sftUSD, issued by Flying Tulip, is the staked, yield-bearing version of ftUSD, a dollar-pegged stablecoin that targets a value of one U.S. dollar (USD) [S1]. ftUSD is non-yielding by default; holders opt into yield by staking ftUSD to receive sftUSD, which accrues the distributed strategy carry, a variable return that is not guaranteed [S1].

sftUSD is an ERC-4626 vault share redeemable for ftUSD at the prevailing exchange rate, which increases over time as yield is distributed to the vault rather than through rebasing [S1]. The yield comes from the ftUSD reserve, which is deployed to onchain money markets such as Aave v3 stablecoin lending [S1].

Flying Tulip operates the protocol and applies sanctions constraints referencing the U.S. Office of Foreign Assets Control (OFAC) [S2]. The documentation names no single corporate issuing entity, no jurisdiction of incorporation, and no financial regulator for the token [S1]. Sensitive contract functions use multisig governance with separated roles, and external audits precede capital-bearing features [S3].

sftUSD is an ERC-20 token deployed on Ethereum and Sonic [S4]. Users mint sftUSD by staking ftUSD and redeem by unstaking back to ftUSD at the prevailing rate, with exit and cooldown parameters shown in-app [S1]. The system operates fully onchain with no oracles or centralized systems [S1].

<Sources
  retrievedAt="2026-07-10"
  items={[
    { id: "S1", url: "https://docs.flyingtulip.com/product-suite/ft-usd/" },
    { id: "S2", url: "https://docs.flyingtulip.com/glossary/" },
    { id: "S3", url: "https://docs.flyingtulip.com/risks/" },
    { id: "S4", url: "https://docs.flyingtulip.com/contract-addresses/" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

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

Circulating asset market cap

Tokenized funds

Users deposit single assets into wrapper contracts. Flying Tulip deploys these deposits into automated yield strategies (e.g., Aave V3) across Ethereum, Sonic, BNB Chain, Avalanche, and Base, maximizing capital efficiency.

Flying Tulip is a multi-chain yield aggregation protocol that pools user deposits into wrapper contracts and deploys them into automated yield strategies. The protocol supports assets including USDC, wETH, USDT, USDS, USDTb, and USDe, and uses an omnichain FT token to align incentives across its five supported networks.

FT tokenholders own and govern the Flying Tulip protocol. Flying Tulip is a yield aggregation protocol backed by partnerships with major DeFi protocols.

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Asset management

Flying Tulip

Staked Flying Tulip USD (sftUSD) is a tokenized fund share issued by Flying Tulip.

The fund is open-ended and invests in multi-asset.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Flying Tulip in ftUSD, and holders have a right to redeem at net asset value.

sftUSD has been issued on public blockchains since February 2026 and is native to Ethereum and Sonic.

Staked Flying Tulip USDsftUSD