoin deposit funds the loan and burned on withdrawal, with redemptions settling in the same stablecoin deposited [S2][S15]. Most withdrawals settle same-day, up to two business days, against a 6pm GMT cut-off, with value set by the daily exchange rate rather than an external oracle [S4][S15].

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vaults.md" },
    { id: "S2", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vault-tokens.md" },
    { id: "S3", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/loan-collateral.md" },
    { id: "S4", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/exchange-rates.md" },
    { id: "S5", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/interest-rate-and-fees.md" },
    { id: "S6", url: "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service.md" },
    { id: "S7", url: "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service.md" },
    { id: "S8", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/bankruptcy-remote-structure.md" },
    { id: "S9", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/key-parties.md" },
    { id: "S10", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal.md" },
    { id: "S11", url: "https://docs.opentrade.io/getting-started/onboarding/eligibility-requirements.md" },
    { id: "S12", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/security-trust-deed.md" },
    { id: "S13", url: "https://docs.opentrade.io/developers/blockchain-protocol.md" },
    { id: "S14", url: "https://docs.opentrade.io/welcome-to-opentrade/supported-blockchain-networks.md" },
    { id: "S15", url: "https://docs.opentrade.io/getting-started/how-to-make-a-withdrawal.md" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Tokenized funds

Five Sigma manages the investment strategies behind OpenTrade's tokenized vaults (money market, asset-backed credit, corporate credit and diversified credit), which are tokenized and distributed on Avalanche and Ethereum.

Five Sigma is the asset manager behind a suite of OpenTrade tokenized credit and fixed-income vaults.

Five Sigma is an asset manager running credit and fixed-income strategies for tokenized vaults distributed via the OpenTrade platform.

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Asset management

Five Sigma

OpenTrade Flexible Term USD Vault (XTBT) is a token providing exposure to a tokenized fund issued by OpenTrade through OpenTrade SPC and managed by Five Sigma Finance Ltd. with Five Sigma Finance Ltd. as sub-advisor.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended, invests in U.S. government debt and money market instruments, and keeps its assets in accounts segregated within a bankruptcy-remote structure.

Professional investors and institutions can mint and redeem directly with OpenTrade in USDC after completing KYC, and holders have a right to redeem at net asset value.

OpenTrade SPC is incorporated in the Cayman Islands.

Holder terms are governed by the law of the United Kingdom.

XTBT has been issued on public blockchains since February 2024 and is native to Ethereum and Avalanche.

OpenTrade Flexible Term USD VaultXTBT