GTUSDTB, issued by Gauntlet Networks, Inc., is a tokenized vault interest that represents a depositor's claim on supplied assets plus accrued earnings allocated across onchain lending markets under Gauntlet's agent-based risk-optimization strategies. [S1][S2]

Each token represents a share of deposited assets earning yield from allocated lending markets, primarily Morpho, plus Aera, Kamino, and Symbiotic, with incentive rewards regularly claimed, converted to U.S. dollars (USD) via USDC, and reinvested automatically. [S3][S2] The token is price-tracking and NAV-accruing rather than rebasing, rising in value through a share-price conversion. [S1][S2] Morpho vaults charge no management fee under v1 and a performance fee capped at 50% of native onchain yield. [S2]

The operating entity is Gauntlet Networks, Inc., governed by the laws of the State of Delaware, USA. [S4] Gauntlet states it is not registered with the United States Securities and Exchange Commission as a national securities exchange, broker-dealer, investment adviser, or in any other capacity, and does not act as a fiduciary, custodian, or asset manager. [S4][S5] The holder's claim is an ERC-20 vault token on supplied assets plus earnings. [S1][S2] Users must have authority to contract, must not be sanctioned or OFAC SDN-listed, and must not reside in comprehensively U.S.-sanctioned jurisdictions. [S4] Products are non-custodial, with assets held in smart contracts under user control. [S5]

Vault tokens are transferable ERC-20 tokens, explicitly not ERC-4626, operating across Ethereum Mainnet, Base, Optimism, Unichain, Katana, Polygon, Arbitrum, and Hyperliquid. [S3][S1][S2] Depositors approve USDC and call requestDeposit(); redemptions approve the vault token and call requestRedeem(), settling in USDC within roughly 6 to 12 hours subject to lock and queue. [S1][S2] Price is published onchain via convertUnitsToTokens. [S1]

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://www.gauntlet.xyz/gauntlet-strategies/gtusda" },
    { id: "S2", url: "https://vaultbook.gauntlet.xyz/introduction/readme.md" },
    { id: "S3", url: "https://www.gauntlet.xyz/vaults/lending" },
    { id: "S4", url: "https://www.gauntlet.xyz/tos" },
    { id: "S5", url: "https://vaultbook.gauntlet.xyz/introduction/readme.md?ask=eligibility-and-legal" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Tokenized funds

Gauntlet operates through an automated risk platform that continuously monitors market conditions and executes algorithmic trading strategies to optimize risk-adjusted returns. The platform supports over $42 billion in DeFi TVL through its risk models, manages $2+ billion in vault strategies across multiple chains, and generates revenue by providing institutional-grade vault curation, risk analysis services, and applied research to DeFi protocols, DAOs, and capital allocators.

The platform offers risk-optimized DeFi vaults, automated yield strategies, and comprehensive risk management services across multiple blockchain protocols. Gauntlet provides institutional investors with self-custodial vault strategies spanning yield lending, restaking, perpetual futures, and real-world asset exposure while maintaining sophisticated risk controls and monitoring systems.

Gauntlet is an institutional-grade DeFi risk management and yield optimization platform that provides quantitative analysis and vault strategies for decentralized finance protocols and capital allocators.

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Gauntlet

Gauntlet USDT Balanced (GTUSDTB) is a tokenized fund share issued by Gauntlet.

The fund is open-ended and charges a 0% annual management fee.

Holders have a right to redeem at net asset value.

GTUSDTB has been issued on Ethereum as an ERC-4626 token since November 2025.

Gauntlet USDT BalancedGTUSDTB